The Cash Flow Revolution™ MGAM Lifetime Investment Planning Series 12 Important Actions for Each Stage of Life
We all know there are critical financial steps that should be taken at certain points in your life, but what specifically are they? What should you be doing at 30 to ensure financial stability? What about at 50? Here are twelve important actions you should be taking during key points in your life to improve your financial situation. Financial success takes planning and we are here to help. Call 214-720-4400 to set your planning appointment.
12 Important Actions To Take Before Retiring 1. Complete Your own Master Retirement Cash Flow Spreadsheet including all expenses 2. Choose Your Primary Advisors: Tax, Investment, and Legal 3. Choose Your Preferred Date of Retirement 4. Set Up a Direct Rollover Planning Conference Call 5. Complete your Investment Cash Flow Plan 6. Set up a Tax Planning Call with Your CPA 7. Build Your Document Vault 8. Update Your Estate Plan and Choose Your Trustee 9. Project 70 – What will age 70 look like? 10. Run Crisis Fire Drills 11. Choose Your Avocation 12. Set Your Performance Review Discipline The actions are intended to provide valuable and important planning discussion points in meetings with your legal, tax and investment professionals. Each situation is different and requires customization based on individual goals and risk tolerance. Not all actions will apply to all individuals. McGowanGroup Asset Management is not a legal or tax advisor, but will work concurrently with your chosen professional and provide all information requested. McGowanGroup Asset Management, Inc is a Federally Registered Investment Advisory Firm. Securities offered through independent firm, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA / SIPC. McGowanGroup and Spire only transact business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion.
12 Important Actions To Take In Your 50’s and 60’s 1. Complete a Comprehensive Investment Plan 2. Build Business Equity 3. Update Your Estate Plan: Establish appropriate trusts 4. Life Planning: Project 60/Project 70 5. Complete Your Debt Elimination Plan 6. Complete an Annual Tax Planning Call with Your CPA 7. Build your Avocation Phase 8. Plan a Final Retirement Date 9. Embrace Investing as Your Own Business: Develop Multiple Streams of Income 10. Finalize College Plans 11. Finalize Parent Plans 12. Travel
The actions are intended to provide valuable and important planning discussion points in meetings with your legal, tax and investment professionals. Each situation is different and requires customization based on individual goals and risk tolerance. Not all actions will apply to all individuals. McGowanGroup Asset Management is not a legal or tax advisor, but will work concurrently with your chosen professional and provide all information requested. McGowanGroup Asset Management, Inc is a Federally Registered Investment Advisory Firm. Securities offered through independent firm, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA / SIPC. McGowanGroup and Spire only transact business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion.
12 Important Actions To Take In Your 70s and 80s 1. Complete Quarterly Investment Reviews 2. Complete an Annual Tax Planning Call with Your CPA 3. Review Annuities Annually and Annuitize When Beneficial 4. Life Insurance – Eliminate Negative Cash Flow and Convert to Positive Cash Flow 5. Finalize your Luxury Medical Plan 6. For Your IRA: The Required Minimum Distribution Plan 7. Estate Plan Update: Finalize Trustee Selections 8. Complete the Real Estate Plan 9. Gather Reverse Mortgage Proposals Real Estate Sale(s) Planning, Luxury High Rise Planning and Reverse Mortgage Proposals. 10. Annual Family Meeting/Annual Trustee Meeting 11. Project 80/Project 90 12. Maintain Surplus Monthly Cash Flow
The actions are intended to provide valuable and important planning discussion points in meetings with your legal, tax and investment professionals. Each situation is different and requires customization based on individual goals and risk tolerance. Not all actions will apply to all individuals. McGowanGroup Asset Management is not a legal or tax advisor, but will work concurrently with your chosen professional and provide all information requested. McGowanGroup Asset Management, Inc is a Federally Registered Investment Advisory Firm. Securities offered through independent firm, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA / SIPC. McGowanGroup and Spire only transact business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Follow-up and individualized responses that involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion.