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For the most part, your day-to-day finances are likely less of an issue now, provided that you have planned ahead and have sufficient retirement income to meet your needs. This doesn't mean however that the need for investment planning has ended. Depending on how much capital you have and other income sources, your investment returns may be critical, as you need to finance many remaining years of life and possibly an expensive retirement facility when you no longer wish to maintain your own residence. World travel may be of interest to you so accessible funds and reasonable out-of-country health insurance may become priorities. There is less time now to recover from poor investment choices so high-risk investments should be avoided. Pointers: Maintain your physical and mental well being with regular exercise for the body and mind. Enjoy traveling and relaxation. You've earned it. Consider your future lifestyle needs and whether your current living arrangements will need to be adjusted to meet them down the road. Moving to a smaller, one level residence may be more practical than a large two-story home. This may be a future concern but like investing, good planning will help you avoid pitfalls. Having a driver's license revoked due to poor health or eyesight can be a problem if essential services aren't within close proximity. Future residence changes should ensure that shopping and health needs are within walking distance or a short transit ride. Plan for the inevitable when you are no longer able to manage your money or your health. To whom will you give this responsibility? Have the necessary Powers of Attorney been signed? Living wills are as important as last wills if you have specific wishes about your personal care if you are no longer able to speak for yourself. Tax and estate planning are more critical now. If you wish to maximize your estate value and ease of transition to intended beneficiaries advance planning will be required. Such tools as Alter Ego Trusts or Testamentary Trusts may be worth exploring. Ensure your will is updated following any changes in your life such as the death of a spouse, beneficiary or executor. Pre-planning your own funeral arrangements while seemingly morbid will take the burden off your family and executor. At this stage of the life cycle there are often many years of healthy living in your future but advance planning is never a bad option. By reviewing what's been suggested within these short articles, you may reflect on your current investment plans or possibly fine-tune your current wishes or concerns? What ever it may be we hope you've enjoyed the life-cycle overview. Thank you and safe investing
Before you close out this section, we wish to state that many of the resource information suggestions are useful throughout most of the life-cycles age brackets. Generally it’s the overall meaning, and or application over the time periods we call ‘Life-cycles”, and your understanding of what’s important to you, that makes planning work.
Our Learning Centre provides all the above noted articles, as does our Money Management Newsletter. Each brings together information on particular central topics. * * *
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