Here’s Your 10-Point Financial Discussion Checklist!

Jim Lorenzen, CFP®, AIF®

How does your financial future look?  Your chances for financial freedom will depend on how well you’ve covered your bases!

Here’s a checklist for your kitchen table discussions:

  1. When do you plan to retire?  Your retirement age will impact how many years of spending your retirement assets will have to cover.  It will also likely affect just how much you may spend each year.
  2. What are your retirement goals?  Get them down in writing and sort them by needs, wants, and wishes – the prioritize each goal and put a dollar amount on each of them.  For those that are recurring, you’ll not only need to put a dollar amount on each event, but you’ll need to adjust for inflation, as well (car purchases are an example).
  3. When do you plan to file for and start Social Security payments?  How will this affect your tax picture when combined with other sources of income from retirement plans, etc.
  4. How will you design your investment portfolio to provide both income and inflation protection while mitigating downside risk?
  5. Will you need to reduce living expenses?  If so, where can you cut?  Not everyone will need to, but running out of money in your old age wouldn’t be a happy picture either.
  6. Should you get a reverse mortgage?  Does it really provide the security the commercials talk about or is it just a band-aid?
  7. Have you provided for the possible need for long-term care?  Long-term care policies are available, however many are concerned about not using the benefits after paying out high premiums for years.  Some policies also have many restrictions.  It’s worth reviewing the fine print.
  8. How will you protect yourself against financial fraud?  This can take many forms, from cyber threats to the Bernie Madoffs of the world.
  9. How can your spouse and children be protected when the main breadwinner is gone?
  10. Is creating a financial legacy important to you?   This can be accomplished for children and grandchildren, but they’re not the only ones.  Some people think giving is only for the rich; but affluent people often wish to do it, too.

Hope you find this helpful!



Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and an ACCREDITED INVESTMENT FIDUCIARY® serving private clients since 1991.   Jim is Founding Principal of The Independent Financial Group, a  registered investment advisor with clients located across the U.S.. He is also licensed for insurance as an independent agent under California license 0C00742. The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.