In addition to our focus on low-cost investment platform, tax planning focus, and employer compensation optimization, we review these additional areas of your financial plan.
Financial Goals
Our financial planning service begins by working with clients to identify their financial goals and developing a plan to achieve them. This involves understanding what you hope to accomplish, determining the resources required to make it happen, estimating the time needed to reach the goal, and establishing a budget to support the plan. By carefully considering these factors, we can help you create a comprehensive financial plan that aligns with your objectives and maximizes your chances of success.
Retirement Planning
We want you to enjoy your golden years with complete financial independence, and our retirement planning services are here to help. We’ll project your likelihood of achieving your financial goals, and if there are areas in need of improvement, we’ll suggest some changes to get you back on track. We’ll work with you to find the perfect solution.
If you’re already retired or about to be, we’ll give you advice on how to distribute your funds in a way that minimizes the risk of running out of money. You’ve worked hard all your life, and we’re here to help you make the most of your well-deserved retirement.
Retirement Income Planning
Retirement Income Planning involves determining the amount of income required during retirement and creating a plan to achieve that. This includes analyzing sources of income such as social security, pension plans, and retirement accounts, and devising a strategy that maximizes income while minimizing taxes and risk. The plan also addresses inflation, potential healthcare expenses, and drawdown strategies to ensure efficiency. The ultimate goal of Retirement Income Planning is to provide retirees with sufficient financial resources to live comfortably and confidently during their retirement years.
Investment Review
Conducting a review of investments is crucial to ensure that the portfolio is aligned with one’s desired goals. Such a review involves analyzing investment performance, level of risk, diversification, asset allocation, and location. It also assesses whether tax-efficient strategies are being used and whether lower-cost options are available and more suitable.
Social Security Analysis
Social security analysis involves an evaluation of an individual’s current and future Social Security benefits. The analysis helps in understanding the various options available and making informed decisions to maximize the benefits.
The analysis involves several factors such as age, earnings history, and expected retirement age to determine the optimal time to start receiving benefits. It also takes into account spousal benefits, survivor benefits, and the impact of inflation on the benefits.
By conducting a Social Security analysis, individuals can make informed decisions on their retirement income plan and adjust their investment strategy and retirement goals accordingly. The analysis helps to maximize the Social Security benefits and ensure that the retirement plan aligns with the individual’s financial goals.
Medicare and Medical Costs in Retirement
While Medicare can help with healthcare costs in retirement, it does not cover all expenses. Therefore, it is important for individuals to plan for medical care costs in retirement, including Medicare premiums, deductibles, and copayments, as well as other medical expenses not covered by Medicare, such as dental, vision, and long-term care costs. It is also important to consider the potential for healthcare costs to increase over time and to plan accordingly. Proper planning can help ensure that individuals are financially prepared for medical care costs in retirement and can avoid running out of money or having to make sacrifices in other areas to cover these expenses.
Cash Flow and Debt Management
We will review your income and expenses to assess whether you have a surplus or deficit, and provide guidance on how to allocate the surplus or reduce expenses if the latter exceeds your income. Our recommendations may include prioritizing debt repayments based on factors such as interest rates and tax implications, as well as suggesting an appropriate emergency fund and reviewing accounts (such as money market funds) for such reserves. Additionally, we may suggest strategies to help you save for specific financial goals.
Emergency Fund
An emergency fund assessment process involves evaluating an individual’s or family’s financial situation to determine the appropriate amount of funds to set aside for unforeseen events. The process includes reviewing income, expenses, debt, and other financial obligations to determine the appropriate amount of emergency savings needed.
The assessment process may also consider the individual’s or family’s level of risk, job security, and potential for unexpected expenses, such as medical bills or home repairs. Once an appropriate emergency fund amount is determined, the process may involve making recommendations on where to save the funds, such as a separate savings account or a money market fund, and how to manage the emergency fund over time.
Regular reviews of the emergency fund may be recommended to ensure that the amount of savings remains appropriate as the individual’s or family’s financial situation changes over time. Overall, an emergency fund assessment process helps individuals and families prepare for unexpected events and avoid financial stress during difficult times.
Major Purchase
A property purchase assessment is a crucial part of a financial plan, especially for individuals who plan to buy a home or invest in real estate. The assessment involves evaluating the client’s financial situation, identifying their goals, and determining the appropriate budget for the purchase.
The assessment considers factors such as the location of the property, property type, and current market conditions. It also includes evaluating the potential return on investment, factoring in any potential expenses such as property taxes, insurance, and maintenance costs.
Overall, the property purchase assessment ensures that the client is making an informed decision when purchasing a property and that the investment aligns with their long-term financial goals.
College Funding
Our education planning services involve projecting the required amount to fund college or other post-secondary education goals and providing advice on effective ways to save for them. We offer recommendations on the most efficient saving strategies, and we also assess your eligibility for financial aid based on your financial situation.
Risk Management Review
A risk management review involves analyzing the major risks that could potentially harm your financial situation, including: premature death, disability, property and casualty losses, and long-term care needs. This analysis helps to identify potential risks and offers advice on ways to minimize them. It also involves weighing the costs and benefits of purchasing insurance versus self-insuring.
