The Top Five Ways to Prepare for Retirement

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Your clients are athletes. They have been preparing for a career in the sport they know and love for years and years. What else have they been preparing themselves in life?…nothing! Not unlike any other career path, they want to be the best they can be and have been thinking of nothing more. Educating them and advising them to do their homework utilizing the following methods, is essential.

A) KNOW YOUR RETIREMENT NEEDS: Retirement is expensive, from paying for the care home you’ll eventually need, like Park Terrace Senior Living, to any additional healthcare requirements that come with old age. Experts estimate one needs 70% of pre-retirement income for lower earners, 90% or more to maintain an athlete’s standard of living. Have your clients understand their financial future. It may be a good idea to look into getting your client some financial advice from financial advisors such as Key, who can help them be secure with their finances once they retire. Learn about the cost of financial advisors before you retire so you have an idea of how much money you’ll need to set aside to pay for it.

B) FIND OUT ABOUT SOCIAL SECURITY BENEFITS: Social Security pays the average retiree about 40% of pre-retirement earnings. Although, for a 25 year old individual, many question whether future social security benefits can be relied upon, one should call the Social Security Administration for a Personal Earnings and Benefit Estimate.

C) START NOW, SET GOALS, AND STICK TO THEM: Start early. The sooner they start saving, the more time their money has to grow. Put time on their side, not against them. Make retirement saving a high priority. Set goals, devise a plan, and stick to it. It’s never too late to start. For example, one quick and easy way to save money is to head to an energy supplier comparison website to determine whether you could be paying too much for your electricity or other utilities. Above all, by doing some research on energy comparison websites such as Home Energy Club, you can compare energy suppliers such as Pulse Power Texas to find the best energy deal for your needs.

D) CONSIDER BASIC INVESTMENT PRINCIPLES: How one saves can be as important as how much one saves. The types of investments play an important role in how much they’ll have at retirement. Make sure they know how their pension or savings plan is invested. Financial security and knowledge go hand in hand.

E) ASK QUESTIONS: These tips can point your client in the right direction, but they’ll need more information. Have them talk to their employer, their bank, and their financial advisor. Have them ask questions, and make sure the answers make sense to them. Athletes may not have total financial acumen, but common sense should tell them right from wrong. Tell them and help them get practical advice and act now.

Disclosures. The information contained herein is neither an offer to sell nor a solicitation of an offer to buy any security. Past performance is not a guarantee of future results. Further, the information herein is intended solely to provide general information and does not constitute a promotion of any offerings or products. Donald J. Kushner is an independent financial advisor with Arque Capital, Ltd., and does business as DK Sports Financial. Arque Capital, Ltd., and DK Sports Financial are unrelated entities. Securities offered through Arque Capital, Ltd. 7501 E. McCormick Parkway, Suite 111 North Court, Scottsdale, AZ 85258. (602) 971-9000. Member FINRA/SIPC. Any unauthorized reproduction of this information is strictly prohibited.

By Darren Heitner

Darren Heitner created Sports Agent Blog as a New Year's Resolution on December 31, 2005. Originally titled, "I Want To Be A Sports Agent," the website was founded with the intention of causing Heitner to learn more about the profession that he wanted to join, meet reputable individuals in the space and force himself to stay on top of the latest news and trends.

Heitner now runs Heitner Legal, P.L.L.C., which is a law firm with many practice areas, including sports law and contract law. Heitner has represented numerous athletes and sports agents as legal counsel. He has also served as an Adjunct Professor at Indiana University Bloomington from 2011-2014, where he created and taught a course titled, Sport Agency Management, which included subjects ranging from NCAA regulations to athlete agent certification and the rules governing the profession. Heitner serves as an Adjunct Professor at the University of Florida Levin College of Law, where he teaches a Sports Law class that includes case law surrounding athlete agents and the NCAA rules.

One reply on “The Top Five Ways to Prepare for Retirement”

Equally important is making sure athlete has a plan in case something happens during his earning window that knocks him off course. Unexpected events due occur and just like any high income earner it is smart to put coverage in place that protects current and future earnings.

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