Business & Investment

Financial examinations today may help your retired self in the future

Preparing for retirement at any age is not just about planning yourself as you get older. Due diligence is required for the years leading up to that milestone.

This Week’s Retirement Tips: Your own financial “check” to find out not only where you are standing now, but how your habits and current position will affect your retirement in the future. Please take a moment to do.

One way to start this process is to keep a record and update it regularly.

Margaret Gooley, Certified Financial Planner for Worley Erhart-Graves Financial Advisors, recommends that you prepare personal financial statements that include all assets and liabilities. “It helps us track our progress towards long-term goals and keep people from losing track of different accounts,” Gooley said. “It doesn’t take long to create a simple personal financial statement using a spreadsheet. This is a big step towards a long-term financial position.”

Do you have questions about your own retirement concerns? See the MarketWatch column “Help me retire”

Financial planners do this exercise with their clients, but anyone can do it at home. “In general, total assets should increase and liabilities should decrease (or at least grow slower than assets),” said Michael McDaid, Certified Financial Planner for Retirement DNA. “If not, they need to understand why. The market may be down or credit card balances may be up. In any case, they are different to improve themselves. You need to ask yourself if there is something you can / should do in this way Net worth.. “

However, there are many other things to consider during a health check that will help you in your later life. This too:

  • Review your life, disability, home and car insurance policies to make sure they are up to date and well covered.

  • Establish real estate documents containing the authority of lawyers, medical agents and guardians for minor children.

  • Create an income statement. It incorporates income and expenses to determine if there is a surplus available for financial goals, or if there is a shortage, if possible, an opportunity to reduce it.

  • Check the recipients listed in the various accounts.

  • Analyze your credit and debit card statements to see if your money is properly allocated. “Are there any subscriptions you no longer use? Are there any costs that aren’t really that pleasing?” Says Glenn Downing, Certified Financial Planner and Founder of Cameron Downing. You may be able to get your cell phone or cable provider to help you lower your rates.

  • Evaluate your emergency funds.

  • Creation “My social security” Create an account online. This allows individuals to check their work history and ensure that all information registered by the Social Security Administration is correct. Having a social security account also allows people to detect scams that can affect retirement benefits, said certified financial planner Michel Petrowski. “Check your account to make sure no one has created an account in your name and you may even be profiting under your social security,” she says. I did.

Matthew McKay, Certified Financial Planner and Investment Analyst at Briod Financial Advisors, said: “Where are you today and how you can increase it.”

Best of all, make a financial plan, even if you just write down your goals. Sean Pearson, Certified Financial Planner and Associate Vice President of Ameriprise Financial Services, said:

Want more practical tips for your retirement savings journey? Read MarketWatch “Retirement hack” digit

Financial examinations today may help your retired self in the future Financial examinations today may help your retired self in the future

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