<p>The recent market volatility has left many people asking themselves if it’s time to reassess their investment strategy. Many are even concerned that they are not on track to reach their retirement goals. The best way to answer these questions is to refer back to your financial plan…it’s your blueprint, your guide, your map!<strong> </strong></p>
<p><strong>A Financial Plan = Peace of Mind</strong></p>
<ul>
<li><strong> </strong>Should you adjust your risk profile? </li>
<li>Are the investments appropriate?</li>
<li>Does the recent decrease in value have an impact on your goals? </li>
<li>Are your retirement objectives still realistic? </li>
<li>Is a slight increase in savings or a decrease in expenditures required? </li>
<li>Can you maintain your lifestyle?</li>
<li>Will you outlive your money?</li>
<li>If you were to die unexpectedly, would your family be taken care of?</li>
<li>How do you minimize taxes and protect the value of your estate?</li>
</ul>
<p>All of these questions and more can be answered by a financial plan.<strong> </strong></p>
<p>On the path to retirement, you will go through many life stages. A financial plan will help you navigate through the various issues, concerns and opportunities you will face along the way.</p>
<p><strong>What is a Financial Plan?</strong></p>
<p>A Financial Plan is a detailed document that is tailored specifically for you and addresses all aspects of your financial affairs (personal and business). It’s a simple way to understand where you are today and, with annual updates, how you are progressing from year to year.</p>
<p>It normally includes:</p>
<ul>
<li>In-depth discovery discussion with your advisor to determine your top three goals and aspirations</li>
<li>Your family tree (name, age, occupation, residence, citizenship)</li>
<li>Review of your current financial situation (investment portfolio, retirement plan, pension plans, education savings, and estate planning currently in place)</li>
<li>Calculation of your net worth</li>
<li>Debt analysis</li>
<li>Cash flow analysis</li>
<li>Review of your insurance needs</li>
<li>Estate planning checklist (wills, power of attorney, etc.)</li>
<li>Recommendation of key investment, tax, estate and retirement planning strategies </li>
<li>Projection of your financial situation if the recommended strategies are implemented </li>
<li>An action plan for implementation</li>
</ul>
<p><strong>A Note for Business Owners</strong> </p>
<p>A financial plan is essential if you are a business owner, as you have more complex financial issues due to owning an active business. This includes business succession issues, withdrawing money out of the corporation tax effectively, taxation of the corporation at death, and more.</p>
<p>Like many business owners, you may not have a retirement savings strategy in place, since you are relying on the equity in your business to fund your retirement. But what happens if you can't find a buyer for your business once you are ready to retire? A financial plan can help integrate your business and personal needs into one plan that ensures you are able to meet your goals.</p>
<p>Depending on your situation, you may only require a simple retirement projection or a more complex document with recommendations and strategies for yourself and your business.</p>
<p>One thing is certain - in these challenging times, it is important to understand where you are headed and a financial plan is the best way to keep you on track.</p>
<p style="margin: 0in 0in 0pt;"><strong><em>If you don’t have a financial plan, now is the perfect time to get one. </em></strong><strong><em>It’s the best way to start mapping your future destination! </em></strong></p>
<p>Contact your advisor to get started today.</p>
2009-06-23T17:08:35Z
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dont-miss-your-retirement-exitget-a-map
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2009-06-25T23:21:36Z
2009-06-25T23:22:15Z
Your financial plan is your map. It ensures you don't get lost on the path to retirement. It helps keep you on track by integrating your personal and business goals.
Don't miss your retirement exit...get a map!
1
2009-06-25T23:22:15Z