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What Lies Ahead in Your Financial Future?The 1950s brought the invention of the transistor radio, the first successful kidney transplant, and the introduction of color television broadcasting. It was a time when the average consumer spent a large share of total outlays (40 percent) on food and clothing (the basics) and a mere 4 percent on health care.
Although no one can predict what the future will bring, you can take steps now to prepare yourself for the financial challenges and opportunities that may lie ahead. Paying for medical care, generating income, managing your tax burden, and preserving your estate are just a few challenges you may face during retirement. Adequate financial preparation can help you map out steps to meet these challenges. 1. Identify your financial needs and sources of income. When determining the amount of income you will need during retirement, consider your financial goals, needs, and life expectancy. Next, identify your sources of retirement income and determine how much you can expect from each of these sources. 2. Avoid common pitfalls. A well-thought-out plan can help you avoid some common mistakes, including investing too conservatively, not fully diversifying your portfolio, and holding too many taxable investments in your portfolio. 3. Protect your assets. An estate conservation strategy can help you manage your assets during your lifetime and make arrangements for distributing assets to your heirs upon your death. An effective strategy can help reduce your estate tax liability and help you pass more of your assets to your heirs. It's no secret that today's financial landscape looks different than it did in the past. A sound financial strategy can help prepare you for changes that are sure to come. 1) The Wall Street Journal, January 25, 2005 |
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Today, American technology and spending habits are very different — with the
average consumer spending just as much on health care as on food and clothing.¹