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Financial plan on napkin

Why Financial Planning?

Developing a financial plan creates peace of mind by helping you identify important financial goals including:

  • Retirement savings and investment goals
  • Education funding goals for children
  • Survivor income goals for spouse and children
  • Estate planning goals
  • Charitable giving goals
  • Income tax reduction goals
  • Debt reduction goals

If you have ever asked yourself one of the following questions, going through the financial planning process will provide you the answers.

  • Have I saved enough money for my child’s education?
  • How much income will I need when I retire?
  • When can I retire?
  • How do I convert my retirement savings into a paycheck?
  • Given the rate of inflation, will my current savings and investment plan grow enough to meet my needs?
  • How do I calculate how much I need to accumulate in my retirement and investment accounts to live comfortably in retirement?
  • What would happen if my spouse or I die prematurely? How would it impact the other financially?
  • What would happen if my spouse or I become disabled? How would that impact us financially?
  • What would be the financial impact if my spouse or I required the services of a long-term care facility for an extended period of time?
  • How do I effectively transfer wealth to my loved ones?
  • With whatever decisions I make regarding my financial future, what are the tax implications?

Other questions to consider:

  • Why should I calculate my net worth?
  • Which is better a Roth IRA, Traditional IRA, Variable Annuity or 401(k)?
  • How should I allocated fixed versus growth investment within my portfolio?

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