I think Spock would have made an excellent financial advisor. He knew that wishing someone a long life while prospering was a pretty sweet deal.
According to the World Bank Data in 2017, the life expectancy of a U.S. citizen is 78 years old.
But look around you. There are plenty of people still around in their mid to late 80’s and beyond. I know several who are in their nineties and doing quite well.
The good news is that we’re living longer.
The not-so-good news is that some may not be prepared financially to live that long.
Another way to get into great financial shape for 2020 is to focus on Action Step 9: Retirement Planning.
My favorite topic!
Nationwide recently surveyed current retirees to find out their firsthand retirement advice. They had some great tips:
1. Monitor your investments in pre-retirement
Money needed 5-10 years into retirement is most vulnerable, so avoid overspending. If that money is lost, it is harder to recover over time.
2. Plan for inflation as a fact of life
Inflation and rising prices can drain the buying power of retirement funds. When planning for retirement, just assume prices will go up – and plan for it.
3. Talk with your spouse or significant other about retirement spending
Be open with your spouse or significant other about how much you think you should, and will, spend in retirement so that you’re both on the same page.
At Matson & Cuprill we know that forewarned is forearmed. We want to help you make the wisest decision when it comes to planning for your retirement.
Call us today at 513-563-PLAN (7526) or book online to schedule your free portfolio review and let’s work together to strengthen your financial future. We’ll work hard to make sure you prosper!
In our next email, we’ll talk about how a specific area of your life can make or break your retirement. You won’t want to miss it.
Dan Cuprill, CFP®