1) Set Your Financial Goals
Goals need to be written down and follow the SMART criteria. What get's measured is managed profusely better than something unmeasured. Write down your income goals and your planned anticipated spending goals per month. Start this today.
2) Get Your Investment Portfolios Set Up Correctly
If you are like most people, you have several investment portfolios dotted around at multiple places. You have a few old 401Ks at previous companies, a couple of IRAs at different firms and probably some cash that should have been invested but is just being eroded by inflation. Putting your investment portfolios in one place makes them easier to manage and see what is happening.
3) Read Up On Social Security & Medicare
We all know that Social Security is a complex and boring subject, but if you want to retire successfully, with the most income, then you need to be fluent in this subject. If you are not sure about what to do with electing your Social Security, seek advice from professionals in this space.
4) Use Technology To Make Finances Easy
Technology has come a long way in the past 10 years, especially software platforms that allow you to see all of your bank accounts, mortgages, credit cards, real estate, 401K plans, IRAs and more on one screen. Some software allows you to set retirement income goals, incorporating your investment portfolio allocations, annuities and social security.
5) Pay Off Debts
The reality with debts and borrowing is that they play on your mind and can make you feel worried. In order to live a happy comfortable retirement, consider paying off all credit cards, mortgages and loans. If the interest rates are extremely low, then it may be to your advantage to hold on to them, but do what you feel that helps you sleep well at night!
The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Hedges Wealth Management.
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Hedges Wealth Management LLC - A Registered Investment Adviser
Hedges Insurance Agency LLC
Tax, Financial Planning, Investments and Insurance Advisors
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