#The art of horology full
Current savings plan - how much money are you saving now and where? Is it enough to help fund your future? At what point do you expect to start using your savings for living expenses? This last point is critical because a lot of people would like to retire prior to their Full Retirement Age. If you were born after 1960 that means you won’t be entitled to a full retirement benefit from Social Security until age 67 and that’s only if nothing changes in the administration/legislation of the Social Security frame work.ħ. Lifestyle - Think about the kind of lifestyle you have now. Is that something you would like to continue when you retire? How much will this lifestyle cost? Research indicates that, to maintain your lifestyle through retirement, you’ll need 78% of your pre-retirement income.Ħ. Your assets - create an inventory of your stocks, bonds and other assets in your investment portfolio, as well as savings accounts, retirement plans and the equity in your home. I use WealthVision with my clients, however there are some great personal wealth management tools available to help track your assets and net worth.ĥ. What is your current income and expenses - This simple exercise is often forgotten. Spending beyond your means and not billing yourself for retirement, college savings or even a vacation is a primary example of how we often get ourselves into trouble. Savings whether for the short term (1-3 years) or long term needs to be a line item in every budget.Ĥ. Family History- Let’s face it today people are living longer. There is a strong chance that you could be living well into your 90s. I also find this interesting when dealing with pending retirees regarding social security, bet on yourself to live and be optimistic.ģ. What are your goals -Where do you want to be or expect to be in the next 5, 10, 20 or 30 years. Also, remember that you may be living in retirement longer than you think.Ģ. Here are 10 steps you can take to start to put that old clock together- The right way!ġ. When it comes to our finances we can all look back and think about the things we would have liked to done differently. Some of those witness marks we can likely see in Credit Card Debt, lack of college savings, or our own retirement savings. In Horology (The art of making clocks and watches), these marks are used by masters to take apart old clocks, repair them and determine what the original clock maker intended or what mistakes a previous reclamation project might have yielded. generally, an intentional, accidental, or naturally occurring groove, smear, stain, abrasion or other feature that can serve as evidence. I recently listened to a compelling Podcast and was introduced to a new term:
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