ONEFOR THEMONEY A primer on financial planning

Entering retirement

and planning for your financial future can be a daunting task. With the uncertainties that lie ahead, it’s easy to be unsure of the right moves to make. But the process doesn’t have to be complicated. With a checklist of “mustdo” items and the guidance of a finance professional, you can play out your retirement dreams without worrying about the future.

“You’re going to be moving to a fixed and less variable income soon, so figure out what you really need versus what you really want during retirement,” says Stephen J. Cross, AIF®, CRPC®, president and LPL registered principal of Cross Financial Strategies, LLC. “A general rule is for the typical retiree to be able to pull four to five percent out of their investment assets over the long run without depleting their entire nest egg. So, if a retiree desires a $50,000 per year retirement income goal and has approximately $20,000 of Social Security income to count on, this retiree will need approximately $30,000 of extra income per year to fill this gap. His or her portfolio assets at retirement should be around $600,000-$750,000. Of course, you can always withdraw more than 4-5 percent, but then your chance of success goes down as well.”

Edward Jones financial advisor Anson Sobers notes,“If you think a senior living community is in your future, have a financial advisor do a financial assessment.The biggest threat to the senior portfolio is lack of planning for long-term care.” Sobers adds that though people don’t like discussing the possibility of long-term care, the odds are high that it will be needed.

Aside from one’s financial portfolio, there are legal matters that need to be managed before and throughout retirement. Attorney Byron L. Woolley of Woolley Wilson LLP, whose practice includes probate law, suggests that retirees make sure their estate plans are exactly as they want them. “Many people forget to revisit their estate plans when someone has passed away and inheritance is received,” says Woolley. “Make sure to review and update your will, especially in cases where executors have passed away. I always suggest my clients appoint an executor and a backup.”

Other important directives that need to be in order at this time are the HIPAA release, which determines to whom your health information can be released; the Directive to Physicians, which allows you to instruct your physician not to use artificial methods to extend the natural process of dying; Financial Power of Attorney, which appoints someone in charge of your finances if you become incapacitated; and a Medical Power of Attorney, which designates a person to make healthcare decisions on your behalf, should you be unable to do so.

Advancing literacy

The English Language Ministry (ELM) honored its founders at a luncheon celebrating Literacy Awareness Month in September. Since 1994, ELM has taught English as a Second Language to East Dallas residents, primarily women, and provides an early childhood development program for the students’ children. Honorees from left to right are: Norma Worrall , Christy Mayfield , Nancy Miller , the Rev. Roger Quillin , Jackie Andrews , Laura McHam and Cathy Doyle

What’s the news this month?

Alexis Girard gets the neighborhood scoop in her copy of the Lakewood/East Dallas Advocate. Mom Sabra says her 2-year-old picked up the magazine from the backseat and started reading. Good job, Alexis!

CLASSES/TUTORING/ LESSONS

ADHD TEST PREP & TUTORING Very Patient & Dedicated, 1 on 1 Personalized, Results-Based Tutoring for Students w/ ADD/ADHD, & other Learning Empowerments! Incl SAT, ACT, PSAT, school exams, and creative organization & study techniques. Outstanding References. Yale ‘93. Anthony 214-484-4488

ART: Draw or Paint. All Levels. Lake Highlands N. Rec. Ctr. Jane Cross, 214-534-6829. Linda, 214-808-4919.

ARTISTIC GATHERINGS

Art Classes For All Ages. Casa Linda Plaza. 214-821-8383. www.artisticgatherings.com

JEWELRY MAKING CLASSES 214-824-2777 www.beadsofsplendor.com

Lakewood Shopping center: 1900 Abrams Pkwy @ La Vista

LEARN GUITAR OR PIANO Professional musician. Fun/Easy. Your Home. UNT Grad. Larry 469-358-8784

STUDIO OF SARAH STROUT Piano/Guitar/Voice Lessons. Lakewood. 469-426-6811 sclouise1976@gmail.com

UKULELE LESSONS Instruments, Workshops. www.UkeLadyMusic.com 214-924-0408

VIOLIN/VIOLA Instruction & Sales. Lakewood Area. Please Visit. www.andredis.com. 214-729-2177

VOICE TEACHER with 38 years experience. MM, NATS www.PatriciaIvey.com 214-769-8560

Childcare

LOVING, CHRIST-CENTERED CARE SINCE 1982 Lake Highlands Christian Child Enrichment Center Ages 2 mo.-12 yrs. 9919 McCree. 214-348-1123.

Employment

AIRLINES are hiring. Train for high paying Aviation Maintenance Career. FAA approved program. Financial aid if qualified. Housing available. Aviation Institute of Maintenance. 866-453-6204

Services For You

AT ODDS WITH YOUR COMPUTER? Easily Learn Essential Skills. Services include Digital Photo Help. Sharon 214-679-9688

CONFUSED? FRUSTRATED? Let A Seasoned Pro Be The Interface Between You & That Pesky Computer. Hardware & Software Installation, Troubleshooting, Training. $60/hr. 1 hr min. Dan 214-660-3733 or stykidan@sbcglobal.net

SIGNS: Nameplates, Badges, Office, Braille. A&G Engraving. 214-324-1992. getasign@att.net agengraving.vpweb.com

Check, please

The Grape recently presented the Stewpot Alliance with a check from the proceeds of the recent Feast of Saint Martha. Pictured: Martha Martin , Stewpot president; Tonya Meier , Soups On! Luncheon chair; The Grape chef and owner Brian C. Luscher; and co-owner Courtney Luscher

Volunteer for the voiceless

Heather Cronister of Lakewood was recently sworn in as a Dallas CASA (Court Appointed Special Advocate) volunteer. The nonprofit organization advocates for abused and neglected children caught up in the Dallas County court system.