From Retirement Weekly January 18, 2008 (Vol. 6, No. 3)

Boomer women are not shying away from talking with parents about independent living arrangements – many are just not taking the extra step of planning what to do when the time comes, a new AARP study found.

About two-thirds of American women age 45 and older have had “the conversation” with their one or both parents, but only 40% have begun to plan which of the various options to take.

In terms of where their parents might go if unable to live by themselves, 43% expected their parents to move in with them, 33% see their parents remaining at home with paid help, and only 17% considered the possibility of their parents moving into a nursing home.

The majority of boomer women are familiar with the community resources their parents might draw on, such as assisted transportation, meal services, adult day care and assisted-living facilities. More than half said they’ve begun thinking about their own ability to live independently when they get older and how they would pay for any assistance they may need.

Tomorrow, April 15th, is the IRS tax deadline. Have you made your contributions to your IRA? Do it now! Call The Entrust Group and get your account set up! You cannot afford to wait another day. www.theentrustgroup.com

I know this may seem like a dumb question because after all, those who are reading this blog may live another 30 or 40 or more years. But this is a vital question that needs your immediate attention. Should something happen to you, such as becoming incapacitated, what happens to your business? Who will pick up the pieces and keep it going?

Cheri had a fast paced coaching career. She was in demand as a business and retirement coach for professional women. Recently, she was starting to feel tired all of the time though she has always been a “work horse.” She felt she was the tortoise instead of the hare she had always been.

Cheri finally went to the doctor who diagnosed her with Lupus. She was in shock! After all, she was only 33 years old. Not only was she feeling badly, but she had even more pressure on her from a business perspective as she had clients who signed contracts for services into the future and now Cheri would be unable to fulfill those contracts. She had no one she trusted to take over for her in the immediate or long term future. This ended up becoming a financial burden as she had no choice but to refund her clients. Cheri felt her skill sets were so specific that no one would be able to come in and take over her business which was built on referrals and good will.

The moral here is Cheri needed a back up plan—a person or people who could pitch hit for her until she was able to come back to work in some capacity. A true succession plan outlines who will take over from you should you become ill or die. Many people feel we should live one day at a time and not look too far into the future. Tell that to Cheri!

You are a wise business woman. Take it one step further and have a succession plan to prevent from having to start over!

Did you know…
30% of the population is over the age of 50?
44% of men and 33% of women are working past age 55?
Our life expectancy (as of 2007) is 85.2 years on average?
Those born after 1964 know better than to count on Social Security and Medicare to help pay their expenses when they retire?

Can you afford not to contribute to your IRA? Even if you cannot afford the max under your individual plan, put something away so it can grow tax deferred or tax free! April 15th is just a few days away. To open a self-directed IRA, visit the experts at www.theentrustgroup.com today. After all, if you don’t take care of your financial future, who will?

Beware and be careful of scammers who try to take advantage of you and your fear of outliving your money. Scamming is on the rise. If you feel you haven’t saved enough for emergencies or retirement you are vulnerable to the pitch of a “high guaranteed return” (there is no such thing) where you “can’t lose” (oh, yes you can)! Look out for mail and internet fraud as well as “advisors telling you to take an early retirement and invest the money in high risk investments.” Early retirees are being targeted because they are coming into a large pool of money and may not be sophisticated enough to do their own investing. Don’t be scammed, know who your trusted advisers are, and if in doubt, check out any financial offering.

Most professional financial advisers will tell you the secret of growing your wealth is to review your portfolio periodically. This is especially true in your retirement plan where you may be holding assets for the long term.

If we want to look forward to a comfortable old age with any degree of confidence, then our retirement plan must work for us! By taking a look at our options and potentially rethinking our strategy, we take a fresh look at allocation and investment to be sure we are meeting our goals and objectives.

A portion of your retirement plan needs to have a self-directed component, whether it is an IRA or a Qualified Plan. The experts at The Entrust Group can educate you as to how a truly self-directed IRA or 401(k) benefits you as well as how to get started funding a self-directed plan today. Visit www.theentrustgroup.com for an office near you!

We are fortunate we have options in our financial planning. Don’t you owe it to yourself to take a fresh look at your retirement planning and invest in what you know, understand and can watch grow?

I wanted to inject a humor on this April Fools Day! Enjoy….Lisa

You know times are bad when:

• Workers in your company starting coming into work an hour earlier each day.
• It’s not just the kids who are looking under the sofa for spare change.
• The January winter sales are still going on….in April!
• Your mother starts talking about the credit crunch and the economy.
• Your kids ask what repossession means.
• You’re buying supermarket brands of wine and beer.
• You embrace recycling so you don’t spend the money on new stuff.