Published on: July 17, 2014

12 Important Actions for Each Stage of Life: The MGAM Lifetime Investment Planning Series

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.
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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

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

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 and Advanced Care Planning
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 (just in case)
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.