Thursday, May 22, 2014
While “House of Cards” may be a fictional television show, it provides sound advice for real-life retirement planning. Frank Underwood, a power hungry House Majority Whip, and his ambitious wife, Claire Underwood, demonstrate some lessons that everyone can learn from:
- Hire Someone to Investigate Your Background. Dig deep to find areas where you could be vulnerable. Uncover your “financial blind spots” that could hurt your retirement such as increased medical costs and poor market returns.
- Move Quickly. Procrastination can be a problem when it comes to retirement planning. Ask yourself what financial steps you need to take that you have not yet made. Consider the missing pieces of your estate plan, and get started on them before tomorrow.
- Teamwork. Everyone can learn from Frank and Claire’s partnership. They are honest with each other, appreciate each other’s strength’s and weaknesses, and work as a team. Start by setting goals as a couple and set up regular financial meetings.
- Meet the Right People. Watch for conflicts of interest. Ensure your financial advisor is making recommendations based on what is best for you.
- Make Smart Decisions. As you near retirement, the financial decisions you make become increasingly important. Any misstep could seriously harm you. This does not mean you should not make any move, just get a second opinion from an unbiased source.
See Nancy Anderson, 5 Ruthless Retirement Tips From House of Cards, Forbes, May 21, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.