NFL Quarterback Roger Staubach declared, “Nothing good comes in life or athletics unless a lot of hard work has preceded the effort. Only temporary success is achieved by taking short cuts.” Although we aren’t in the business of coaching athletics, we are in the business of coaching Life and believe that this holds true in any arena and that the most productive hard work is built upon a solid plan. It’s the New Year and what a great time to establish a 2010 checklist for your Life Plan. Whether you have an established plan in place or not, I encourage you to sit down with your significant other and discuss the following:

1. What do you think your total income will be this year? What tax planning strategies can you implement? Not sure? Talk with your tax professionals and Life Planner today so you don’t miss out on expiring opportunities throughout the year.
2. Speaking of income, how much are you planning to spend this year? And on what? Charitable Inclinations? Vacations? Everyday stuff? Don’t know if you are on the right track? Check out the simple 60/40 budget rule in our on-line learning center: www.kennedy-financial.com.
3. What is your grade in risk management? Here is a checklist for your checklist:
   1. Reviewed your Auto, Home and Liability policies with your Life Planner? (P.S. 99.99999% of the policies we see are not in-line with that families needs)
   2. Do you have enough life insurance? Disability Insurance?
   3. Should you consider purchasing long-term care this year?
4. Is your emergency fund sufficient? An emergency fund should be able to cover a minimum of 3-6 months of expenses.
5. Do you have your legal documents in order? When was the last time they were reviewed by an attorney? It’s recommended that they be reviewed every 3 to 5 years to be compliant with current law- due to the current changing estate tax laws, this may especially be critical for large estates. The basic legal documents include, but are not limited to: wills and trusts, durable powers of attorney, medical powers of attorney and living wills.
6. Have you discussed your final wishes with your family? Although this is not the most popular table topic, you can alleviate a lot of hard feelings and help avoid upheaval and bad holiday gatherings after you are gone.
7. One question on everyone’s mind for 2010: should I convert my IRA or part of my IRA to a Roth IRA? What about my employer sponsored retirement plan? Is it possible to convert it? You are not going to be able to answer this one alone, so bring it up to your Life Planner and talk about the pros and cons. To check out some of the most commonly asked Roth Questions visit our on-line learning center.
8. What are your retirement goals? How much have you saved? How much do you need to save?
9. Do you have a disciplined investment strategy in place that’s in-line with your unique situation, future goals, family dynamics, and feelings regarding risk tolerance? Is your investment plan structured to keep up with inflation?
10. Last, but not least – what is your LifeScore goal for 2010? Rate yourself 1-10 for your present situation and your 2010 goal on the following 10 Life Issues: Health, Professional Life, Financial Fitness, Spiritual Life, Important Life Relationships, Giving Back, Life-Long Learning, Time Management, Knowing and Focusing on Your Strengths, and Overall Life Plan. A printable version can be found here.

Sounds like a lot to absorb, but in keeping with what Roger Staubach stated, the hard work you put in today can make all the difference for your tomorrow.

Securities & Advisory Services offered through VSR Financial Services, Inc., a Registered Investment Adviser and Member FINRA/SIPC. Kennedy Financial Services is independent of VSR Financial Services, Inc. VSR does not provide tax or legal advice.