Am I Prepared to Retire?
By Saghir Aslam
Irvine, CA

 

(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the ummah will benefit from this effort through greater financial empowerment, enabling the community to live in security and dignity and fulfill their religious and moral obligations towards charitable activities)

Many women end up managing their finances alone at some point in their lives. Unfortunately, the first time many of them get involved with financial matters is during a crisis, such as a spouse’s death or divorce.

We’ve prepared a list of thought-provoking questions that pertain to financial fitness and crisis preparedness. It will be time well spent to review this list, determine what you have already done and talk with your Financial Advisor about any issues that affect you and/or your family.

 

Asset Management

 

• Do I have a clear picture of where my assets are located?

• Will my retirement assets provide a comfortable and secure retirement for my life expectancy?

• Do I have a well-diversified portfolio?

• Are my investments appropriate in today’s economy?

• Are my assets titled properly?

• Do I have an emergency fund?

• Am I taking advantage of techniques to reduce my taxes?

Estate Planning

 

• Do I have a will?

• Is my will current?

• Have I determined what I will owe in estate taxes?

• Have I funded my estate-tax liability?

• Have I explored and taken advantage of wealth-transfer techniques?

• Do I wish to provide for charitable giving?

• Are my power of attorney and my living will up to date?

 

Debt Management

 

• Do I know my credit rating?

• Could I get a loan if I applied?

 

Medical/Insurance Planning

 

• Do I have enough insurance coverage to cover medical expenses?

• To provide for disability/long-term care?

• To provide for family members’ security?

• To fund estate-tax liability?

 

And...

 

• Have I coordinated my advisors’ (attorney, CPA, banker) activities?

• What changes in my life are likely to occur within the next three years?

• Do I know the status of my parents’ financial situation and the implications for my financial well-being?

• Would I be prepared for a family emergency if it happened tomorrow?

(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and NO ADVICE is given. Mr. Aslam does not endorse or recommend any broker, brokerage firm, or any investment at all, or does he suggest that anyone will earn a profit when or if they purchase stocks, bonds or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. Mr. Aslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor, or certified financial planner. Mr. Aslam does not have anything for sale.)

 

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