Plan your retirement with a checklist, advice from Steve Sexton
Steve Sexton is President of Sexton Advisory Group, Director of the Financial Knowledge Institute, and h0st of “Winning in Life” on KBCQ 1170 AM. On “Winning in Life,” Steve provides important financial information, business updates, health issues and travel advice for his listeners as well as ways to live successfully in all areas of life. “Winning In Life” radio show airs every Sunday morning at 9:00 on KBCQ 1170 AM.
On this week’s “Winning in Life,” Steve opened up with current events that have been taking place since the election this past Tuesday. Nationally, crude oil supply went up by 1.8 million barrels which is an increase from just last week and last month. We use 18 million barrels of oil per day and that has been reduced due to high prices. The demand of oil has dropped significantly because people are driving less. Wall Street dropped by more than 2% and the reason for this is high debt and rising unemployment. Steve noted that Congress stayed about the same with still a divided government that has been in place for the last two years.
Steve then answered a listener’s question. Betty asked about a retirement checklist and Steve started explaining the first 14 out of the 25 points. He emphasized that retiring should not be left to chance. Make sure you are doing the right calculations by sitting down with your financial advisor at least once a year and about 2-5 years before you retire. You have to figure out inflation and determine what it costs you to have that investment. At Steve’s firm, Sexton Advisory Group, they help clients know which questions to ask their advisors, to clarify misconceptions, and to learn what money is falling through the cracks.
The first point Steve shared is to calculate available retirement income and assess adequacy. He asked listeners, “are you planning to live till 85 and only 85?” It is crucial to factor in emergency money, taxes, and maybe even the purchase of a new car or the future need to go into a retirement community. Consider life expectancy and risk and examine earning prospects if you remain employed. Will you work or maybe work part-time? Will you be healthy enough to work? Steve ended with his 14th point that you must consider future health limitations that may affect your retirement goals. He stressed the misfortune of getting stuck with a million dollar funeral because people work too long and forget to enjoy the fruits of their labor. Maybe it is best to retire earlier like at 55 and spend time with your family, go on trips, and complete that bucket list.
Be sure to tune in every Sunday on KBCQ 1170 at 9:00 AM for “Winning in Life with Steve Sexton.” If you have any questions, feel free to submit your questions here at Winning In Life Radio and Steve may answer them live on the show. Also follow updates on the show at sdentertainer.com.