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PRIOR PLANNING PAYS ™

Part 4 of 5: 60s & 70s

Planning for retirement is a lifelong process.  Be on the lookout for your age for steps you should be taking right now.  And remember, everyone over 18 should have a living will.

Your 60s

• Your retirement could last more than 20 years, so investment growth is important.
• Make sure your retirement assets are earning above inflation rate, but safe.
• Create an estate plan and make sure your will is current.
• Think about how you want to receive income once you retire.  Explore your options with your financial planner.
• When should you begin taking your Social Security Benefits?  Discuss your options with your financial planner.
• During this stage, 60 percent of your portfolio should be in income-type investments as a rule of thumb.

Your 70s

• Investment income becomes more important.
• Make sure your retirement assets are earning above inflation rate, but safe.
• Review your estate plan and make sure your will is current.
• Your IRA and 401k Required Minimum Distributions by age 70 ½.
• During this state, 70 percent of your portfolio should be in income-type investments as a rule of thumb.

Copyright 2017, Campbell & Company, CPAs, PA

Investment Advisory Services offered through Retirement Wealth Advisors, (RWA) a Registered Investment Advisor. Campbell & Company and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

Information is general in nature and is intended as a guideline.  Consult with your financial advisor to to customize and monitor your financial plan.