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PAGE 26 ■Jotes T August 7, 1999 “What about Cremation?” We’re glad you asked! Introducing the most unique and beautiful cremation garden in all the Carolinas, only at Charlotte’s premier cemetery — Sharon Memorial Park & Crematory Monroe Road at Sharon Amity With no obligation, call 537-5011 or mail this coupon to: Sharon Memorial Park & Crematory, PO Box 220346, Charlotte, NC 28222 NAME: ADDRESS: CITY/STATE/ZIP: PHONE: Do your stocks fit your objectives...or just your brokers? Now is a good time to assess whether the contents of your portfolio make sense for you. American Express Financial Advisors’ new Equity Evaluation can help you determine how well your stocks are weighted to meet your financial objectives. At a glance, you’ll know if your portfolio contains a smart balance of stocks. Call us today and find out more about our Equity Evaluation, at no cost and with no obligation. We’re here to help you make better, more informed decisions about your financial destination. 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Lynn Davidson Special to Q-Notes Many Americans dream about retiring early and having the chance to do more of what they want in life. For some, retirement may mean more than just a time to relax — it can mean an escape from the office and time to explore the world. Others may want to start new ven tures or balance a part-time job with more time for hobbies, friends and family. Whatever your ideal retirement picture, you may be able to make it a reality sooner than you think. The following sue steps will help you assess your progress to date and establish a plan to make early retirement possible. Visualize your retirement. To chart your shortcut to retirement, you must first determine what “retirement” means to you. At what age do you want to retire, and where and how do you want to spend your time? If possible, “practice” your planned lifestyle during vacations and time off from work. You may find that you get frustrated with so much time on your hands and are a person who needs to keep busy with travel or clubs. Knowing this may help you plan better for retirement and provide a smoother transition when you do re tire. Estimate your expenses. Defining your re tirement picture will help you put a price tag on it — and thus set your retirement income target. Expenses that could change in your retire ment include housing (you may downsize or move to a popular retirement destination), taxes (your income may change or you may move to a place with lower local taxes) and family obli gations (you may want to provide financial help for children, grandchildren or elderly parents.) Also, keep in mind the added expenses for things such as travel, hobbies and health care. A common rule of thumb is that you will need 70 percent to 80 percent of your income today Meet a Friend of the Family! 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These could include a com pany pension if you have one (the age at which pensions become available varies), investment income, a new career or a part-time job. You can also tap your IRAs early without penalty by making annual withdrawals based on your life expectancy. Otherwise, you can make penalty-free withdrawals from your IRAs, 401 (k) — or earlier for a 401 (k) if certain con ditions are met — and tax-deferred annuities starting at age 59 and a half. Social Security is available at reduced benefits at age 62 and at full benefits at ages 65-67, depending on when you were born. Add all your projected income sources to determine whether they match or are less than your expenses. If they match, congratulations! If expenses exceed your projected income, you may need a plan. Close the gaps. Don’t be discouraged if your projected income is short of your estimated re tirement expenses. You may be able to bridge this gap by following an investment plan that helps you accumulate the needed funds. Oth erwise, you may have to plan to spend less money or delay retirement. Maximizing contributions to your 401(k) or other retirement plan at work is a good way to save more money for retirement. With pre tax contributions, ongoing tax deferral and possible employer match, such plans can be an effective way to build retirement wealth. Con tributions and earnings are taxed when with drawn. Depending on your situation, IRAs (tra ditional or Roth), tax-deferred annuities and taxable investments may also make sense for your goals. Even if you want to retire in just five or ten years, your regular investments — and any com pounded earnings — may make a big differ ence in your nest egg later. Understand your health care options. One expense that can cripple an early retirement is major medical care for an illness or accident. Knowing your health care options in advance can help you budget them and avoid being wiped out by major medical bills. As an early retiree, you will need to find af fordable protection that covers you and any dependents. Review your current coverage to determine what coverage, if any, you’ll have and seek the advice of a knowledgeable advisor to determine your options. Update your plan at least annually. As you can see, developing a plan today may help to provide a comfortable retirement tomorrow. However, your plan should be reviewed as you make more decisions on how, when and where you want to retire. To help you make the most of your “final approach” to early retirement, consider meet ing with a knowledgeable financial advisor at least annually to assess your progress and up date your strategy as needed. As securities mar kets fluctuate, tax laws change and your needs evolve an advisor can be a great resource to help keep you on track. T [/. Lynn Davidson is a personal financial ad visor with American Express Financial Advisors.] Soi S^ieedcfi Fast, Friendly and Courteous Service Printing • Typesetting • High Speed Copying • Binding • Notary Public • Invitations • Laminating • Resumes • Business Cards • Full Color Copies • Rubber Stamps • Union Announcements • Much Much More! 1400 East Morehead Street Charlotte, NC 28204 (704) 375-8349 / FAX (704) 342-1066 Monday-Friday 8:30-5:30
Q-notes (Charlotte, N.C.)
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Aug. 7, 1999, edition 1
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