Depending on your individual circumstances and objectives, your plan might include:
Budgeting/Debt Management: To keep your spending under control, it’s essential that you create a budget. A budget allows you to get a handle on how much money is coming in and where it goes out so that you can more effectively save and invest.
Tax Planning: Effective tax management may reduce, delay or prevent the impact of income, estate and other taxes on your savings and investments.
Funding a College Education: Your ability to afford college tuition in the future will most likely depend on how much you set aside today. There are a variety of ways to save and invest for college, including investments that offer attractive tax advantages.
Insurance Planning: Insurance is crucial to your financial security for the protection it provides your family and assets. Depending on your situation, your financial plan may include recommendations for life, health, disability and long-term care insurance.
Investment Planning: A multitude of investment options are available. Determining which investment vehicles are right for you depends on a number of factors, including your age, financial situation, risk tolerance and goals.
Risk Management: While financial markets offer excellent opportunities to grow your investments, they can involve risk. Asset allocation may help reduce the risk of investing
by dividing your investments among different asset classes in line with your risk tolerance, time horizon and goals.
Retirement Planning: No matter how close you are to retirement, the more you are able to save now, the greater the likelihood that you’ll enjoy the retirement you envision. There are a variety of ways you can invest for your retirement, and many of them offer tax advantages that may enable your assets to grow more effectively.
Estate Planning: In order to help protect your estate for your loved ones, your financial plan should include an estate plan. Among its many benefits, an estate plan can help: ensure your assets are distributed according to your wishes upon your death; avoid the delay of probate; and reduce inheritance and estate taxes. Your estate plan may also include a will, durable power of attorney, living will and medical power of attorney.
