Caregivers need to plan for the future too. One of the talks during yesterday's Senior of Today Conference sponsored by the San Diego County Council on Aging focused on 10 principles of retirement planning. David Lam of Edward Jones offered the following tips that we wanted to repeat here.
This holiday weekend may be a good time to do some "pre-fall planning" and spend some time seriously considering what you want to do once your "retire" and how best to make sure you're financially prepared for a long life. We wanted to focus particularly on No. 5 since all it takes is one crisis to drain someone's personal savings.
1. Map Out Your Goals
2. Plan for a Long and Fulfilling Retirement
3. Start Smart with Your Spending
4. Inflation Doesn’t Retire
5. Prepare for the Unexpected
6. Don’t Reach for Yield
7. Maintain a Healthy Portfolio
8. Keep Retirement from Being Taxing
9. Define Your Legacy
10. Remember Your Annual Checkup