Episode 58: 5 Financial New Year’s Resolutions If You’re Over 60

Today’s Prep:

As you enter the new year, do you have these items on your list of resolutions and to-dos? For those over 60 years old, this list will help you gain the clarity and confidence in your financial direction.

(Click the featured times below to jump forward in the episode)

Equipping Points:

Welcome to 2020! As you embrace the new year (and new decade!) it’s important that you review your financial details and assets to ensure your goals and plan are on track. This may look different when you are younger than when you are older. Last week, we talked about the financial resolutions for those under 50, but this list is aimed toward those over 60 years old. Are you ready?

Start by calculating your net worth statement (regardless of your age) to track it over time. Make sure you know why it goes down if it starts to dip a bit downward in retirement. Keeping track of how you are doing financially

Do you have a financial plan? Now is a good time to update it. Don’t have a financial plan? You’ll want to put this together and make sure it includes things such as when you’ll retire, what your retirement goals are, and how you’ll achieve those goals.

Is your estate plan up-to-date? Check the beneficiaries on all of your accounts to make sure they are the right people. Also, review your power-of-attorney and the titles of your assets in order to avoid probate.

It’s important to rebalance your portfolio often. Your financial advisor is likely already doing this with you, but if you are doing this yourself, you should do this at least annually. In 2008-2009, the stock market went down more than 50%. While we can’t know the next time it’s going to happen, it is going to happen again because our economy is cyclical. Over time, your portfolio will have more risk than you intend to if you never rebalance.

Finally, when was the last time you evaluated your insurance coverage? Before 50 years old, term insurance is a great option for life insurance. What about after 60, when likely no longer have dependents living at home? Do you still need life insurance when you’re retired? Outside of life insurance, also consider your property and casualty insurance to make sure you’re comfortable with the deductibles you’ve set.

Listen to the full episode or click on the financial resolutions with the timestamps below.

[1:29] – What resolutions to follow between 50 and 60 years old.

[2:54] – Calculate your net worth statement every year.

[4:54] – Update your financial plan.

[6:38] – Make sure your estate plan is updated.

[9:16] – Rebalance your portfolio.

[14:06] – Evaluate your insurance coverages.


Today’s Takeaway:

Additional Resources:

PODCAST: I’ve Got a Will Isn’t That Enough?

PODCAST: Why Should You Get Live Insurance?


More From David:

The host: David Dickens

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