Survive and Advance

Retirement, Income, Tax & Estate Planning.

Survive and Advance

March 25, 2015 Investing Retirement Planning 0

Since I’m the quarterback, I probably shouldn’t be talking about basketball, but here goes…

March Madness is all about ‘Survive and Advance.’  In order to continue playing and prevent the season from being over, you have to win to move on to the next round.  In today’s ever changing and volatile economic arena, your retirement plan has to be set up to survive and advance as well.  I know…sounds kinda corny…but there is a point to this.

During the regular season of college basketball, most teams go through high and low periods, getting some wins and taking some losses.  Losses during the season can hurt, but they are not the end of the season. The ultimate goal is to get better every game so you are playing at your best when tournament time starts.  Once tournament time starts, a loss is devastating as your season is ended.

Your working years are very similar to the regular season in basketball.  While saving for retirement, you may be able to afford some up and down years as you have time to recover and to continue to build your nest egg.  But in your pre-retirement and retirement years, the theme is the same as March Madness as your retirement plan must survive and advance.

Your first objective is to survive.  Your retirement plan has to be able to survive the volatility and severe downturns in the market.  It also has to survive congressional law changes, federal and state tax law changes, economic changes and many other threats to your nest egg that can have major impacts on your overall plan.

Unfortunately, you cannot stop at just surviving.  You also have to continue to advance your retirement plan as well.  You need to continue to grow your money to battle longevity, inflation such as the increasing costs of food, health care and real estate taxes to name a few.  You need to make sure your income will last a lifetime, and it’s important be as tax efficient as possible each and every year to protect your nest egg.

Your retirement plan is not something that you can just set and forget.  It needs to be reviewed and updated every year or two.  Still need to update your plan?  Haven’t gotten around to doing a plan yet?  Call Jaime at 215-657-9200 and he’ll make sure to get you on my calendar.