A new year is a time for fresh starts, new goals, and renewed motivation. New Year’s resolutions usually lead people to purchase gym memberships, pledge to travel more, or make an effort to spend more time with family and friends, but have you thought about making your finances a priority in 2017?
This is an ideal time of year to reflect on your financial situation and get on track with your financial plan for 2017.
Why Do You Need a Financial Plan?
What’s the point of creating strategies and plans for our lives? Because without a plan, we are shooting at a target blindfolded. A set course helps us keep our goals at the forefront of our minds as we work towards them.
A financial plan incorporates short-term and long-term goals to transition you from where you are today to where you want to be in the days to come. Having a plan will help you get on track for your retirement so you can focus on today instead of worrying about tomorrow.
A Plan to Increase Wealth
Did you know that while approximately 96% of pre-retirees and 89% of retirees are concerned about their financial future, only 50% meet with a financial advisor to discuss their situation? (1) Meeting with an advisor doesn’t only give you confidence and peace of mind, it provides real results! The data presented in an HSBC study on the future of retirement shows us that those who created a financial plan amassed nearly 250% more retirement savings than those without a plan. (2) Are you convinced yet?
Take Care of the Details
Furthermore, having an advisor on your financial support team means that you also have someone to take care of details that might go overlooked, such as tax issues, health care, or legacy planning. You may think you don’t have enough money to benefit from having a financial advisor, but those who plan for their financial future are more prepared for their retirement, and this is true regardless of what you make. (3)
So, what does a financial plan look like?
Your Financial Plan
Do you know what a financial plan includes? It involves much more than just investing in an IRA. When we sit down to assess your individual needs, here are some questions we will answer:
- Are you on track for retirement?
- Could you benefit from estate planning?
- Do you have adequate insurance coverage?
- Is there too much risk in your portfolio?
- Are you paying too much in fees?
- Have you considered succession planning for your business?
- Are there easy ways to reach your goals faster?
We analyze the whole picture to ensure that your financial health is top-notch. Don’t be part of the majority who worries about their financial future, but instead, make 2017 the year that your finances thrive. Your first step to a secure financial future is to make a plan. If you know that you need to take control of your finances, make an appointment now or call us at 909-981-1720.
About Philip
Philip A. Board MSFS, CFS, is a retirement planning specialist and the founder of 1on1financial, an independent comprehensive investment firm serving individuals and businesses near Upland, California. Through educational workshops and a non-sales environment, 1on1financial specializes in working with employees of Southern California Edison, UPS, Esri and Verizon.
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(1) https://www.soa.org/Files/Research/research-2014-retire-survey-findings.pdf
(2) http://www.hsbc.com/~/media/HSBC-com/about-hsbc/structure-and-network/retirement/pdfs/130905-life-after-work.ashx?WT.ac=HGHQ_FR_nr1.2_On
(3) https://www.cfp.net/docs/news-events---research-facts-figures/2012_household_financial_planning_survey.pdf?sfvrsn=2