There are different stages of school and life – and different stages of financial growth and strategy. Where you are now, what your future might hold, and the financial decisions you make daily all impact savings and security. Thoughtful and deliberate financial planning allows you to graduate to a new phase of long-term planning to create opportunities for your family. Here are just four occasions that call for a review.
1. Changing Jobs
Careers tend to ebb and flow in our present society and economy. This can complicate a carefully honed financial strategy, but professional changes are not insurmountable. Sometimes you must be ready to make tough decisions if your job isn’t giving you the flexibility or growth you once had financially, and other times you may have more options than you know how to manage. There is always a good reason to leverage employer benefits by maximizing employer-matching investments or contributing to a Roth IRA for tax-free growth.
2. Family Is Expanding
Whether you get married, have a child, or welcome an elderly family member into your home, your financial responsibilities change with the number of people under your wing. Adjusting for life changes is a significant part of financial planning – sometimes you can be ready for these transitions, sometimes they present themselves without much notice. Meeting with your financial planner allows you to reassess risk tolerance and rebalance or diversify your choices toward growth.
3. Ready to Retire
If you’ve reached retirement age or suddenly have an early retirement package in your hands, your retirement planning is ready to kick in – that means it’s time to review where you stand in life. How old are you? How is your health? Do you have long-term care choices in place? Are you planning to help your children or grandchildren financially? Your financial planner is ready for your questions and concerns about the critical decision-making processes at this time of life, from gradually reducing risk to tax-efficient withdrawal strategies.
4. Major Financial Change
A divorce, an inheritance, a bonus – any significant change in the money coming in or the money going out requires a fresh look at your finances. Reassessing resources regularly is always recommended, but significant financial change demands another look and soon. This may mean starting from scratch with your financial expert, setting aside income for investments, or prioritizing spending for certain large purchases. You may also be positioned to engage with new investment vehicles that were previously unavailable to you.
Financial Planning Is How You Spell Success
Above all, every significant life change needs to be met with fresh eyes to determine if the current investment strategy matches your risk tolerance, financial goals, and stage of life and career or if adjustments need to be made. Whether you are a young professional, mid-career, or headed toward retirement, growth and risk are on the table for discussion and careful decision-making.
Schedule a meeting with the advisors at Hollander Lone Maxbauer in Southfield, MI. Design a wealth plan that works with where you are now and where you hope to be in the future. Contact us to schedule a consultation.
