No matter what stage of life people are in, here are 22 retirement goals I encourage clients to incorporate into their plans, to help them create security and happiness in their finances, health and lifestyle.
Financial Planning
- Do a one-month spending tracker and establish a monthly budget.
- Increase personal savings by 5%.
- Maximize pretax dollars in 401(k)s maximize contributions to IRAs or HSAs, or both.
- Delay taking Social Security as long as possible, up to at least age 70.
- Get wills, trusts, power of attorney, estate plans in order and organize a "death file."
- Don't abandon a life insurance policy without a life settlement review.
- Get a reverse mortgage review.
- If you are a military veteran, civil servant or government employee, understand your pension and all your benefits.
- Review your credit cards and bank accounts weekly for unrecognized charges or recurring charges that you no longer need and have them canceled.
- Commit to review credit tracking reports, bank accounts and credit card statements twice a month for signs of fraud.
Health and Long-Term Care Security
- Review Medicare benefits with a professional to make sure you are enrolled in the best plan or plans, and don't blow off annual open enrollment.
- Discuss with loved ones your wishes and resources for long-term care.
- Look at buying long-term care insurance or subscribe to a True Freedom Homecare Plan, which is a prepaid home care plan.
- Improve diet and exercise to maintain your health.
- Improve sleeping habits to maintain mental sharpness.
- Get an annual physical and review all your medications.
Lifestyle
- Work on and improve relationships in your life.
- Read at least four books.
- Exercise your mind with puzzles and strategy games.
- Commit to a job or volunteer to give your life more structure and purpose.
- Join AARP and AAA and ask for senior discounts where you shop, travel and get services.
- Write a vision board for your retirement and create a projected budget for living it.
Your clients can live in retirement for many years.
Doing all that is possible to enter those years with solid financial means, sound physical and mental health, and a retirement lifestyle plan and budget is how to retire like a genius.
It is never too late for your clients to put smart practices in place that will pay off today and tomorrow — but the sooner people get started, the better.
Putting these 22 steps into action this year will help your clients build up their financial strength, health and long-term care security, and a life filled with purpose and happiness.
Chris Orestis, CSA, is president of Retirement Genius. He is a former lobbyist who has worked in both the White House and for the Senate majority leader on Capitol Hill. In 2007 he founded Life Care Funding, and in 2017 he founded the LifeCare Xchange. He hosts the Retirement Genius podcast series.
