Guest Author Todd Schwendiman
Decisions. Decisions. Decisions. Every day, you make thousands of decisions. Some of them have few, if any, long-lasting consequences. Others, however, can have a huge impact on your life. This is especially true when it comes to financial decisions regarding your retirement plan.
Will you make the right decisions?
Various internet sources estimate that an adult makes about 35,000 remotely conscious decisions each day. This may sound very high, but according to researchers at Cornell University, we make over 200 decisions each day on just food alone. Now, there are not that many decisions to make when it comes to your retirement plan, but the decisions you do make carry more weight and consequences than many other decisions. In fact, the success of your retirement plan may ultimately come down to a few vital and key decisions that you make, such as:
- How and when to elect to receive your Social Security for maximizing your benefits over your lifetime.
- In addition to Medicare, what options will you select to protect your assets from health care expenses?
- What types of retirement accounts will you use to save for retirement in the most tax-effective way?
- What legal documents do you need to set up your estate properly?
- What plans will you make to minimize the effect of taxes in retirement?
All of these questions will require a decision by you at some point during your pre-retirement and/or retirement years. These decisions may make a huge difference in the ultimate value and success of your retirement plan. To learn about these and other critical decisions that you will be faced with regarding your retirement plan, consider speaking with a financial advisor.
F. Todd Schwendiman is the founder and principal owner of Heritage Solutions Group, which was founded in 2000 to help residents along the Wasatch Front find peace of mind when planning their retirement. Dallin Schwendiman joined the firm in 2014 and is the General Agent for Medicare Solutions. Their mission is to help individuals & families resolve concerns in retirement.