It’s day one of the beginning. Yes, now is the time to blow dust off the book you’ve been meaning to read, or reach into the dark hallway closet to get out your kettle weight. Whether you’re into it or not, the New Year has a way of giving people the opportunity to recommit to bettering themselves.
Recommitting can be difficult. If the word ‘recommit’ is being used at all in your goal-setting vocabulary it implies that whatever it is you were working on, thinking about, or planning was once a priority. For whatever reason the priority has been shelved and now it’s time to revisit – but what better time than the New Year to rework some lost or discouraging priorities – including retirement.
One of Paradigm Life’s big push for 2015 is to provide the right education and resources to those who are getting ready to retire. We don’t want to just help you get to a safe retirement, we want to help you get the retirement of your dreams!
To start your New Year off right, here is a top 5 list that can further your pathway to a prosperous retirement.
- Pick Your Retirement Date
In the book 401(k)aos by Rich Dad Advisor, Andy Tanner, he directs readers in one passage to set down his book, get off their chair and walk to a calendar to mark their retirement date. He drives the point of this exercise by explaining that if you don’t plan NOW (in the moment) the date you want to retire, time will pass and you will have never properly planned.
Suggested Podcast: Patrick Donohoe and Andy Tanner, Overcoming “Emotional” Investing
- Recognize Your Retirement Fears
When baby boomers come to Paradigm Life looking for a retirement solution, we hear the same three primary fears by most individuals: running out of money, keeping up with healthcare costs, and maintaining independence. Settling those fears is essential to approaching a successful retirement, and the solution is found in Whole Life Insurance. Besides the common fears, do you have any others regarding retirement? A Paradigm Life agent can guide you to a happy retirement and provide answers to your retirement fears.
Suggested Article: Infinite Wealth- A Different Kind of Retirement
- Make an Honest Financial Assessment of your Current State of Affairs
An honest assessment of your needs, wants and hopes for retirement is often overlooked by traditional financial advisors for a number of reasons – typically it’s because the average advisor does not ask clients the right questions. At Paradigm Life, to give every client an honest and accurate assessment of their situation we use, what we call, a Truth Concepts calculation. With this calculator we accurately can see where people currently are financially and what it will take for them to meet their retirement goals.
Suggested Article: Access Your Savings Tax Free
- Finance Everything with Your Whole Life Policy
Your life insurance policy gives you the opportunity to be your own banker. When you are financing purchases, small or large, you are building the cash value in your policy. The cash value provides the liquidity needed to fund other things, like assets and/or liabilities. When you borrow against yourself with a policy loan, you earn still earn interest while paying back your loan, but also if you are borrowing a large sum from your policy you avoid a hefty tax. Utilizing this banking cycle in retirement can give you financial freedom.
Suggested eLearning: Infinite 101 – Finance Everything You Buy
- Legacy and Estate Plan
The money accrued in your Life Insurance Policy is typically not taxed as an inheritance. However estate tax laws vary in each state. To ensure that your policy is passed to your beneficiaries properly, meet with an estate-planning attorney to help you protect your legacy.
Suggested Podcast: Leave Your Legacy
