Life Goals: Financial Essentials For Your 70s
Here are several financial steps you may want to consider taking right now:
1. Evaluate Required Minimum Distribution needs
Consult your Mohr Group advisor regarding the Required Minimum Distribution IRS mandatory requirement for all non-Roth retirement accounts of individuals age 70 1/2.
2. Review estate plan.
Work with an advisor to develop or review a plan for your property and assets, including your Will, trusts, liquidity of assets and gifting.
3. Re-evaluate budget and cash flow.
Creating a budget is crucial to fulfilling your plans for retirement. Be sure to plan on a reserve for emergency situations when evaluating your needs.
4. Make sure long term care needs are met.
Plan and discuss your desires and needs for possible long-term healthcare with your family.
5. Supplement Medicare.
Medicare may not be enough to provide the level of care you need; work with an agent to determine an affordable level of coverage.
6. Review business agreements and transfer plans.
If you have a business, you need to plan for a fair and predictable transfer of your business should you die or wish to move on.
