What Would a Financial Plan Answer for Me?
Have your question answered on the Money Wisdom Question Series!
Today’s question is: What would a financial plan answer for me?
The significance of having a financial plan is a topic that is often discussed. However, one might wonder, what exactly does it do for you?
The answer will depend on your specific situation. In a very broad sense, it’s going to give you an understanding of where you are now relative to your goals and what needs to be fixed.
Assessing Protection and Estate Planning Needs
Safeguarding your well-being and that of your loved ones is crucial. Have you taken care of your estate planning? Do you have a will in place? Have you considered the need for a trust? If life insurance is important to you, are you underinsured? Do you have enough life insurance? So, there’s definitely a protection element there.
Evaluating Debt and Creating a Repayment Plan
Do you have debt? A well-crafted financial plan can help you assess whether your debt load is too heavy. How are you working towards eliminating that debt and reducing it over time? Or where can you cut expenses to create more disposable income to help pay down that debt a little bit quicker?
Retirement Planning through a Comprehensive Financial Plan
Primarily, if retirement is the goal, a financial plan can help you understand where you are relative to your retirement goals. Are you saving enough in your 401(k) or IRA? Are you going to have enough income coming in to live your lifestyle?
How much risk are you taking? Are you taking the right amount of risk for you or you taking on too much risk? What rate of return do you need on your money to be okay in retirement? These are the types of questions that can be addressed through a comprehensive financial plan.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Today’s Retirement Reality
Almost one-third of Americans lack confidence that they will have enough income to cover basic monthly expenses throughout retirement. As the economic landscape continues to shift, more individual… -
What Are Some Unexpected Retirement Expenses to Look Out For?
Today’s question is one we help our clients navigate all the time: What expenses might I be responsible for as I enter retirement? Nicholas J. Colantuono, CFP® joins this week’s Money Wisdom Qu… -
How Can I Generate Low-Tax or Tax-Free Retirement Income?
Today’s question is: What steps can I take to generate low-tax or tax-free income in retirement? First and foremost, it’s essential to have a tax plan – one that fits within the context of your… -
Will I Have Enough Income to Retire?
Once you’ve reached the retirement mountaintop, you may be uncertain about how to navigate the descent. Have you saved enough? Will your money last as long as you do? If you’re like most of the pe… -
The Right Order to Build Your Financial House
You wouldn’t design a house that leaves you exposed to outside elements, so why do the same when building your financial house? A well-constructed house first and foremost needs a strong foundatio… -
Identity Theft: What to Do If Your Identity Is Stolen
In the digital age, the threat of identity theft is at an all-time high. Sophisticated cybercrime tactics and schemes have left us more vulnerable to online scams than ever before. So, what can… -
The Road to Retirement – Don’t Go it Alone
Achieving the retirement you’ve always dreamed of often requires careful planning. While the do-it-yourself approach may be difficult to shake, consider the benefits of seeking professional advice… -
Am I Carrying Too Much Debt in Retirement?
At any stage in life, debt can interfere with your financial goals. But what about when you retire? How much debt is too much? It depends on a variety of factors, including your income relative to… -
What Updates Can We Expect for Social Security in 2025?
A new year means new rules for retirement plans. Let’s start with one of the largest sources of income for millions of retirees: Social Security. What changes can we expect in 2025? Heath Gross… -
Getting It All Together for Retirement
After a long, fulfilling career, the time has come to embrace the next chapter. You may have envisioned the age at which you’d retire since you began working, but it’s important to distinguish bet…
