Comprehensive Financial Plan without Retirement Plan
Perhaps you’re in your 20’s or 30’s, or maybe even your 40’s, and you feel you’re too far away from retirement to need to make a specific plan. You feel that you’re saving enough now (15%-20% of your salary?), and that you’re on track for a satisfying retirement. What you need now is a review of all other aspects of your financial situation, and recommendations to make sure you’re doing everything right.
Topics that we’ll address and/or create are:
- Investment Plan (This takes the most time.)
- College Planning (If you have college-bound kids.)
- Estate Planning (Review wills, Health Care Directives, Power of Attorney’s, etc.)
- Insurance (Life, Long-Term Care, Long-Term Disability, Auto, and Homeowners)
Step 1: Gather Information
I will gather information about you and your financial situation. This includes hard facts surrounding family, career, and investments as well as less tangible facts regarding your values and life goals. You can easily upload to me any documents I request, send them snail-mail, or drop them off at my office.
Step 2: Analyze
I will look at your whole financial picture and analyze if you're set up to reach your life goals. Examples of issues that I may address are:
- Are you saving enough to meet future goals?
- Have you set up a college savings plan for your child?
- Have you a recently created/updated Estate Plan?
- Are you properly insured against life's turns?
- Is your current investment portfolio in line with your tolerance for risk?
- Have you considered and planned for future long-term care needs?
I will utilize Morningstar Advisor Workstation® in my analysis.
At this point we will schedule a time to meet to discuss what I found, and we will strategize about the direction you should go.
Step 3: Create Financial Plan
I will make recommendations to get you on track to meet your life goals. All recommendations will be documented in your personalized Financial Plan, clearly spelling out all that we have discussed as well as steps that you must next make.
Step 4: Annual Updates
While it is important to create a Financial Plan, it is equally important to annually update it to make sure you are still on track to meet your goals. After all, your life is not stagnant--nor are tax laws, financial markets, or investments. Annual updates ensure that the Plan you are following stays aligned with your financial situation, values, and goals.
Estimated time: 10 to 14 hours