Have you created a retirement plan that covers all of the basics? More than just where your money is invested, do you have goals and a plan in place that accomplishes what you want it to? The seven-step retirement plan is something you can do to make sure you are headed in the right direction. This is part two of the series.
(Click the featured times below to jump forward in the episode)
Did you do your homework from last week by creating an annual statement, setting up a budget, and identifying your financial goals?
This is part 2 on the series focused on the seven step retirement plan. In all of these steps, the goal is to ask yourself these four questions: Where are you now? Where are you going? How fast can you get there? Have you protected against catastrophes?
If you haven’t listened to the first part yet, go back and listen for steps one through four of the retirement plan you can build yourself. On this episode of Cover Your Assets KC, we’ll talk through steps five through seven.
To protect against catastrophic events, insurance is an important part of your plan. While no one wants to plan for the unthinkable, having insurance in place will protect you and your loved ones in case it does. Do you have the right insurance to fit your needs?
Then, you’ll want to set up a basic estate plan and avoid probate as much as possible for your heirs. This doesn’t have to be complex at first, but you’ll want to have something in place. As the final step, understand the taxes you may face later on. Consider the differences between a Roth IRA and a traditional IRA and determine which option is best for you as you prepare for taxes in retirement.
Have you created a retirement plan that covers all seven steps?
Listen to the full podcast or click on the timestamps below for a specific step in the plan.
[1:09] – Recap of steps 1 through 4 of the seven step retirement plan.
[2:39] – Step 5: Understand your catastrophic risks. Am I properly insured?
[6:04] – Step 6: Have a basic estate plan, especially if you have kids.
[8:50] – Step 7: Understand your taxes.