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Financial PlanningWe know your life is complicated. You want to get your kids through college, retire in comfort, and take care of aging parents, while also paying for that wedding, home improvements or other financial goals. In addition, many people lose thousands of dollars every year in missed tax deductions, duplicate expenses, unnecessary insurance costs, loan interest, hidden fees, and poor investment choices, because they didn't have a financial road map to follow.
Our planning process starts with a thorough summary of your current situation, than after defining your specific goals and objectives, we present a customized plan of action. We than assist you with implementing the plan, and then review the progress annually to ensure a financial success now, and in the future. There is no additional cost for our comprehensive plan, and is offered as part of our overall advisory service. ($1,500 value)
Your customized financial plan may include the following areas:
Retirement Planning
One of the greatest risks facing investors today isn't dying too soon — it's living too long. Baby boomers are enjoying the best health and the longest life expectancy of any generation in history, and you need your income to last as long as you do.
Estate Planning
It is critical for individuals to address Estate, Tax Planning, and Asset Protection in order to manage what has been built. Preserving wealth is as essential as creating it. Estate Planning is about staying in control of your wealth by establishing a clear plan for its preservation across generations.
Cash Flow Management
Your plan needs to project where your money will come from and where it will go during the rest of your life (and your spouse’s life if you’re married). How much will you earn during retirement, from Social Security, a company pension, annuities and savings? And how will that match the needs of the lifestyle you want?
Investment Planning
Three factors affect what should be in your investment portfolio. Your goals: What kind of return would do you need to earn, both while you’re working and during retirement, to support your lifestyle? Your risk tolerance: How much volatility in portfolio returns will you accept in seeking your goals? And your time horizon: How long do you have to save for retirement, what is your tax bracket, and how many years do you need your savings to last?
Contingency Analysis
Job losses, expensive illnesses, or the unexpected death of your spouse could put your plan off track. There could also be unforeseen expenses involving your children or parents, and the need for nursing home care during retirement could quickly drain your savings. Not planning for lifestyle changes is a major mistake and will put your financial future in jeopardy.
Income Tax Planning
No one enjoys paying taxes, but minimizing that liability on your financial life should be a top priority.
Risk Management
Since you are exposed to a variety of potential hazards that can lead to financial hardship, it is important to consider insurance in your overall financial plan.
Accumulation Planning
Many people today have several short and long-term goals outside of the traditional college and retirement funding. This may include a second residence, boat, extended vacation or an addition on your home.
College Funding
College tuition and related expenses have increased at a rate double the inflation rate for several years now, making it that more difficult to afford a college education.
Employers Benefits
Trying to sort through the benefits your employer provides, and the choices available can be overwhelming. Many people feel like they are throwing darts, just trying to choose their 401k investment options.
It can certainly be complicated to weave together all of these components. But at Creative Financial Solutions, we have the tools, expertise and experience to accomplish this objective.
Everyone needs a financial road map. Operating without one is a like closing your eyes while driving down the highway. It’s essential to know where you’re going and how you expect to get there.
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