How
to Harvest the Rewards of Retirement
Fourth
in a four-part series
Introduction•
Step One •
Step Two •
Step Three •
Step Four
Step
4
Take Action On Your Program
Take your time. Some of the choices you make when you retire are irreversible
(especially those concerning your retirement plan distributions). Other
decisions don't need to be made immediately, so you can make changes
gradually. Take the time you need to make the decisions that are right
for you.
1. Get information about your options
Gather
as much information as you can about your benefits and options for retirement:
Write
or call for the resources that will help you in planning your retirement.
Talk to your employer about the specifics of your retirement program
and any additional benefits offered to retirees (such as health insurance,
employee discounts, etc.).
Check
your local newspaper for seminars on retirement planning.
2. Talk it over with someone else
Review the information you've gathered with a spouse or friend before
making a decision. There's a good chance you know someone who has already
retired. Also, consider getting advice from an expert -- such as an
accountant or financial professional - - who is familiar with the concerns
of retirees.
Many people hope to provide an inheritance to a spouse, their children
or favorite charity. To make sure your money goes where you want it
to go, rather than to the government, you must plan just as carefully
as you planned when accumulating the money. Making a will and keeping
it up to date is the first step. Next, consult with a financial professional
to learn about any special tools that can help you distribute your estate,
minimize taxes and/or supplement your retirement income.
3. Manage your risks
Risk management means planning for unexpected expenses and avoiding
financial liabilities that can undo your financial strategies. Tools
that can help you manage your risks include an emergency fund and insurance
(health, disability, Property, life).
4. Don't stop investing
You way retire, but that doesn't mean your personal finances should
do the same. You may live 15 to 20 years in retirement. Helping your
money perform over this, period of time will require careful management
to make sure you stay on track with the goals you’ve set for the
years ahead.
You should also understand the risks, as well as the potential
rewards, associated with different types of investments.
5. Retirement is an ongoing process
Because both your personal circumstances and economic conditions change
over time, think of your retirement as an ongoing process, not a one-time
event. With careful thought, effort and planning, you’ll be well
on you way to creating the kind of retirement life that you want.
This information has been provided to you courtesy of
Ministers' Life, Ascend Financial Services, Inc., Securities Dealer,
member NASD/SIPC. 98-0227-85002
