Chaco Credit Union – April 2007

Dalton Wealth Management
Tailor Finances to Fit Your Stage in Life

David M. Dalton, JD, MBA, CFPR
Financial Consultant and LPL Registered Principal

The media offers a lot of advice on picking the best stocks, but not enough is written about selecting the best strategies based on your age and stage in life. Here is some excellent advice that can help you judge your progress and determine whether you are on track.

Ages 20 to 35: This is the time to take risks and use your youthful energy to chase your dreams. It also is prudent to start a good credit history by paying your bills on time. You may need to borrow money someday and do not want to be turned down because of bad credit. Start a systematic savings program. If you want children, plan appropriately.

Ages 35 to 50: Start paying down the mortgage and max out your retirement plan. If you have not addressed your insurance needs, determine them now. The greatest asset for most people is their ability to earn income. Make sure you have adequate disability and life insurance.

Ages 50 to 65: If you have not already done so, face the facts and get serious about your financial future to make sure you have "enough." Clean up debt now and set a goal. Understand that it is never too late to save money. Buying long-term care insurance while you are young and healthy is something you should consider if it is applicable.

Age 65 and beyond: Savings, pension and Social Security are the three legs of the retirement stool. The first phase of retirement is when you should travel and enjoy yourself after many years of hard work. It could last many years depending on your health. However, this will only happen if you have planned properly. If you are not quite there, consider working part time in retirement doing something you enjoy.

Focus on where you are today and what you should be doing to control your destiny. As a financial consultant to credit union members for more than 11 years, my goal is to help you plan for a happy, healthy and successful retirement. Start by making a no-cost, no-obligation appointment with me today by calling (513) 785-3512.

This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. © 2007 Priority Publications Inc.
Powered by Priority Publications