planning spotlight
Tapping Into Retirement Accounts Earlier Than Anticipated The economic downturn and persistent high unemployment have led to an alarming, though perhaps inevitable, rise of people tapping into retirement funds before intended. During the second quarter, 62,000 of the 11 million workers using 401(k) plans provided through Fidelity began the process of taking out a hardship withdrawal, up from 45,000 during the first quarter...our services
What is financial planning?
At its core, financial planning means exactly what it says – planning your finances to ensure that you reach the goals you want to accomplish. Generally financial planning encompasses any and all of the following categories:
Cash Flow/Budgeting: Analyzes a client’s income and expenses to assess if any changes are needed to their budget, how best to maximize savings or pay down debt.
Insurance: Assess clients insurance needs and help them to find the most affordable policy that covers those needs. Areas covered include life, health, disability and long-term care.
Taxes: Tax planning is key to ensure clients do not get sticker shock when April comes around. We analyze withholding elections, assess potential tax ramifications of asset sales.
Investments: Analyze a client’s current portfolio; make recommendations based on managing and controlling risk client is willing to take; ensure investment plan matches monetary needs of the client.
Retirement: Assess client’s ability to meet retirement goals given assets and income expected once they leave the work force. Develop a plan to ensure that they are able to meet their retirement needs throughout their lives and monitor the plan over their retirement so they stay on track.
Estate: Assist clients with administrative estate planning issues, such as designating beneficiaries to retirement accounts and insurance policies, titling account appropriately to ensure efficient transfer, assessing the appropriateness of executing a will or trust given the client’s situation.