• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint

Power Checklist

  • With financial planning in general, and retirement planning specifically, it is imperative that the planning process begin as early as possible. You can't make up for time lost in the savings process.

  • When faced with financial adversity, make the decision to do something about it.

  • Put failure into perspective by changing the lens you use to view the results. There are two possible results to any action, and we learn from both.

  • It has often been said that success is the result of preparation meeting opportunity.

  • If you find that you cannot realistically achieve your goal, you have to quickly decide what compromises you are willing to make.

  • Goal-oriented retirement planning (GORP) is a way to break financial planning down into small steps that are easy to monitor, modify, and achieve.

  • Matching the characteristics of your assets to the characteristics of your goals is critical to the success of GORP.

  • GORP forces you to be disciplined in your approach to investing by creating the path to systematic investing and by forcing you to invest in only what is consistent with your stated goals.

  • One of the key benefits of GORP is that it isolates the real problem the minute you start to match assets to goals.

  • You have to decide if you want to exhaust your assets over the balance of your life expectancy or keep your assets intact and just use the earnings to meet your needs.

  • Planning takes time, lots of it. Make the time or get someone to help.

  • You may want to look at charitable donations. If you don't have millions to donate, look at donor-advisor funds. If you have millions, look at setting up your own foundation and look into charitable remainder trusts and charitable lead trusts.

  • If you plan to gift assets, you also need to fund that goal or recognize it as an expense that will impact your ability to save.



Not a subscriber?

Start A Free Trial

  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint