Updated : Oct 10, 2019 in Articles

Establishing Retirement Goals For Your IRA


Today’s video: Establishing IRA Retirement Goals Hi, good afternoon. It’s Tuesday at Two. Today, we’re in the second Tuesday of January, we’re still talking about new beginnings, things that we’ll always look at, at the beginning of the year, starting new resolutions, and stuff, so, today I wanted to talk to you about setting goals for your IRA. First thing I want to talk to you about, is take a look at your IRA. See what’s in it. If you have an IRA account with SunWest Trust, you need to get your statement, and look at it, and see what you have in it, for a couple of reasons: number one, is, like I said before, you need to provide us with fair market values, of those assets, and, so this is a good time to look at your IRA, for that reason, and then the second thing to do, though, is to compare, what you have in your IRA, with what your long-term goals are, for your retirement account. Now, the big thing is gonna be, do you even have goals for your retirement account? Did you invest in something just because somebody came along, and they had this great investment that you thought was gonna get a great return, and you never really looked at it, and determined if it would fit in your, the goals that you have for your retirement account? Taking into consideration how old you are, how long you’re gonna have before you need to use this account, how much money you think you need to have in it, when that time comes. So, if you don’t have goals, if you haven’t sat down and looked at your situation, based on how much you think you wanna make, or how much you think you’ll need when you retire, how old you are right now, how much time you have, to build this retirement account. Look at those things, and make sure what you have in your IRA, fits within those goals; and that you’re heading in the right direction. You know, I’ve heard stories about, you know, you’re going to be the captain of a boat, and you don’t plot your course, you don’t know where you’re going, you don’t know where you’re gonna end up. So, you need to have goals, along with the same goals you need to have for your, you know, for your personal life, those kinds of things, you need to have goals for your IRA account. So, the other thing to look at, is if you had goals, did those assets still match, with your goals? Has something changed this past year, or, is something going to change this coming year, that might make those assets not really fit in, with the goals that you have. If that’s the case, you may want to spend this year, or the next few months, figuring out how to get rid of those assets, maybe liquidate those things, and buy something different. When you’re dealing with a self-directed IRA, you probably have an account with assets in it that may not be able to be sold quickly, unless maybe you have precious metals, or something, that’s what may take some time, so simply planning on selling those assets, may be something that may take a year, or longer, to get taken care of. So, now’s the time to start thinking about that. ‘Do I need to make those sales in 2015?’ ‘Am I going to turn 70 and a half, and I need cash to make my RMBs?’ ‘Am I gonna turn 59 and a half, and I need to start taking money out?’ ‘Do I need to maybe liquidate some assets, so that I could start doing that?’ So, look at what you might, where you’re planning on going, do the assets in your IRA currently fit with those goals? and plan for where you’re heading, and, make those changes if you need to. There’s an old adage, that I’m sure you all heard, but it goes something like, ‘if you’re not planning, if you fail to plan, you’re planning to fail’. And, I think, that not only applies to your personal life, your business life, your work life, but it also applies to your IRA. So, if you don’t have a plan, for where your IRA’s going, and how you’re going to get there, what kind of return are you looking for, on an annual basis, if you get that return, what’s your account gonna be worth at the end of this year? What’s it going to be worth at the end of five years? Ten years? If you haven’t set down and done that kind of planning, I would encourage you to do that. And it’s not something that’s for just the number-cruncher nerds like myself, it’s something that everybody needs to do, so that you know where you’re gonna be, and when you’re gonna get there, and is that place that you’re gonna get to where you wanna be, to begin with. Be sure and tune in next week, we’re gonna continue talking about starting anew, starting a new IRA account, and various things. And this month, we’ll finish up in January, with a couple of more Tuesday at Twos; and then, in February, because it’s Valentine’s month, we’re gonna be talking about taking care of those that you love. So, we’ll look forward to seeing you again next week, thanks for watching.

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