When you hear the term financial plan your mind may go to budgeting. Understanding and keeping tabs on your expenses is certainly a part of a financial plan, but it isn’t the main purpose of a financial plan. The importance of a financial plan lies in your personal aspirations and your financial welfare.
How should you invest the money you save? How should you take income from your 401k when you retire? How do I preserve my retirement savings as I near retirement?
These are just a few of the questions that can be addressed by a financial plan. You can learn tidbits of information about financial planning through the internet, but financial planning isn’t a general or one size fits all topic. When you meet with a financial planner- you’ll talk about your dreams and what you value. The Financial Planner will then help you turn those into goals for your future. Together you will put a plan in place detailing what you can reasonably save and how to invest to help you meet those goals. Additionally, they will help you plan on how to withdrawal your money when the time comes.
Your local Social Security office will help you set up your benefits, but they won’t advise you on all the options available to you. Your CPA will help you get a refund on your annual taxes, but they aren’t always looking at tax-efficiency strategies long term. The internet will provide you information on different investment accounts and rates of return, but it won’t tell you how to use those products to create a strategy designed to meet your objectives.
It is possible to read books and do your own research and end up with a well put together financial plan. The question is do you have the time to do the research, stay on top of the financial press, and discern between financial noise to try to prevent emotional mistakes. Most people in their working years do not want to devote that kind of time.
A financial planner can help you put together a plan that advises you on expenses, income, retirement income, tax-efficiency, social security, asset protection strategies and more. You’ve got a map and a coach on your side to help get you to your destination confidently and efficiently.
If you need help putting together a financial plan, then give us a call. We’d love to help you!
Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor.
Insurance products are offered through the insurance business Bradshaw & Weil, Inc. Insurance & Financial Planning. Bradshaw & Weil Wealth Management, LLC DBA Bradshaw & Weil Insurance & Financial Planning is an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. AEWM does not offer insurance products. The insurance products offered by Bradshaw & Weil, Inc. Insurance & Financial Planning are not subject to Investment Advisor requirements. AEWM and Bradshaw & Weil, Inc. Insurance & Financial Planning are not affiliated companies.
Guarantees and protections provided by insurance products, including annuities, are backed by the financial strength and claims-paying ability of the issuing insurance carrier. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.
Investing involves risk, including the potential loss of principal. Any references to safety, security generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. 1619949 – 12/22
Ready to Take The Next Step?
For more information about any of our products and services, schedule a meeting today!
