MKA Executive Planners Blog

Studies have shown that Americans don’t plan well for retirement.  Whether it is, “What am I going to do with 40 to 60 hours a week of leisure?”  Or, “How much will it cost to fill that open time?”  It is likely that you have not put pencil to paper, perhaps not even have it on your radar.  Remember that a great plan requires time and effort. 

Here are some things you can do to get started, no matter where you are in the planning stage (if at all):

1. Dream a little (or a lot).  What are the things that you wanted to do over your lifetime that responsibilities got in the way of accomplishing?  A degree in American history, that novel or book of poetry, learning to print your own photos?
2. Write it down.  We often forget the important by making it unimportant.  Goals are hard to achieve if you don’t have a list to remind you where you are going. 
3. Tape it to the mirror; keep it on your computer; keep it on your smart phone.
4. Look at your list frequently.  Keep it as a daily repeating entry on your calendar.
5. Project what your retirement travel, projects and living will cost.  Be sure to add an inflation factor.   Don’t forget health insurance and any out of pocket costs that can be driven by a lengthy illness.
6. Save and invest toward the fund that you will need to meet your objectives.  If it looks impossible, be sure to realize that missing it by a little is much better than missing it by a lot.
7. Be sure that you wrap everything in legal documents.  You can protect family, assets and lifestyle by prudent planning and, equally as important, proper documentation and execution of the plan.

For further information contact Barry Koslow, JD at bkoslow@mkaplanners.com or John Yagjian, JD at jyagjian@mkaplanners.com.

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This article should not be considered as providing accounting, business, financial, investment, legal, tax, or other professional advice or services.  It is not a substitute for such professional advice or services, nor should it be used as the basis for any decisions or actions that may affect your business or you personally.  This should only be one part of your research.  You should seek authoritative guidance from a qualified accountant or attorney before taking any action.

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