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Retirement Checklist

Are you forgetting anything?

1. Long Term Care Insurance

Protect your wealth from poor health. Health costs are on the rise and you can’t rely on self insurance or government assistance. Ask your financial advisor about how to protect what you’ve worked so hard for.

2. Income Taxes

Allocating your investments in a tax efficient way can potentially save you from a hefty tax bill at the end of each year. Put your dividend paying investments in your retirement account. Retirement accounts provide benefits that will protect you from paying taxes on dividends.

3. Consolidation

Consolidate your accounts to make your investment picture more clear and understandable. Consolidating allows for implementation of a tax-efficient investment strategy. Also, if your accounts are with multiple providers, consolidation may eliminate unnecessary fees.

4. Do You Have Bonds?

Interest rates are at all-time lows and the bond bull market is over. Bonds are still potentially suitable investments as long as they are focused on types that do well in erratic interest rate environments. Check your portfolio to see if any of your investments are exposed to bonds and ask your financial advisor if they are appropriate.

5. Inflation Management

Inflation can significantly eat into your returns. Make sure that you are invested in instruments that will help you manage the rate of inflation and be wary of holding too much cash.

6. Stretch IRA

Stretching your IRA can extend its life and value much beyond a typical IRA strategy. The Stretch IRA strategy allows you to pass your IRA assets to a second-generation, or even a third- or fourth-generation beneficiary. Ask your financial advisor if your provider allows you to “stretch” your IRA.

7. Risk Tolerance Analysis

Know your risk tolerance by doing a thorough, dynamic analysis. Being appropriately invested according to your risk tolerance could save you from being invested in assets that are unsuitable. Do you know your risk tolerance?

8. Seek a Second Opinion

Seeking financial advice is like seeking a doctor. When you’re diagnosed with an illness you seek a second opinion to confirm that diagnosis. Practice with same care when looking for help with your finances.