PINNACLE - ON POINT: Musings From the World of Wealth Management

Kendra McKinney |

While retirement planning should be a career-long endeavor, most employees aren’t able to focus on it, for various reasons, until much later in their careers.  Therefore, the way you handle your final decade before leaving the workforce will have a critical impact on how ready you’ll be when that day finally arrives.  It’s also important to remember that, when planning over decades, there are a lot of things that you can’t control.  That’s why a well-thought-out and consistently-monitored approach usually works best.  In other words, control what you can control and stick to your plan.  To help you get started, we have compiled a list of items for you to evaluate.

Within each of the following areas, circle the number that best represents your level of satisfaction (7=completely satisfied; 4=content; 1=completely dissatisfied).

Understanding your financial situation  1  2  3  4  5  6  7

(Clarity on future goals and plans to achieve them)

Current income  1  2  3  4  5  6  7

(From all sources)

Savings rate 1  2  3  4  5  6  7

(Kid’s education, retirement, etc.)

Debt  1  2  3  4  5  6  7

(Amount, type of debt, interest rate)

Risk exposure  1  2  3  4  5  6  7

(Overall level of risk to your entire financial situation, including adequate insurance coverage)

Investment portfolio  1  2  3  4  5  6  7

(Appropriate for your goals and and objectives, risk tolerance, & time horizon)

Tax strategy  1  2  3  4  5  6  7

(Minimize taxes on debt, savings, and investments; Are transactions structured properly?)

Estate Plan  1  2  3  4  5  6  7

(Do you have one? Is it up to date? Are trusts properly funded? Are beneficiary designations proper?)

Personal relationships and health 1  2  3  4  5  6  7

If you have any questions, please don’t hesitate to reach out! 

Securities offered through Private Client Services, Member FINRA/SIPC.  Advisory products and services offered through Pinnacle Wealth Management Group, Inc., a Registered Investment Advisor.  Private Client Services and Pinnacle Wealth Management Group, Inc., are unaffiliated entities. 

*The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

* The economic forecasts set forth in the presentation may not develop as predicted and there can be no guarantee that strategies promoted will be successful.