The Roadmap of Change
As financial planners, our goal is to serve as your personal guide as you pass through each phase of your life. We help you understand where you are and set a course for where you’re headed.
A clear, comprehensive financial plan helps you navigate through the pumps in the road and ensure that you’re prepared for what may lie ahead.
Here is a road map of financial goals and decisions for each of life’s phases:
20s: Young Adults
This is when you start building a foundation for success.
- Create a budget and be sure to live within your means.
- Start saving by creating an emergency fund and contributing to your employer-sponsored retirement plan.
- Establish good credit and pay attention to your credit report.
30s: Career and Family
Stay focused on your goals as they become more complex.
- Increase your savings rate as your income grows–the future you will thank you!
- Create a personal investment account for additional savings.
- Review insurance coverage to be certain that your family and your assets are well protected.
- Create a basic estate plan, including a will, durable power of attorney, and advance directive.
40s: Peak earning years
Focus on communication and setting plans.
- Include your family or business partners in your future plans to make sure you’re all on the same page.
- Seek out a financial advisor to help you chart your way to retirement or plan for business succession.
- Increase savings and insurance coverage to protect what you have created and continue moving towards achieving your goals.
50s: Pre-retirement
Be prepared for what’s ahead.
- Review your savings and your expenses. Are you on track to retire comfortably?
- Make sure your portfolio is in line with your risk tolerance as retirement nears.
- Consider adding long-term care to your insurance portfolio for additional asset protection.
60s: retirement
A time of transition.
- Map out what retirement looks like for you with your financial advisor.
- Ensure that your estate, tax, and financial plans are coordinated.
- Educate yourself about Medicare and Social Security options.
- Create a reasonable income distribution plan for when you’re no longer receiving a paycheck.
70s and beyond: enjoy!
If you followed the advice of the professionals around you, now is the time to enjoy the fruits of your labor. The future you is thanking the you of the past!
- Balance your time to enjoy the retirement you dreamed of.
- Keep portfolio withdrawals within the 3-5% range to lessen the risk of outliving your money.
- Update your estate and legacy plans over time.