How Hard Is Your Money Working?

Your money should always work for you, but when you're retired, it needs to work even harder. Help safeguard your retirement by placing demands on your hard-earned cash.

A recent article published in MoneyWatch, “Seven demands retirees should place on their money,”lists these important money demands:

• Growth: Make sure you still have a growth component in your portfolio. You don't want to be faced with trying to live on an income that no longer covers your costs.
• Safety: Keep your money in a safe place in the care of a reputable custodian who is not part of the investment company. Two words of warning: Bernie Madoff.
• Tax Efficiency: Remember what Mom used to always say, “It's not about how much money you make, but how much money you keep.” She was right - after-tax cash flow is a must.
• A Healthy Long-Lasting Income: Ask your financial planner to conduct a cash-flow analysis to see how your money shakes out in five, ten, twenty and thirty years. Get help creating a plan that takes taxes, healthcare costs and inflation into consideration and one that increases the probability that you’ll receive an income for the rest of your life.
• Control: Have some control over the access to your investments. What if there's an emergency?
• Access: Set some money aside for an emergency fund or rainy day fund, in case you have an unforeseen expense.
• Effective Estate Planning: Make sure that your estate plan lets your loved ones inherit your estate in the least-taxed, most cost-efficient way.

Make your money work hard! Speak with a qualified estate planning attorney.

Reference: MoneyWatch (August 3, 2015) “Seven demands retirees should place on their money”

For more information on Trust and Estate Planning please visit our website.