It’s Never Too Late to Create a Strategy for the Future
Retirement Counselor, Wil Schuette, explains his Advantage Formula strategy for financial planning. People of all ages will benefit from this information as Wil simplifies the pillars of success.
The first four “pillars” of financial planning are Wealth, Risk, Tax, and Estate Management. The earlier you begin to plan, the better; but it’s never too late to get started!
Wealth Management
How do I make my money last as long as I want to live? This is where people say, “Here’s what I’ve got in stocks, bonds, real estate, pension, and social security. Now, how do I make ends meet in my retirement years?”
A qualified Financial Advisor is a great resource to help families with planning ahead.
Risk Management
Wil Schuette reminds us that health and wealth are our most important assets while aging. Families need to consider their current health status as well as family members’ history of longevity.
Wil can explain various insurances e.g., life insurance and long-term care insurance but also helps clients understand their inherent risk in the stock market and their portfolio.
Tax Management
Wil enjoys problem-solving and he says that finding ways to reduce taxes is just that. With no family the same, Wil pores through information like a detective, looking for opportunities to reduce or defer taxes if possible.
Tax laws continually change but a 5-year-strategy can often work if the financial group and its partners stay on top of changes.
Estate Planning
Keep a family estate organizer with the most important papers gathered together and organized. It can be hard to plan for your eventual demise, but it’s a kindness for family members. Don’t keep your family in the dark.
If you’re a planner by nature, you may have an advantage but still, some people think their estate isn’t big enough to warrant planning. That could be a plan for a potential disaster.
Get Organized
Perhaps your papers are organized, but your parents’ paperwork isn’t. Can you get Mom and Dad on board by explaining that you’re working on your own estate and are wondering if they might like to meet your advisor? At the very least, could they tell you where their important papers are kept?
Family Can Be Difficult
Family communication can be challenging. Some experts suggest that you keep hard conversations limited to yourself and your parents, or with your children. You might want to keep the in-laws out of the discussion until decisions are made, but of course, that’s a personal decision.
Nonetheless, a good financial advisor helps with communication and planning, and brings peace of mind to the family that prepares for the future.
Big THANK YOU to Wil Schuette and The 611 Group for these first four financial planning strategies for a successful future! Part Two can be found here!
Please share your thoughts in the comment box below…
Do you feel prepared for the future?
How about your parents? Have you had that difficult conversation yet?
