Financial Planning

What is financial planning?

• Financial planning is an ongoing process that will reduce your stress about money, support your current needs and help you build a nest egg for your long-term goals, like retirement. Financial planning is important because it allows you to make the most of your assets and helps ensure you meet your future goals.
• Financial planning isn’t just for the wealthy: Creating a roadmap for your financial future is for everyone.

A financial plan isn’t a static document — it’s a tool to track your progress, and one you should adjust as your life evolves. It’s helpful to reevaluate your financial plan after major life milestones, like getting married, starting a new job, having a child or losing a loved one.

The following elements should be addressed, and revised as necessary:

• Retirement Strategy: No matter what your priorities are, the plan should include a strategy for accumulating the retirement income you need.
• Comprehensive risk management plan: That includes a review of life and disability insurance, personal liability coverage, property and casualty coverage, and catastrophic coverage.
• Long-term investment plan: A customized plan based on specific investment objectives and a personal risk tolerance profile.
• Tax reduction strategy: A strategy for minimizing taxes on personal income to the extent allowed by the tax code.
• Estate Plan:  Arrangements for the benefit and protection of your heirs