The financial meltdown from 2008-09 was a stern reminder that failing to plan for TOMORROW could lead to very devastating consequences for many unprepared Americans. Then came 2020 with COVID-19...

The decline in the stock market, along with massive job losses and the heartbreaking losses of life, was a triple dose of devastating consequences that took many households by surprise. For the unprepared, it was a very rude shock from which it may take them years to recover.

The best way to avoid a similar fate in the future is to create a flexible and comprehensive plan TODAY.  

The harsh reality is this: most Americans lack a formal financial plan. But for those with a written financial plan, they are more satisfied with how their finances are managed, more confident about their financial decisions, and less worried about being financially secure at retirement.

Deciding where to invest your money is only one of many parts of a comprehensive financial plan. You also need to consider asset protection strategies, liability management, cash flow analysis, and tax minimization strategies.

 

A well thought-out plan will address these questions:
 

• How much do I need to save so I can retire with my desired lifestyle without the risk of outliving my income?

• What percent of my portfolio can I withdraw each year?

• Which assets should I tap first in order to minimize my taxes?

• What is an appropriate investment mix based on my goals and tolerance for volatility?

• What insurance do I need to protect my assets?

• What strategies can I put in place to minimize my estate and income taxes?

• How can I ensure that my assets pass to my heirs in the way that I desire?

• How should I title my assets?

• What plans do I need to put in place now to help me realize my special dreams and goals?

 

Remember, although you may address these questions and have had a financial plan put in place, you will need to do annual reviews to ensure your plan is kept up to date.  As your life changes so should your plan. Here are several examples of life changes that may cause a revision to your plan:

 

• The need to take care of an aging parent

• Divorce or death of a spouse

• A forced retirement or job loss

• An inheritance

• Starting or selling a business

There are many other transitions, both expected and unexpected, that could occur. The best way to deal with them is to have a plan that covers the expected while being flexible enough to deal with the unexpected.

With John Nunes Financial, we will work with you extensively to ensure your financial plan keeps you pointed in the right direction even as your life inevitably changes.  Also, the comprehensive nature of your financial plan should help you avoid major mistakes such as focusing too much on your nest egg instead of focusing on cashflow.

By presenting you a broad view, your financial plan will help you understand how each financial decision affects other areas of your finances.  Although developing a plan takes time, the end result may help put you at ease and enhance your quality of life.

 

Let's start TODAY with your FREE Personal Financial Review so that we can secure for you a better TOMORROW!