Financial Goals and Resources Analysis,
Investopedia.com defines financial planning as “A financial plan is a document that details a person’s current financial circumstances (FINANCIAL RESOURCES) and their short- and long-term monetary goals. It includes strategies to achieve those goals (FINANCIAL GOALS)”. Retirement planning concentrates on satisfying goals related to retirement, -as a rule always part of part of financial planning.
Sounds easy enough, but…
Goals
Goals need to be identified. And goals change over time. The causes of change are innumerable and specific to each client. For example, having children or grandchildren, moving up or back a retirement date, changing careers, changing residence before or after retirement, changing the dollar amount of a goal, are but a few examples. Our 25-year experience allows us to quickly quantify and incorporate these changes whenever required. Changes to goals should be expected.
Financial Resources
Financial resources include a myriad of items that support achievement of your goals. They include current income, inheritances, retirement investment accounts, (401(k), 403(b) and IRA’s), investment accounts, savings capability, future pensions, Social Security, etc. Time is an important resource, -the more time before the need to rely on goals, -the better.