With today’s advances in medicine, diet, and technology, retirees are not only living longer but are staying healthier than previous generations. Those who remain healthy may maintain more active lifestyles, which in turn may lead to higher income replacement needs during their retirement years.
Planning for your retirement now requires an honest discussion about how you would like to spend your retirement years, which may be significantly different the those have come before you. You may be planning a longer retirement period as well, say 30+ years, and the tools used to plan your parents retirement are no longer applicable to younger generations.
To get a full understanding of your current situation and future plans, financial planners start with a 360 Degree Discovery process that covers the following six areas of your life. This value-based, holistic approach ensures that they can make sure that your personal finance goals are truly PERSONAL and that your new road map will guide you toward what’s in your best interest, not theirs.
Laying the Groundwork
Once your 360 Degree Discovery is complete and the professionals have been “all trained up” on your life, they can roll up their sleeves and begin mapping out your road map – or Financial Life Map.
Helping and Protecting Family
There are a few more emotional issues than family, so they’ll start by identifying those family issues that are important to you. These can range from children or grandchildren’s education, parental issues and ensuring your entire family is fully protected.
Enjoying and Protecting Lifestyle
The next discussion topics range from income generation to your “bucket list”. They’ll address personal health issues and any potential challenges that should be considered.
Planning for the Expected and Unexpected
Generally, life transition issues, such as retirement, disability, career change, etc., are areas that may cause disruption or change to a wealth plan.
Creating Financial Comfort
Focus on how you feel about money, risk and even the role as a Advisor. PS for a financial advisor in your area visit Asset Oversight. This discussion will focus more on tactics then strategy and they may even review previous issues. they’ll cover wealth management and tax planning – everything needed to achieve financial comfort.
Building a Legacy
Understanding how you feel about passing on assets or control to someone else through your will, estate plan and charitable gifting strategy are all powerful ways to build a legacy – and the bookend to your entire financial plan.