Personal Financial Planning

According to TIAAF CREF, fewer than 4 in 10 Americans had tried to figure out how long their nest egg will translate into monthly retirement income. You have worked hard and saved even harder during your working years. But, there are important questions that need answered. How much do I need? How much do I have? How long will my savings last? Do I have enough or is there a gap and how do I fill it? Retirement Income Planning can answer these questions and much more. This could be one of the most important conversation of your life. We take the time to find your core values and discuss your expectations from your retirement savings. We can help you manage your priorities within the bigger picture. Investing your savings in a manner that is in line with your risk tolerances to help achieve your goals.

After a lifetime of paying into the system, you want to get the most from your benefits. Unfortunately, too many of us over simplify the process. We feel our only option is to decide when to start our benefit payments. On the short list of decisions are spousal benefits and tax considerations. If you are married, who should apply first? Are you and your spouse the same age? Have you been divorced and remarried? Will you keep working after you begin receiving benefits? These are just some of the questions requiring answers. The time to talk is before making your selection as once you have made your choice, it is most likely final.

Medicare options can be difficult to navigate. Wanting to or needing to continue working past 65 affects your options. Will my Medicare be primary or a secondary payor? Do I need to sign up for Part B? Then there is the big choice: Do you enroll in a Medicare Advantage Plan or a Medicare Gap Plan? Do you understand the difference? Selecting one of these options can lead to unexpected expenses and a choice that may be difficult to undo. With so much at stake, why leave anything to chance.

The fact is, we are living longer. Healthy life choices play a big role. But it seems improvements in science and medicine just won’t let us go. The thought of living forever can be appealing, but only if you were able to maintain an active and high quality of life.

What if you are living and experiencing diminished capacity? Have you given thought as to how this would affect the people closest in your life? As good as medical advancement is today, not everything can be repaired. The time may soon come we are no longer able to do all the things we once took for granted. Bathing, cooking, or cleaning around the house, who will help? Our family or children? Maybe our neighbors or friends? While all these are excellent possibilities, would you prefer your family and friends to be your care givers or your support team? One in 3 people will need some type of skilled care in their lifetime. The financial concerns can be staggering. With average costs nearing 80 to 90 thousand dollars per year, this could be a hard hit to your retirement savings. There are actions you can take to help reduce the financial and emotional strain to those closest to you.

The Certified Financial Planner^™ certification is the highest standard in personal financial planning. Less than 20 percent of financial advisors have achieved the standards and qualifications necessary to display the CFP^® marks. When it comes to your hard-earned life savings, we believe that you should work with someone who has proven the highest competence and understanding of financial planning strategies. We are equipped to meet you where you are, whatever your financial literacy background may be. For more information about this designation visit www.letsmakeaplan.org