As discussed in a previous article posted in March, obtaining the perfect portfolio is the holy grail of financial strategies. However, it is also an enigma that can be difficult to obtain. As we previously illustrated, each person's particular situation brings with it different goals and suggestions.
We have a compiled a few scenarios, just as we did last month. But this time, we're focusing on older investors, ones either approaching retirement or already past it.
Scenario #1: 55-year-old single parent with no children currently in college
With retirement only ten years away, it is important that you create a financial portfolio that will last at least thirty years, if not longer. According to many financial experts, it is a good idea to focus on creating saefty for what you have accumulated as well as creating opportunity for growth. One fact to keep in mind, however, is that the government is planning to increase interest rates in 2014.
Scenario #2: 65-year-old single person in great health
If this describes you, consider yourself blessed. As we grow older, our bodies begin to show quite a bit of wear and tear, and being healthy can seem like an enigma even more so than having the perfect portfolio. In this scenario, there's a good chance that you can put off your retirement. In addition to the added health benefits that continuing to work can afford you, a delay in applying for Social Security benefits will mean larger monthly payments. Each year that you don't retire past your full retirement age, your payments will increase by 8%. This increase will continue until you're 70, so if you're in good health and can delay your retirement, it's a great strategy to employ.
Scenario #3: 57-year-old couple with no children currently in college
If you have no children in college, this affords you the luxury of concentrating on your own finances. No need to keep a sizable amount of cash around. Instead, put that money to work in growth-oriented strategies. Doing so can provide you with a strong, long-term strategy. Above all, just make sure you're maintaining a sense of balance.
Scenario #4: 75-year-old widow or widower
Part of the strategy to be utilized in this scenario depends on whether you or your late spouse had a company pension. If so, in all likelihood, you should have a solid financial structure, especially once Social Security checks are included in the calculations. If this is the case, you'll have some extra funds that you can use to invest in a variety of financial products. If there is no company pension, you may want to consider consulting with a financial expert who can help guide you. Regardless, you should plan for the next 10 or 20 years. Pay attention to the current trends.
To get a personalized plan that meets your retirement goals, schedule your free, no-obligation appointment.
Source: http://firstsecurityfinancialshow.com/blog/bid/137932/What-Your-Next-Move-Should-Be-Part-II
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