Setting goals can be an enjoyable experience. But there is no doubt, it’s an ongoing effort. The benefit of having a financial plan is that you get to see how achievable your goals practically are. A financial plan provides you with a simple framework to work within.

For example, we could accurately project whether you would have the ability to retire at a younger age (55) or whether you need to keep working until a later age (67). With this information, you can set clearer goals of “I want to retire at age 55”. From there, you can set further goals. Eventually, you’ll have set enough goals that excite you and that you feel are obtainable. Here’s are examples of goals that you may want to set.

• Generate additional income in your business. (entity investment account)

• Pay debt off early.

• Start an annual vacation fund (brokerage account).

• Help kids save for college (529 plan).

• Purchase a new residence.

• Build up a trust fund.

• Reduce what you pay in taxes each year (IRA / tax-deferred contributions).

• Reduce what you pay in taxes in future years (roth / tax-exempt contributions).

• A whole lot more

The main objective of a financial plan is to establish a baseline for your financial goals - especially retirement. By taking into account all of your financial data, we can project with great accuracy when you could retire and what your specific retirement could look like.

Your financial plan will reveal how high your probability of plan success is. This probability, between 0% and 100%, reveals the likelihood that you’ll reach all of your stated goals within your financial plan. You get to pick and choose these goals at any point in time - so you’re always in control. If you’re ever off track on your goals or you want to shoot for 100% chance of success, we can take the time to explore a multitude of wealth strategies that will help you do so. Given the vast amount of account types, investment options and tax strategies out there, you’ll have multiple opportunities at your disposal to create a financial plan that motivates you.

Portfolio selection is a balancing act. On one side of the scale, you need a portfolio that will grow enough to accomplish your stated goals (retire early, buy another house, send my kids to college). On the other side of the scale, you need a portfolio that you’re comfortable with in terms of risk (market swings).

To reach the loftier goals in your life, you’ll often need more money. To get more money, you’ll most likely have to take more risk within your investment accounts. Are you comfortable with more risk? This is why industry participants will often say “stay the course”. Staying the course might be painful during market downturns, but with more risk comes more return. And with more return, a greater chance of reaching your stated goals.

There are many legacy & estate strategies to consider:

• Assign beneficiaries to your accounts to avoid your accounts going into probate upon death.

• Setup a trust fund for your heirs. Keep your assets sheltered in the trust and grow them with a custom investment strategy.

• Convert pre-tax accounts to tax-exempt accounts that pass to your beneficiary’s tax free (roth conversions).

• Gift your money while you're alive to avoid the alternative of having to pay more tax on it upon death.

• Assign power of attorney (POA) to your accounts to avoid issues in an unfortunate event of incapacitation.

• Manage your trust assets alongside your retirement assets. With everything in one place, your finances are kept simple so that you can have peace of mind.

Legacy planning doesn’t have to come later in life. When you think of legacy, think of what you want to leave behind. For everyone, it’s something different. We all have to decide this for ourselves. Whatever it might be, we’re happy to have the conversation or start implementing strategies to see that it’s done in the most effective way.

There are many strategies around taking your social security benefits:

• Take SS benefits as early as possible at a reduced amount.

• Take SS benefits at what is considered full retirement age (67) - when benefits are not subject to a reduction.

• Delay SS benefits until age 70 will an increased payout amount.

All these strategies can make sense for different reasons - usually a financial one. The trick of selecting a strategy for yourself comes when you have to start assuming things about your life situation. What’s my life expectancy? What will my spouse’s benefit, if any?

If you’re approaching age 62, this is the time to start thinking about a social security strategy. If you’re younger, it’s important to know what influences your SS benefit payout and to be aware of these different strategies. But you don’t have to make any decisions just yet.

Other services include:

• Cashflow analysis.

• Debt analysis and payoff strategies.

• Withdrawal strategies. Whether a required minimum distribution or other withdrawal.

• Contribution strategies. A way to avoid taxes now or later.

• Strategizing a large purchase. Where should you pull money from? Should you pay in cash, on credit or a blend of both?

• Buy vs. rent or buy vs. lease analysis.

• Refinancing strategies. Whether it’s a mortgage, credit cards or other.

• A whole lot more.