The bigger picture of your wealth is about what works best for you and your family. Whether you’re approaching retirement, already retired, planning your legacy, or making an investment.
With all that being said, having a retirement plan will help you on your financial journey.
That starts with a conversation and a qualified financial advisor who asks a lot of questions. By working together, they can help uncover what’s most important to you.
Here are categories and questions of what that conversation should be about.
Retirement:
-Will my money last through retirement?
-Do I need long-term care insurance?
-What are my retirement investment options?
-How do I manage all of my retirement plans?
-What should I do with my employer retirement plan?
-Since I’m retiring soon, what do I need to do now?
-Should I retire to a different state?
Education Planning:
-How much should I save for college? When should I start planning?
-Will I qualify for financial aid? Where do I start?
-What are my college savings options?
Life Events:
-How do we manage our finances after getting married?
-What happens to my 401(k) when I change jobs?
-What are my options if I’m laid off?
-I’m getting divorced. What happens to my assets?
-What do I do when a loved one dies?
Tax Planning:
How Do I pay Less Taxes in Retirement?
Which Accounts Money Should Be Taken From?
In What Order?
What Conversion Opportunities Exist to Maximize Efficiency?
How Much Will my Social Security be Taxed?
How Do I Produce Tax Free Income?
Eldercare:
-How does Medicare work?
-What should I look for in a nursing home?
-How do I cope with Alzheimer’s disease?
-What happens if I have to care for my parents?
Estate Planning:
-What should I know about estate planning?
-How do I protect my estate from taxes?
-Will my family be secure if something happens to me?
-How do I create a legacy for my children?
-Can I provide for my favorite charity when I’m gone?
-What will my survivors need to know?
Financial Basics:
-How do I keep my records safe and organized?
-How do I do a better job budgeting? How do I reduce my debt?
-How do I teach little kids about money?
-How do I help a young adult establish a financial strategy?
After that, a defined process should be used in order to establish your comprehensive plan. Gather, customize, implement, monitor and manage are the pillars of the process.
If you’re an individual, a family, executive or business ownerandyou still need answers to one or more of these questions, we’re simply here to help. One of our team members would like to help you move forward to a better financial path. Please contact us at info@commonfinancialsense.com
