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The Reinvention Years: It's More than
CFP Board Presents Fifth Phase of "Lifelong
Financial Strategies : 25
Tips over 25 Weeks"
13, 2010 /PRNewswire-USNewswire/
a life of working and saving, it's time to
begin your "Reinvention Years." You are 65
years or older, retired (or soon to be) from
your career and ready for the next
adventures and experiences that life has to
This is a time when you need to have a sound
financial plan. Your resources for your
living expenses will come from some
combination of what you've saved, Social
Security benefits and perhaps a pension.
You may even choose to go back to work,
part-time or in another field.
Most people in this life phase are no longer
accumulating assets, but starting to use the
assets they set aside during their prime
They are ready to enjoy life but may be
worried that their resources won't last as
long as they will.
This is why this time of life needs to be
focused on reinventing how you do things,
your daily routine and especially how you
manage your money. That's the message from Eleanor
CFP®, the Consumer Advocate for Certified
Financial Planner Board of Standards, Inc.
"The Reinvention Years" years is the fifth
and last segment of CFP Board's Lifelong
Financial Strategies initiative, part of the
non-profit organization's ongoing 25th anniversary
"Retirement is the life stage that we plan
for our entire working lives," Blayney said.
"Many want to celebrate with a big trip or
a major purchase of a boat or RV. But to
succeed, you need to be planning for the
possibility of many more years ahead, and
the financial challenges that lie ahead,"
Tips for this life phase include:
Think Before You Choose: Know
everything there is to know about Social
Security and make sure you understand the
benefits of delaying your retirement
Look Beyond the Pretty Pictures: Know
what to look for in a retirement or
continuing care community. Make sure it will
be there for the long-term.
Bump Up Your Social Capital: Build
and use your social networks to rekindle old
friendships, meet new people and try new
activities. Investigate the services that
are offered to seniors in your community.
Be Smart About Income-Producing Assets: Make
sure you understand that higher yields come
with higher risk. Just because one
investment pays more than another does not
mean it is better.
Don't Go it Alone: Find
a Certified Financial Planner(TM)
professional who can help guide you in this
stage of life.
The content is being delivered over multiple
platforms. Blayney introduces these
life-cycle concepts in videos, provides
instruction with an audio podcast and offers
detailed advice in tip sheets. Presentations
for each phase can be found on CFP Board's
web site at www.CFP.net and
the Consumer Advocate page on Facebook.
Videos will be available on YouTube and
other social media websites.