What is Financial Planning?
People don’t always know why or when they need a financial plan. Sure, retirement is most often the impetus to call a planner.
Learning how to save and invest for the future are good reasons to seek help too. But, what if you were thinking about changing careers, living in Europe for a year or selling one house to buy another?
All of these decisions could benefit from financial analysis. Chances are the conversations you have on these subjects would have an important influence on the outcome and the sustainability of your financial future.
Creating the future you want and doing so in a way that reduces risk and increases your sense of security are what financial planning is all about.
In order to help you make the best decisions possible we take you through a process that it looks at your total financial picture. It is through this process that you are able to come to the best decisions possible…for you!
Planning looks at all of the following considerations and how they may or may not impact your future.
Ever stop to ask yourself why you own some of the investments you do? Do you monitor them periodically? What is your investment mix, i.e. the percentage of each major category of investment (cash, bonds, stocks, real estate, etc.) in your portfolio? Why does your investment mix matter? Can you just set it and forget it?
To get to those answers we often need to start with a basic question; “What is my money for?” Perhaps your answer is as straightforward as “for income in retirement”.
You may want to maximize your charitable giving, or to leave something to loved ones once you’re gone. Understanding the specific purposes you have in mind for your funds helps us determine your risk level.
We strive to tailor your investments to your needs and assume only as much risk as is appropriate for your financial goals.
With over 22 years of institutional investment and portfolio management experience, Stoffer Wealth Advisors provides the expertise to help you feel confident about your investments and long-term financial prospects.
Planning for retirement is the most common reason people call a financial planner.
What people come to realize is that they still need a “paycheck” in retirement and are not sure where it is going to come from. In reality, we pay ourselves and the funds can come from a number of sources including Social Security, distributions from retirement accounts or pensions (for those who still get such things). Social Security can be somewhat bewildering as there are many options for how and when to begin taking it.
Income can also come from rental property, savings and other sources. Figuring out all your sources of income is essential to a thorough financial plan.
Then the question turns to, “Do I have enough to live on for the rest of my life?” Unfortunately there is not a ‘yes or no’ answer to this question. Think of all the factors that come into play as we think about (plan for) the future; inflation, healthcare costs, investment returns, home appreciation, need for long term care, home care. The list grows rather quickly as you can see.
Retirement planning is an important step in your overall financial health. Learn more about retirement planning or contact us now to schedule a complimentary session to discuss the health of your retirement plan.