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Financial Planning

What Is Financial Planning & Why Is It Important?

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Financial planning is a process that helps you manage your finances throughout life. It can include daily money management like budgeting, but it mostly concerns itself with the big picture of your finances. A useful financial plan focuses on planning for retirement, saving on taxes, investing for the future, and protecting your wealth through insurance.

Your financial plan is going to help you pursue your financial goals. That doesn’t mean you can’t adjust your plan as your goals change. In fact, revising your financial plan regularly is just as important as creating a plan in the first place. But it’s not a simple thing to do without professional guidance. Our financial planners can help you create a blueprint for your wealth and set you on the path to financial independence.

Why You Need a Financial Plan

If you’re serious about building wealth, you need a plan. Just preparing for retirement involves many steps, including setting up a retirement account, selecting the investments that are suitable for you, and thinking about your goals and timelines. You even have to choose from different retirement plans and investment accounts, and that’s just one part of financial planning.

With a financial plan, you can also minimize your current tax burden, increase your retirement savings, and keep your assets protected through insurance. Financial planning extends through your retirement years, where you need to manage your retirement distributions and your investment accounts. A financial planner can even help you create a fixed income during retirement. 

What Financial Planning Looks Like

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Financial planning is a personalized process that will be unique to you and your needs. Your financial planner will touch on many aspects of financial planning. Some you will need now, and some you will need later. Here are some examples of financial planning in action:

  • Making tax-deductible contributions to your retirement account
  • Creating a plan to reduce your taxable income
  • Setting up a college savings fund for your child
  • Getting a life insurance policy to protect your dependents
  • Setting up an annuity to provide a fixed income during retirement
  • Managing your portfolio to avoid high capital gains taxes

Financial planning can help you create the financial future you’ve always wanted. When you have a roadmap for your financial goals, it becomes much easier to pursue them. 

FAQs about Financial Planning

What Should My Financial Plan Include?

We tailor your financial plan to your unique situation. Without knowing your income, expenses, assets, family situation, and goals, we can’t make specific recommendations. However, our financial planner will look at the following areas for your financial plan:

  • Tax planning  
  • Retirement planning
  • Investments
  • Insurance
  • Estate planning

If you’re already retired, we can help you create a plan for receiving retirement distributions. The goal is to provide you with a steady income while minimizing taxes and maximizing your earnings in your retirement account.

When Should I Make a Financial Plan?

If you don’t already have a financial plan, you probably need one. A new financial plan is also in order if things have changed recently. For example, maybe you got a new job, bought a new house, or moved to a different state. Changes in family status can also affect your financial plans, including the birth of a child or divorce. 

If your goals for the future have changed, we want to talk to you about your financial plan. Maybe you want to retire sooner, start a new career now, use your retirement to travel the world, or buy a business. Your financial plan is supposed to help you pursue what you want, and we’ll be there to support you.

What’s the Benefit of Working with a Financial Planner?

When you work with our financial planner, you have a professional guiding you along the way. It’s difficult to make decisions about your financial future when there are so many options to choose from. We can help you sort through and suggest the products and services that are useful for you and your family. 

Let’s Create Your Financial Plan

Whether you’re new to financial planning or are ready to update your roadmap to wealth, we can help you. From retirement planning to tax savings and insurance, we make sure your finances are on track to pursue your goals. Schedule your appointment with us today.

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