10 Great Financial Planning Moves

If you’re like me, you were born sometime between the mid 1940’s and early 1960’s, and your a baby boomer or you may be a younger family looking for a change in lifestyle.

Looking to relocate to an area that will make your dollar stretch.

We're all looking for our Best Place To Live!

No matter the reason,  since you are reading this blog then you’re also like me, planning on spending that next “new phase” of your life somewhere in either North Carolina or South Carolina.

Let me just say congratulations on both accounts and take this time to offer some basic advice on the kinds of financial matters you’ll want to think about as you move forward to Your best place to live in North Carolina or South Carolina.

Now, I’m going to say up front that I don’t pretend to be a financial expert or professional advisor.

However, I do get a lot of questions about financial matters as they pertain to relocating or retiring to your best place to live in North Carolina and South Carolina and after some study and seeking out lots of advice over the years I think this is a good top ten list of things that you, definitely need to keep in mind regarding your finances.

1. Match your dreams with your assets:
   • As we’ve said here before, it’s important to “dream a little”  but by the same token it’s also important to make a list of all your financial assets and potential future income to determine if you’re on target to enjoy that new life.
   • Remember, its better to make that list now and be able to adjust to meet your goals than be unpleasantly surprised later on.
2. Focus on expenses:
   • Most people by this point should look at eliminating debt and keeping their expenses under control to ensure fewer financial headaches later on.
3. Take a look at your current investments:
   • If you’re an investor, you know that things change over time and it never hurts to look at your portfolio and think about whether your current investment strategy makes sense or needs adjustment to meet your new situation.
4. Find a financial advisor:
   • Many of you have probably already done this and know that sound professional advice makes a load of difference.
   • A good professional advisor doesn’t just help manage your money but more importantly helps you determine your financial goals and aspirations.
5. Think about where you’ll live:
   • What will your living situation look like and where?
   • Obviously you’ll want to be somewhere that fits your lifestyle and finances but plan for the likelihood that life will be quite different.
6. Look at your healthcare needs:
   • Don’t be one of the thousands financially devastated by a lack of health care coverage.
   • Take stock of your current and long-term health care needs and make sure your insurance options meet those needs.
7. Taxes:
   • Just about any financial move involves potential new tax liabilities whether moving to another state or drawing income from investments so its wise to do your homework or seek advice about lessening those liabilities.
   • If you’re a retiree and your moving to your best place, keep an eye out for state and local tax incentives meant just for you.
8. Maximize contributions to retirement plans:
   • If your asset inventory shows you haven’t met your retirement savings goals, then now is the time to start making up the difference but even if you’re doing well it never hurts to add a little more cushion if you can.
9. Pursue Lifelong Learning:
   • You’ve got a wealth of knowledge and experience that is still valuable to society whether you retire or not.
   • Lifelong learning adds balance to your life while allowing you to update your skills and remain professionally active as long as you want.
10. Reacquaint yourself with your will:
    • If you don’t have a will yet you should get one, and if you do you have one you may want to look it over to make sure it properly reflects your financial wishes for your family once you’ve passed away.

That’s all for now, see you next week when we look at the “New Retirement”.   And no, it isn't just for those ready to retire!

About Bob Bencivenga

Bob Bencivenga is a professional site locator and location analyst for major corporations and has been researching the growth of NC and SC to find the Best Places to Retire or Relocate that are still affordable.

Visit his blog The Carolina Report and sign up for FREE updates by email,his FREE Affordable Best Places To Live Report and, get FREE Expert Advice on how to find Your Best Place to Retire or Relocate to in North Carolina and South Carolina, additional resources, and a lot more. Bob does not sell real estate.

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