8th Inning (Ages 56 – 60)

Well, now you are in your mid to late 50′s, and you are in the 8th Inning. You realize that you have been working for 30-35 years, and guess what? YOU ARE NOW ONLY 2 INNINGS AWAY FROM THE END OF THE GAME! Time to get serious.

It’s time to keep a close eye on your score. Are you ahead? On track to win the game? Or, maybe life has pitched you a few curve balls, a slider or two, and you are a few runs behind. That’s ok, there is still time to re-evaluate your line-up and get the right players on your team. But, you need to take action NOW!

This is an inning when most Americans start to feel some real pressure. But, with the financial pressures of raising your children and the possibility that you may be now be providing some support for your parents or other family members, you can’t afford to make a serious financial misstep. Just can’t afford too many “strike-outs” at this stage of the game. You need to start protecting the points you’ve accumulated over the past 30 years. What players do you need to have on the field during this inning?

Here’s some common issues you may be facing in the 8th inning:

  • Saving or paying for college education for children or grandchildren
  • Maybe moving into another home with the amenities you’ve always dreamed of
  • Selecting the right mortgage for your situation. Time to refinance? Take a home equity 2nd mortgage loan?
  • Participating in your employer’s retirement program with the most that you can contribute
  • Selecting the proper insurance program and coverage amounts for your changing needs
  • Ensuring that you have the right estate planning documents in place
  • Rebalancing your investment portfolio
  • Continuing winning savings and investing habits

Attend the Financial BallGame™ workshop “Later In The Game” to learn about these issues and lots, lots more, including:

  • College education savings for those Little Leaguers (yours or maybe your grandchildren). What should you do? There’s those 529 plans, and then there’s the Educational Savings Accounts, and then the prepaid tuition plans. We will help you unravel this tangled mess so you can start socking some money away for their education.
  • What type of insurance protection do you need for this stage in your life? Probably it’s time to reevaluate your insurance player line-up? House, auto, boat, life, disability? You may want to explore some permanent life insurance to insure your future before the cost becomes too expensive. Don’t take any chances on your health deteriorating and you becoming uninsurable. By the way, remember that you are much more likely to be disabled than to die; and you could suffer serious financial consequences if you don’t have proper disability coverage. You may have term insurance or disability through your employer, but what happens if you quit? Your insurance policy will leave you when you leave your job unless you convert it.
  • Looking for a mortgage? Home equity loan or line? Thinking about a refinance? You face a bewildering array of decisions; thousands of choices. Let Financial BallGame™ give you some valuable coaching about fixed rate loans, 15 or 30 year terms, adjustable mortgage benefits and pitfalls and what factors to consider when refinancing your home. Should you choose a home equity loan or a line of credit?
  • Check out an umbrella policy. Take a look at your deductibles on your homeowners insurance and consider adding an umbrella policy for more protection for those curve balls life throws you. It’s like a HUGE catcher’s mitt for you!
  • Have you changed jobs? If so, you may have some money in your old 401(k) plan that you can roll over. What are the rules? Is it hard to move? How should I choose what to roll the money into?
  • Diversify your retirement plan into different asset allocation classes. Huh? What does that financial lingo mean? Well, most Americans make serious mistakes in the choices they make when selecting investments for their 401(k), 403(b) or similar retirement program. Do you keep too much in 1 fund? Too much in your company stock? Too conservative? To aggressive? Or do you move your money around based on what the returns were for the PRIOR period? Ouch…be very careful. Mistakes here can hurt you for a long, long time!!!
  • Time to rebalance the portfolio? If so, how do you do this? Which asset classes should you use for this inning in your life?
  • Don’t pull the IRA player out of the game too early. Remember that there’s a 10% penalty on fund withdrawn prior to age 59 ½. So keep that runner in the game at least until the top of the 9th inning.
  • Is it time to substitute the “Annuity” player for one of the “Mutual Fund” players? Remember, though, that one real risk in the later
    innings is the tendency to get too conservative with your investment players. At this point, your life expectancy is another 25 years or so.
  • How about your own long-term care insurance for some late in the game protection? You don’t want to lose any of your hard-earned runs at this point in the game!

So, ready or not, you’re up to bat. Take a deep breath. Grab the bat firmly in your hands, and get ready to swing! Take a deep breath…keep your eye on the ball, and SWING!!!

As your Financial Coach, we will help your batting skills as we cover these questions and more in our “Later In The Game” Workshop. Check out our “Workshop” Tab on the main menu for a peek at this exciting and informative session!

It’s Your Money. Play to Win the Game.™