A Certified Financial Planner and aviation enthusiast offers a breezy how-to debut in hopes of helping readers soar to their retirement goals with as little turbulence as possible.
During his 28 years of work in the financial planning industry, Forster has heard his share of horror stories about people who failed to properly plan their retirements. In this accessible compendium of advice—which spans several financial topics, from tax planning to estate planning and investment strategies—Forster includes some of those horror stories, such as the woes of a woman whose husband didn’t prepare a living will or enduring power of attorney. After her husband’s stroke and subsequent incapacitation, the woman endured legal battles with the husband’s ex-wife, who had petitioned the court to become his financial trustee. Retirement planning is analogous to piloting a plane, writes Forster, and like the different parts of a plane, all components of a financial plan—e.g., cash flow, educational savings and the best insurance plans—are important for reaching a satisfying retirement destination. Per the author, it’s not simply about number crunching. A good written plan is tailor-made for the individual (or couple) and emphasizes unique values and personality styles. Forster also includes his “Economic Evolution Scorecard,” a tool he uses with his own clients to help them discern what really matters to them in life and how to economically achieve those experiences or adjust their goals. While all this may seem overwhelming to the average worker who’s not awash in money, Forster’s straightforward, clear style prompts much food for thought for the novice planner. One viable bit of advice is to avoid conflict by discussing a will with family members well in advance of death. He also briefly touches on different types of insurance, such as disability, critical illness and long-term care, and the advantages of each. Not surprisingly, the author urges readers to consult a qualified financial planner for additional help; he wisely suggests interviewing at least three before choosing a “co-pilot” to help with an issue as important as the future.
Solid principles for those who haven’t yet begun to prepare for retirement.