9th Inning (Ages 61 – 65)

Well, now you are in your early 60’s, and you are in the 9th Inning. You are rounding 3rd base and are heading for home! In the meantime, though, 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!

You need to start protecting the points you’ve accumulated over the past 35-40 years. Just can’t afford too many “strike-outs” at this stage of the game. What players do you need to have on the field during this inning?

Here’s some common issues you may be facing in the 9th inning:

  • Changing your investment player line-up to be more conservative
  • Reevaluating your insurance plan coverages
  • Deciding when to take your Social Security benefits
  • Contributing as much as you can into retirement accounts
  • Maybe purchasing a vacation or 2nd home
  • Ensuring that you have the right estate planning documents in place
  • 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:

  • 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 see whatwhat amount of life insurance you need now. 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 or when you retire? Your insurance policy will leave you when you leave your job unless you convert it. Don’t be left hanging.
  • You need to decide how to handle your upcoming Social Security payments. Should you stay in the game a little longer and defer receiving benefits? You’ll get a larger payout if you wait past age 65 to draw benefits, but then, of course, you will forego some income during your late 60’s.
  • Looking for a mortgage? Home equity loan or line? Thinking about a refinance? You face a bewildering array of choices; thousands of decisions. Let Financial BallGame™ give you some valuable coaching about fixed rate loans, 15 of 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?
  • What about a “reverse mortgage” to give me some income? This is one of the hot new programs, but it has some real limitations. You need to be careful and ask the right questions to save you real heartache. There’s folks throwing some real curveballs on this one. Don’t get caught swinging at a bad pitch!
  • 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 I do this? Which asset classes should I use for this inning in my life?
  • 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!
  • What estate planning documents do I need? It’s vital that you have an updated will, proper health care powers of attorney forms to cover you in the event that you are unable to transact on your behalf, a living will to express your wishes in the event you would be on permanent life support. Don’t put this off. You’ll rest easier at night knowing that you have made the proper plans and have documentation in place for your estate. It’s the right thing to do. Now.

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.™