You picture your retirement as a tranquil time where you can travel the world and visit your family. Nobody wants to work their whole life to enter retirement in a financial predicament. One of the biggest problems in our society is people live in the moment making no preparation for the future. Here is a list of do’s and a few dont’s when preparing for the golden years.
• Refinance Now Rather Than Later – Refinance while you have a job. It is easier to get a good rate while employed.
• Find a Social Outlet in Advance – With so much free time on your hands, you need to have something to occupy your mind. Finding a social outlet in advance is wise. It will ensure your golden years are a little brighter.
• Review Your Expected Budget and Cash Flow – So many people have no clue what it is going to cost them during retirement. The cost of living as you know it will drastically change. Consider all the extras and what expenses you can avoid. Create a realistic budget that is livable.
• Forget About Health Insurance – Whether you are receiving Medicare or have private insurance, you need to know all the costs. Prescription medications are an enormous part of most senior’s lives. Make sure that you have planned for supplemental plans and prescription costs.
• Forget About Life Insurance – As you age, it is increasingly difficult getting a life insurance policy reasonably. You need to make sure you and your family have the coverage you need. Obtaining a policy early on gives you the best rates and coverage.
• File for Social Security Too Early – Waiting until you are at least 65-year-old will give you a larger amount of benefits. Wait till your 70 and the number goes up again. If you file at 62, you could lose a few hundred dollars per month. Hold off on filing Social Security until you need to.
Retirement is an investment. However, there are many other types of investments that you can utilize to help you plan for retirement. Whether your 20 or 50 doesn’t matter, you must have investments to prepare for this time in life. Before beginning any venture, you must have the guidance of an investment banker. They can help you place your money in the right spots to get the greatest returns. James Dondero is the president of Highland Capital Management. They help people from all walks of life with their retirement and other investment banking. As a founder of the company, Dondero ensures that they pay a great deal of attention to the high quality of their customer service.
With more than 30 years of experience and skills to manage assets worth $2.5 billion dollars, he is the one to call first. Retirement will be upon you before you know it, being unprepared is what people like Dondero can help avoid. He can ensure that your golden years are happy and bright. From stocks to bonds and investment acquisitions, he is the one to call first.