Create and Implement Your Plan
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A financial planner will analyze and evaluate your current financial status, needs, insurance coverages, investments, taxation, retirement vehicles, benefits, etc. The planner will use your assumptions about retirement age, life expectancy, income needs, and economic trends to assess your current likelihood of reaching your goals. The planner will then prepare a financial plan, specific to you, that generally includes a statement of your current situation and recommendations to help you achieve your financial goals.
Customization is the hallmark of any financial plan. There is no pre-packaged financial plan that includes all the ideas and solutions to meet the needs of everyone. You are unique; your plan should be unique. A customized plan may include several major activities:
- Retirement planning — These days, retirement often lasts for 30 or 35 years or more. That means your retirement income may have to last longer than expected. By planning before you retire, you not only reduce the likelihood of outliving your savings, but you also increase your chances of maintaining your desired lifestyle throughout retirement.
- Estate planning — Estate planning usually requires help from a qualified estate planner. You'll need to consider how and to whom you intend to distribute your estate and potential tax reduction and payment strategies to help you ensure that more of your estate goes to those you designate rather than to estate taxes.
- Business succession planning — If you own a business, you should consider the impact of your business on your financial well being and future financial goals. You may want to sell your interest at retirement or establish the criteria for transferring ownership upon your death.
- Investment planning — You and your financial planner will need to choose investments that will help meet your financial goals and situation.
Your financial advisor will review your plan with you and revise as appropriate to ensure that the plan helps meet your goals and objectives. The planner can assist you in implementing recommendations and can coordinate with other professionals, such as accountants, attorneys and real estate agents.
Preparation | Review Your Plan
