Chapter 13: Fulfillment Plan
This chapter’s Timely Application has three parts. The first part is for all readers of any age, and it is an exercise to help elaborate on the sentence that you completed at the beginning of the chapter. It helps frame your current view of retirement, determine what your strengths and weaknesses are in handling short-, mid-, and long-term planning, and discover what your Fulfillment Plan would ideally look like.
The second and third parts of this exercise are for readers finding themselves within striking distance of a transition toward some form of retirement. The Retirement Income Sources application will help you determine what your sources of income will be in retirement. Then, contrast your expected income with a Retirement Budget to complete this chapter’s exercises.
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Chapter 14: Legacy Plan
Begin or revisit your personal estate plan by completing the Legacy Plan exercise. Included is an estate checklist to ensure you have the necessary documents updated with the appropriate provisions inside of them. As you work through the process of getting your documents in line with your Personal Principles, develop your survivor guide which should accompany your estate-planning documents to provide additional details of your wishes to those you leave behind. You’ll find a downloadable booklet on our web site for your Legacy Plan.
My coauthor, Jim Stovall, has changed the way millions of readers, and Lord knows how many moviegoers, understand the word legacy through his book, and subsequent movie, The Ultimate Gift. If you haven’t read it yet, I encourage you to do so. It is a fast, refreshing read that acts as a great launching point for a legacy plan going well beyond the numbers.
For those who are encouraged to take additional steps to ensure they leave a legacy, not just an estate, the themes exhibited in The Ultimate Gift are now available as tools you can find at www.theultimategift.com.
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Chapter 15: Fiduciary Questionnaire
Go to the Focus on Fiduciary web site to learn more about why this word is so important in your quest for the right financial advisor. If you navigate to the following website, you’ll find a downloadable, printable questionnaire you can ask your advisor or a prospective advisor to complete for you.
At the end of the questionnaire is a Fiduciary Oath you should ask your current or prospective financial advisor to sign, showing their willingness to put your interests ahead of their own.
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Chapter 16: Action Plan
The Action Plan is broken down categorically into the various sections of the book. As you organize your Timely Applications, you’ll be able to carry the actions you’d like to take over to the Action Plan. Each section will give you an opportunity to describe the fundamental change you want to improve your life as well as the practical change steps that you intend to take. Beside each action in each section, you’ll be able to name a responsible party to complete the action. It may be you or your spouse, or it may be an action that an estate planning attorney or financial planner will help you complete.
Then, you’ll have a column in which you’ll be able to prioritize all of these actions. Even if you have the money to implement everything at once, you definitely don’t have the time. If you don’t prioritize, you may be overwhelmed with the task at hand and give up. Finally, you’ll have a column to write in a date when it’s completed. Give yourself the chance to feel that endorphin rush of checking off a to-do. You deserve it!
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