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It's Time to Enjoy Your Retirement

 
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IT'S TIME TO ENJOY YOUR RETIREMENT

Written by Dave Young, President of Paragon Wealth Management
Taken from Paragon's 2Qtr 2011 print newsletter  

Retirement Should be Enjoyable, Right?

If you are retired, it is important to stay focused on the purpose of retirement. What is your goal? Retirement should be a time that is enjoyable and relatively stress free. You should be able to spend your time doing the thngs you have always wanted to do such as travel, provide service, and enjoy your relationships with those close to you.

Your list of daily activities should not include checking CNBC and being worried about the financial markets. You should not worry when the markets go down or feel euphoric when they go up. You should not care what they do because you have other things to keep you busy. Investing according to your risk tolerance will help you do this.

When you are invested properly you should be completely comfortable with your investments. If you feel anxious or concerned about them, you should consider lowering the level of risk in your portfolio. You are probably invested correctly when you do not care what the market does on a day-to-day basis.

While it is impossible to have a completely stress-free experience, it is possible to reduce stress significantly by building a portfolio that is aligned with your specific risk tolerance. Your risk tolerance determines how aggressive or conservative you are invested. Your particular mix might be 20 percent conservative and 80 percent growth, 50/50, 70/30 or some other combination. It is different for each person. It depends on your individual goals and objectives and what you are comfortable with.

You cannot control world events or the "Big Scary" issues that are announced each day on the news. While there are a lot of things in life you cannot control, the key is to figure out what you can control and focus on that.

At Paragon, we can help you with the things you can control, such as having your portfolio managed in a way that is as conductive to your retirement goals as possible. We can also help you set your risk tolerance properly in order to reduce stress. Every investor has an amount of risk they are comfortable with. Let us help you make your retirement as stress free as possible.

Disclaimer
Paragon Wealth Management is a provider of managed portfolios for individuals and institutions. Although the information included in this report has been obtained from sources Paragon believes to be reliable, we do not guarantee its accuracy. All opinions and estimates included in this report constitute the judgment as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Past performance is not a guarantee of future results.  

Estate Planning Tips

Taken from an interview on Paragon TV with Dave Young, President of Paragon, and Randall Paul, Paragon TV’s host.

“When I retire, I am concerned about my spouse,” said Randall Paul. “What counsel would you give us to make the transition seamless if I were to pass away before her? Should we both be involved our financial decisions?”

Dave Young, President and founder of Paragon Wealth Management said every situation is different as some couples are both involved in their financial decisions, others only one person. He said it depends on the couple. Young said the most important thing is to have a structure in place. Both people should know where their important paperwork is kept and understand what the plan is if either one were to pass away first.

“Most of the time people don’t think about that type of planning because they don’t plan on dying,” said Young. “However, it is not really about dying. Sometimes couples go into an assisted living home. Sometimes they are no longer competent to make these types of financial decisions when they get to that point. It is important for couples to plan together while they are still competent and able to make these decisions.”

Click on the video above to watch the entire interview.

Visit Paragon's YouTube Channel to see more videos.

Paragon Wealth Management is a provider of managed portfolios for individuals and institutions. Any information presented is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. All opinions and estimates constitute the judgement as of the dates indicated and are subject to change without notice. Do not rely upon this information to predict future investment performance or market conditions. This information is not a substitute for consultation with a competent financial, legal, or tax advisor and should only be used in conjunction with his/her advice.

Leave a Legacy by Planning for Retirement

Written by Dave Young, President

On a recent trip, I recognized the value of leaving a legacy. My trip reminded me of the sacrifice, hard work, vision and commitment made by others that have benefited me immensely. The gift of my ancestors has enriched my life and provided amenities for which I am grateful.

As I reflected on the greatness of leaving a legacy, it brought to mind the importance of leaving a financial legacy and the benefit of creating a nest egg for progeny and future generations.

It is prudent to not only prepare for retirement, but to keep in mind the beneficiaries of residual retirement and other savings and the enriched lifestyle it affords to them. I have one client in particular who communicated how important it is to him that his spouse and his children and their children are financially taken care of upon his death. His top priority for investing prudently and wisely is for the benefit of his family. In choosing Paragon as his financial advisor, it was important to him that his priorities were equally important to us.

The value of leaving a financial legacy is priceless for both you and your family. First, your financial preparation allows you to be self-sufficient during retirement. Your preparation contributes to your peace of mind knowing your family will have increased financial ease. And in some cases, a monetary gift now to family members translates into tax benefits to you now. Most importantly, the simple act of giving is empowering and fulfilling for you.

Your progeny, of course, also benefits from you gift and preparation in countless ways. First, your monetary gift continues its growth possibly for years after death. Your gift enriches the lives and lifestyle of its beneficiaries-- college education paid for, down payment for your newly married son or daughter, unforeseen financial strains eased etc. etc. Your preparation also sets a precedent and begins the pattern and habit of financial intelligence and education for years to come. Your gift opens doors and opportunities to financial success that otherwise may not have been available. Most importantly, your forethought, sacrifice and commitment will be remembered, appreciated and emulated by the next generation.

I am a big proponent of retirement planning, and planning now. One way to give to our families is by naming spouses and/or children as beneficiaries of IRA's, 401(k)s, etc. Not only designating beneficiaries, but apprising family members that they are the recipients of such a gift. And then follow up with education on prudent investing when the funds transfer to their possession. Several different retirement options allow significant contributions, tax deductions, and ample time for growth and compounding. Of course, it is always important to consider risk, inflation, tax bracket, and investment time horizon, etc. when considering how to invest retirement monies.

Another option to ensure future generations benefit from your financial success is to establish trust. Trusts specify to whom assets are to be allocated and of course, are legally binding. Trusts also aid in estate planning and reconciling this aspect of financial planning. Most importantly, as my client did, make it a priority to leave a financial legacy.

My trip was enlightening as it reminded me that it isn't all about me or us, but about what we give to others and the principle this instills in ourselves and in our families. Leaving a financial legacy to our families and future generations is empowering to both the giver and the recipient, and it is a gift that can grow for years to come.