General

This is a short guide to overcoming your worries. An unusually helpful bit of pop psychology holds that we should worry only about things we can control or effect and put aside anxieties we cannot. That advice holds true for worrying about money and investing. Although some fears cannot be controlled by the individual or have little likelihood of happening, addressing a related fear that can be controlled may help alleviate some of the anxiety.

By continuing to work after retirement, baby boomers are poised to single-handedly change the way we look at our golden years. A generation that changed America is now changing the way we look at retirement. Gone are the days of taking early-retirement and then simply passing time. Baby boomers are expected to retire and then take up new careers in fields they’ve always wanted to explore, but were never able to. Retirement may be something they do two or three times as they try new jobs and adventures. With medical advances and an increase in life expectancy, most Boomers will live longer than their parents did, and that means a need for more income.

If your retirement plans include moving to a condo or apartment, don’t let your property insurance lapse just because you no longer own a house. The kids have grown and moved to homes of their own. The old house seems empty and too large for your empty-nest lifestyle. Moving to a condo or apartment may offer the opportunity to relinquish home repairs, lawn care and snow removal – along with property taxes. If you decide to sell your home, don’t just cancel your homeowners insurance – switch to a renter’s policy to cover your belongings.

Too many choices can be as frustrating as too few. A financial professional can help you find the right retirement plan for your small business. Establishing a retirement plan for yourself and your employees can help you attract and retain workers and give you personal and business tax deductions. Yet you haven’t taken the final step to create a plan, because every time you look at that alphabet soup of choices – SEP IRA, SIMPLE IRA, 401(k), SE 401(k) – you become overwhelmed by the options and translating their impact into real life for your business.

Baby boomers and younger workers have a thing or two to learn from current retirees. Will most baby boomers truly retire? The old mainstays of golf, grandkids and travel haven’t been enough to satisfy many retirees from previous generations. With the great amounts of energy and success that exist within the baby boomer generation, retirement isn’t likely to sustain their attention much longer than it did their parents’.

Having a long-term financial plan gives your logic a leg up over your emotions during times of market volatility.  A financial plan can bolster your logic when your emotions want to take over. Its greatest strength lies right within its construction. Your financial planner developed your plan based on your personal situation, including your goals, your age, your assets and income, your liabilities and your tolerance for risk.