There’s an epidemic in America – financial planning procrastination! Far too many are approaching their golden years much less financially prepared then they had hoped to be. A fresh, new year is here and people young and old alike should forego the ever popular New Year’s resolution to lose weight and, instead, commit to getting their “financial house” in order. Doing so will help assure they enter senior citizenship with a financial nest egg that allows them to maintain their desired standard of living and, in doing so, peace of mind.

According to Senior Financial Coach Hank Parrott, President of Estate & Financial Strategies, Inc., “To achieve one’s desired retirement lifestyle, it’s imperative to have a sound financial game plan in place - and in the shortest order possible. Corporate pension plans have become far too unreliable, so American’s need to assure all of their retirement eggs are not in one basket and take complimentary measures to help secure their financial future.”

To help us get our collective ducks in a row for the New Year, Parrott offers these “Top Six Tips for 2006” for retirement planning success:

1. Take stock. Assess where you are - financially speaking - right now. What is your current income? What are your current expenses?

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What assets do you currently have and what, if any, debt? This information is imperative for mapping out your financial future, as you won’t know where to go if you don’t know where you are.

2. Dig deeper. Next, attempt to identify income-generating opportunities and potential risks you may face. How can you eliminate any debt as quickly as possible? Do you anticipate any major increases or decreases in income or expenses? Are there any specific medical issues to deal with and/or plan for?

3. Forecast. Look ahead to where you intend to be based on your current path or plan. What can you count on in ten years? Will you have pension, Social Security and/or other income and, if so, how much? How much income will be needed from investments to cover living expenses and when?

4. Develop a financial game plan. Discern what available investment vehicles will improve the likelihood of having the lifestyle you desire with the least amount of risk? What is the minimal amount of return on our investments necessary to attain your goals? If you can attain your goals without, or with very little, risk, why put your retirement funds in jeopardy to chase higher returns? The best plan will account for inflation and taxes while preserving principle.

5. Foresee the unforeseen. Plan ahead for potential risks, such as high medical, insurance, prescription medication, and long term care expenses. Know what your options are with respect to Medicare and otherwise, which will be critically important once employer-based benefits are no longer available.

6. Pull the trigger. Once you have developed a solid financial game plan, implement those strategies ASAP and stay the investment course – with just 10 or fewer years until retirement, time “is” of the essence, after all, and looking for greener grass is a sure-fire hazard. Monitor your investments regularly to ensure all stays on track toward your goal.

Senior Financial Coach Hank Parrott, ChFC, RFC, CEP, CSA is President of Estate & Financial Strategies, Inc. (EFS) - a financial services firm dedicated to helping seniors safely preserve, protect and proliferate their assets. He can be reached through his Web site at http://www.SeniorFinancialCoach.com or via toll-free telephone at (800) 492-8102.