Personal Planning

2009-01-13T01:07:00.001-08:00

Retirement Planning Overview by Marc Cram, Financial Planner
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Here is a great presentation about Retirement Planning.

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(Please do not complete the form at the end of the presentation)

THE ROAD TO FINANCIAL SUCCESS

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The road to financial success requires reading signs and following directions. No one arrives at the destination of financial success by chance.

Most people fail to implement a solid strategy, only to realize too late the short distance they traveled and how little they have accomplished! Begin your journey now by setting goals and establishing priorities. Commit to a plan of action!
Start today on your road to financial success!

THE NEED FOR FINANCIAL PLANNING
Building a successful financial plan can be confusing. As we construct a plan, we find that our financial lives have many scattered pieces.

A coordinated financial plan provides a framework for working toward financial success.

The Pieces of the Puzzle

Cash Management:

Preparing (and following) a budget, using credit wisely and keeping the income tax burden to the lowest level possible.

Risk Management:

There is risk of loss of both life and property. Life insurance can be used to protect a family against the risk of premature death. Disability insurance can protect against the loss of the ability to earn a living. Property and casualty insurance can protect worldly goods against accident and the perils of fire or theft.

Accumulation Goals:

We all need to save money for some reason such as educating our children, buying a home or building an investment portfolio.

Retirement:

Taking action today to insure that the later years are as comfortable and worry-free as possible.

Estate Planning:

Recognizing that death is inevitable and planning for the ultimate transfer of our assets to our heirs.

Steps toward Financial Success

Step One - Choose Your Financial Planning Team. In our complex, ever-changing world, expert help is needed. Trained professionals such as your attorney, CPA, life insurance agent, securities broker and financial planner are generally members of your team.

Step Two - Develop Your Plan. With the help of your team, the second step can be taken: the development of a systematic, integrated plan for dealing with each of these issues. This is called developing a financial plan.

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WHAT IS PLANNING?
In today's fast-paced world, the demands on our time and resources can seem overwhelming.

That's why many people are turning to planners to get help on how to get their finances in order. By creating a plan, an individual will have a better picture of where they're going in life - and how they are going to get there.

Comprehensive planning... can encompass a number of critical areas, including retirement planning, estate planning, insurance, tax planning, investment management, cash management and budgeting. Depending on client needs, it may also include education funding, charitable and planned giving, trust management and planning for long-term care.

Planning for the future can seem overwhelming because there are so many options to consider.

However, if you start by answering five basic questions, they will create a foundation on which to base your financial planning decisions.

What are your goals in areas like lifestyle, retirement, saving for college education and health care as well as that of your dependents?
When do you want to reach your goals?
What steps have you already taken toward achieving your goals?
How do you feel about taking investment risks for a potential higher rate of return?
How involved do you want to be in monitoring progress toward your goals?

The answers to these five questions will shape the profile of your plan. Personal planning helps clients reach those goals through the development and proper management of their financial resources.

Planning is not a product... it is a process. With the assistance of a planner, you may use specific financial products, such as insurance or equities, but only to accomplish the goals they have established.

The planning process is a series of steps taken to help clients accomplish their goals.

A qualified planner... will first gather and analyze data about your income and expenses, taxes, insurance coverage, retirement plans, wills, trusts, investments and other information pertinent to the overall financial picture.

The planner will then help you set realistic goals, identify key financial issues concerning these goals, and prepare a list of recommendations and alternative strategies for achieving these goals.

Each strategy, from tax planning to investments, will be recommended in the context of other strategies to achieve the optimum overall results.

Once you have decided which recommendations to follow, the planner will help you implement those decisions. The last step in the planning process is to periodically review and, if necessary, revise the plan.

Planning is not a one-size-fits-all package. It is a set of goals and strategies tailored to meet your specific values, abilities, and needs.

THE PLANNING PYRAMID

Amazingly, many people's financial plans take an upside down approach. A poor planning pyramid selects products first and tries to pull together a foundation later.
Intelligent planning starts with a basic strategy as a foundation. This strategy is supplemented with a portfolio designed to accomplish the strategy. Finally, a selection of specific products is made to fill the portfolio.

WHAT ARE THE BENEFITS OF FINANCIAL PLANS?
Financial plans provides a direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances. For example, buying a particular investment product might help you pay off your mortgage faster or it might delay your retirement significantly. By viewing each financial decision as part of a whole, you can consider its short and long-term effects on your life goals. You can also adapt more easily to life changes and feel more secure that your goals are on track.

You may decide to seek help from a professional planner if:

you need expertise you don't possess in certain areas of your finances. For example, a planner can help you evaluate the level of risk in your investment portfolio or adjust your retirement plan due to changing family circumstances.
you want to get a professional opinion about the financial plan you developed for yourself.
you don't feel you have the time to spare to do your own planning.
you have an immediate need or unexpected life event such as a birth, inheritance or major illness.
you feel that a professional adviser could help you improve on how you are currently managing your finances.
you know that you need to improve your current financial situation but don't know where to start.

WHAT IS THE PLANNING PROCESS?

The Basic Steps

Choose your team: Select, as needed, your financial professional, tax advisor, insurance agent, investment broker, attorney and banker.
Gather information: List your goals and objectives, your assets and liabilities, measure cash flow and note the current status of your retirement, estate and risk management planning.
Analyze data: To determine if current and future needs are met.
Team makes recommendations: Review the suggestions made by your team.
Decide and implement: Select a plan that best fits your needs and goals. Sign essential documents, purchase needed insurance and re-allocate investments as necessary,
Periodic review: starting the cyle over. Because the world is constantly changing, many advisors recommend an annual planning review.

HOW DO YOU MAKE PLANNING WORK FOR YOU?
You are the focus of the financial planning process. As such, the results you get from working with a financial planner are as much your responsibility as they are those of the planner. To achieve the best results from your meeting engagement, you will need to be prepared to avoid some of the common mistakes by considering the following advice:

Set measurable goals.
Understand the effect your financial decisions have on other financial issues.
Re-evaluate your financial plan periodically. Start now - don't assume planning is for when you get older.
Start with what you've got - don't assume planning is only for the wealthy.
Take charge - you are in control of the planning engagement.
Look at the big picture - planning is more than just retirement planning or tax planning.
Don't confuse planning with investing.
Don't expect unrealistic returns on investments.
Don't wait until a money crisis to begin planning.

This information is from sources deemed reliable. No guarantee as to accuracy or completeness is implied. Refer directly to the website(s)

2008-11-20T12:16:00.000-08:00

Are you or someone you know talking about:
COLLEGE PLANNING!!!

"Studies prove it: continue your education after high school and you're likely to make more money than people who stop at high school.."

Listed below are great links for all those interested in planning for college. Please take a moment to look over the many resources listed here and pass this onto the many others you know could also benefit.
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CLICK HERE for state offered 529 plans across the nation.

CLICK HERE for info about an $8,000 competitive scholarship offered by Foresters.

COLLEGE PLANNING LINKS

$8,000 Competitive Scholarship
College Savings
College.gov
Financial AID
College Board
Know How 2 Go
College Plan
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To arrange an appointment, please call me at (425) 280-9169 and we can discuss the details of your goals, or let me know how to connect with someone you know is working on college planning...

WILLS and TRUSTS...

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Who will inherit your property when you die?

Who will take care of your spouse and minor children should you not be able to?

What kind of medical treatments would you like receive if you become critically ill?

Start your will today.........

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Our Economy is Always Changing...

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ARE YOU PLANNING???

WHAT IS YOUR PLAN?

2007-10-25T23:03:00.001-07:00

We all must take time to plan out our lives...

Would you hop onto a plane without a flight plan?
However, about 95% of those who retired have never had a financial plan for thier lives.

We help you plan for good times and bad times. We look at risk and rewards...
Listed below you will find the foundation of our planning skills...

Seven Key Steps to Planning
1. Financial Foundation
2. Risk Management
3. Wealth Accumulation
4. Taxes and Inflation
5. Retirement Plans
6. Asset Protection
7. Estate Planning

*** Please see the Financial Profile (packet) at the bottom of this page for some of the forms that we will use during our time together...

Concerns around retirement planning focus on key threats:
· Current market volatility depleting the nest egg!
· Can’t risk outliving their money!
· Is long term medical care going to erode their savings!
· Will they have access to the money when they need it!
· Can they count on the provider to be fair after they deposit the cash!
· How to mitigate sequence risk!

3 Stages of Life

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Starting Out:

You're out of school and on your own now. And if you're like many young women, you're swimming in debt. Finding cash to invest may seem unthinkable. But with time on your side, whatever you save now will make a huge difference later.

Learn how to reduce your debts and take care of your immediate needs: housing, a car, a working wardrobe, a better job. It's time to follow a budget and start investing so you know where your money is going, and how to make it work for you.

Single and Striving:

Building a life and a career doesn't leave much time for financial planning. There are more pressing issues in your life, like finding a soul mate or passing the bar. You may even assume that with marriage, your long-term financial security will magically fall into place.

It's time to stop banking on assumptions. Grabbing control of your financial life is easier than you think. Learn about the best investment options and get tips on buying your first home or getting a raise. Your life isn't on hold, your financial future shouldn't be either.

Financing Family:

Whether you are planning a wedding or packing your oldest for college, you've got a lot going on financially. When you have a family, financial stability is a balancing act.

Buying your first house and saving for retirement. Paying for braces and private school. Living on a budget and teaching your kids how to live on an allowance. Learn how to manage the present while planning for your family's future.

Managing Change:

The unforeseen has happened. Widowhood, bankruptcy, job loss, illness, even an unexpected windfall, events you didn't account for. You need tools and strategies to help you make savvy moves at stressful times.

Learn how to defend yourself and protect your credit, find the right insurance. Get advice from professionals and from others who've weathered the storm. Manage the change now, and use our tips to crisis-proof your finances for the future.

Retiring Smart:

Time to kick back and pursue your passions, or plan for the day when you can. It's never too early to start thinking about retirement, or too late to find out how to feather your nest.
Learn when to consider a reverse mortgage and when to sell stocks, how to draw up an estate plan and decide whether to spring for eldercare insurance. Retiring smart is more than just building a fat portfolio.