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  • Are You Prepared For Retirement? What You Must Do Now

    The golden years are a period of life that most of us dream about as a time when we’ll have the opportunity to do what we want when we want. However, according to the U.S. Census Bureau, most people retire at age 62 and the average length of retirement is 18 years. That’s a long time, especially if you haven’t properly prepared for retirement. “The key word is ‘planning’,” says John Lohrenz founder of JKL Wealth Management. He says that failing to plan is what leads to financial trouble in retirement. Often times, people view making a financial plan as a tedious process; therefore they delay looking at their financial portfolio. Lohrenz advises, “Don’t make it bigger than it is.” The idea he says is to sit down with a financial expert and typically within 45 minutes, a financial plan with action steps can be drafted. The first step to creating a financial plan is to look at what you own and what you owe. Some people don’t have a good grasp of this. Without knowing your net worth and your debt, it’s impossible to plan for the future. Lohrenz says the the next step is to look at your monthly income needs and to calculate how much you’ll need to fund your lifestyle, not just now but also in the future. Then look at any receivables: social security, rental income, and pensions. Next compare that to see if there is a surplus or shortfall each month. If there is a shortfall, make adjustments. You might need a second job and/or to cut expenses in order to save and pay down debt. Understand the challenges that you’ll face as you plan for retirement. Lohrenz says that it’s important to examine the “downside” of a financial portfolio. (more…)

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      When all else is hectic in your life, take a break with us. We'll pump you up & keep you fit, energize your mind, give you some great escape vacation ideas, fab restaurants, recipes, and cultural experiences. Plus lifestyle and home stories and that much-needed Me Time! Click around–we think you’ll enjoy your stay.Live Fit Magazine and Films

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