More Suggestions for Financial Goals at Various Life Stages
We will wrap up our review of basic financial goals at various life stages this month, with a look at those who are retired or nearing retirement:
- Review your will and estate plan.
- Pay off your debts. Depending on the going rates for different types of investments, it may or may not be wise to pay off your mortgage now.
- Maximize your savings for retirement.
- Make sure your growing assets are protected by liability insurance.
- As you near retirement, switch a portion of your investments to low risk types to produce income rather than higher-risk growth.
- With life expectancy increasing, make sure a portion of your retirement nest egg is invested so it continues to outpace inflation.
- Maintain your health and long-term care insurance.
- Remain wary of scams aimed at seniors.