The Big Boom

At first glance, the numbers aren’t pretty.

Of the more than 10,000 baby boomers turning 65 each day (EACH DAY!) more are reliant on Social Security, fewer have built a considerable nest egg and too many are saddled with consumer debt.

Only a small percentage of baby boomers have any sort of financial plan. Some even have significant assets (home, cabin, business, retirement accounts, etc.) but have not taken the time to think about their retirement future. Often, these folks may not even realize the financial assets they have accumulated or what moves they can make to ensure they don’t outlive their financial means.

The good news: it’s never too late.

At Helmstar, we work closely with retirees, soon-to-be retirees, and hope-to-be retirees to sort out what they have, what they need, and what they need to do.

While everybody’s personal circumstances and needs are different, the principles are very similar:

1. Set some goals. How will you know if you’re heading in the right direction if you never define the destination? (See Be a Better Goal Setter in blog post on June 16, 2017) Helmstar often works closely with clients to clearly define and articulate their goals on a number of fronts — financial, family, recreation, giving, etc.

2. Take stock of where you’re at. Be clear on what the needs are, including cash flow, current assets and debts and so forth. Often we work closely with other members of our client’s team — CPA/accountant, attorney and others — to get a clear picture.

3. Make a plan. When it comes down to it, a plan is just filling in the baby steps between the above points. Helmstar can help with this. We consider just about everything you can imagine, including upcoming life changes such as kids leaving the nest, retirement, inheritance and more.

4. Measure, refine and repeat. About once a year (sometimes more frequently, sometimes less frequently, depending on the situation) take time to review progress,

goals and the plan. Are things on track? Did something change? Consider it all.

5. Win! By following these basic steps, usually with the help of professionals, baby boomers (and really those of any age) can rest easy knowing everything is going according to plan.

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