It’s Time to Act

Posted on : Nov 07, 2013 | Filled under : News

What are your financial goals? Do you have any?King Wealth Planning-Act Now

If you’re like most people, you haven’t thought carefully about what you want to achieve during your lifetime, or about the legacy you want to leave. The great financial goals of life include living an independent, worry-free retirement; funding your child’s education, and leaving your heirs a legacy.

What is the biggest obstacle to achieving your goals? Is it taxes or inflation? The answer is…procrastination.

Many people put off what is most important. Determining your objectives, setting priorities, developing a strategy and implementing and monitoring your plan require time and commitment.

Failure to act today (by saying I’ll do it tomorrow!) could have long-reaching consequences. Unfortunately, we tend to focus on the day-to-day fluctuations of the stock market, which we can’t control or regularly predict. Don’t get wrapped up in the daily headlines and let them sway your decisions about long-term financial goals.

We’re still haunted by the painful memories of the September 11th tragedies. For many people, that day has been a wake-up call to do some long put-off planning. Here are some basic issues we all need to address:

• WILLS

Do you have one? If so, does it need updating? If you have children who are minors, you need to name guardians to care for them in the event of your death. Do you really want to let the courts decide that for you?

A simple will is not expensive. It should be done now. If you have a large estate, you probably need to set up trusts and to address estate tax issues. Does anyone honestly believe that the estate tax will be eradicated for even one year?

• EMERGENCY FUNDS 

You may have been advised to keep three to six months of living expenses in cash or money markets. I believe six months is a minimum – a year is better, especially if you’re susceptible to a layoff. For those living off investments, two years worth of liquidity is not unreasonable. That way, you won’t be forced to sell holdings for income in a declining market.

• LIFE AND LONG-TERM CARE INSURANCE

Select a plan that conforms to your budget and provides adequate coverage for your family. If you’re healthy, now is the time to purchase or readjust your coverage. Do your homework and get comfortable with the amount needed and the company selected.

• DIRECT DEPOSIT

Set up direct deposit for your paycheck. This ensures your family’s quick access to the much-needed funds should unforeseen circumstances arise.

Stop procrastinating. It is time to set clear goals and understand what you want to achieve. Put your goals in writing and share them with someone whose opinions and trust you value.

Now is the time to act and the Retirement Guides at King Wealth Planning can help put your plans into action.

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