Money Talks for March 29, 2020

Brad Zucker discusses national retirement week.

ABOUT RETIREMENT.MARCH 30TH KICKS OFFNATIONALRETIREMENT PLANNING WEEK!WHETHER YOU PLAN ON RETIRINGTOMORROW OR 20 YEARS FROM NOW,LOCAL FINANCIAL PROFESSIONALBRAD ZUCKER FROM SAFE MONEYADVISORS JOINSUS WITH TIPS TO GET STARTED.Q: WHY DO WE NEED A WEEKDEDICATED TO RETIREMENTPLANNING?

RETIREMENT PLANNINGHAS CHANGED OVER THE YEARS.GONE ARE THE DAYS OF THEDEFINED-BENEFIT PENSION PLAN.MORE AMERICANS ARE SHOULDERINGTHE BURDEN OF SAVING FORRETIREMENT ON THEIR OWN.BUT, PLANNING IS ESSENTIAL.EACH OF US IS FACED WITH AUNIQUE SET OF CHALLENGES THATWILL IMPACT OUR RETIREMENT,INCLUDING LONGER LIFE SPANS,RISING HEALTH CARE COSTS, NOTTO MENTION THE GLOBAL ECONOMICIMPACT OF THE CORONAVIRUS.Q: HOW SHOULD WE BE PLANNINGFOR RETIREMENT?

TAKE ACTIONTAKE ACTION BY MAXING OUT YOURRETIREMENT ACCOUNTS.IN 2020, YOU CAN CONTRIBUTE UPTO $19,500 IN YOUR 401(K).FOR THOSE OVER AGE 50, CATCH-UPCONTRIBUTIONS ALLOW YOU TOCONTRIBUTE AN ADDITIONAL$6,500.AND WHILE THE PAST COUPLE WEEKSHAVE BEEN SOME OF THE MOSTVOLATILE WE'VE EVER WITNESSEDON WALL STREET, THAT DOESN'TMEAN WE SHOULD SHY AWAY FROMINVESTING.HOWEVER, YOUR INVESTMENTSSHOULD BE DIVERSIFIED AND HAVEAPPROPRIATE RISK FOR YOUR AGEAND HOW CLOSE YOU ARE TORETIREMENT.INVESTING IN A DIVERSIFIEDPORTFOLIO, WHERE YOUR MONEY ISSPREAD INTO DIFFERENT TYPES OFINVESTMENTS, CAN HELP YOU RIDEOUT THE EXTREME HIGHS AND LOWSOF THE MARKET AND STAY THECOURSE.CREATE A RETIREMENT STRATEGY IFYOU ARE NEARING RETIREMENT,IT'S IMPORTANT TO KEEP YOURGOALS AND YOUR PLANS TO ACHIEVETHEM FIRMLY IN SIGHT.A RETIREMENT PLAN ISN'T A FANCYBUDGET; IT'S A WRITTEN INCOMEPLAN THAT INCLUDES SOCIALSECURITY STRATEGIES, HEALTHCAREAND TAX PLANNING.NEW RETIREMENT LEGISLATION INTHE FORM OF THE SECURE ACT,PLUS A GENERAL SHIFT TOWARDEMPLOYEE-DIRECTED RETIREMENTPLANS HAVE MADE THE NEED FORFINANCIAL AND RETIREMENTEDUCATION EVEN GREATER.WE DETERMINE EACH CLIENT'SINDIVIDUAL FINANCIAL PICTURE BYEXAMINING SEVEN DIFFERENTAREAS.WE LOOK AT HOW THEIR CURRENTFINANCIAL CHOICES ARE AFFECTINGTHE SAFETY OF THEIR PRINCIPAL,THE LIQUIDITY OF THEIR MONEY,TAXES, THE RETURN OR GROWTH OFTHEIR MONEY, INCOME PLANNING,LONG-TERM CARE COSTS ANDPROBATE AVOIDANCE.THESE SEVEN AREAS HELP CREATE ACOMPREHENSIVE FINANCIAL ROADMAP THAT WILL SAFELY GUIDE[ASKBRADZUCKER.COM] CHECK YOURRISK WHEN LOOKING TOWARDLEVEL OF RISK YOUR PORTFOLIOCAN WITHSTAND.A RECENT STUDY SHOWS NEARLY 40%