Failure to plan for cognitive and physical decline in the later years of retirement often creates problems that could have easily been avoided. Fortunately, you can prevent a lot of issues by taking a few simple steps to prepare for this phase of life before you get there.
I often hear rules of thumb that someone my age should save 10-12% of their income to fund their retirement. I don’t doubt that this is a good starting point, but rules of thumb like this simply can’t apply to everyone. But if you can’t trust a rule of thumb like this, how do you know how much to save?
Higher education costs have risen substantially over the last few decades, leaving many people worried about how they will fund these costs for children or grandchildren in the future. Fortunately they have been provided with a useful tool for doing so, the 529 savings plan.
Paul R. Ruedi CFP® or “Paul Jr.” is the subject of our most recent “Advisor Spotlight” blog post – a series of interviews to help people get to know the advisors at Ruedi Wealth. Paul has been with Ruedi Wealth since April 2015 and works remotely from The Colony, TX.
When planning for retirement, people always tend to focus on the financial side. However, financial preparedness is only half the battle when it comes to planning a fulfilling retirement. Equally important, if not even more important, is a plan for how you will spend your time.