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What the heck is a financial plan? Thumbnail

What the heck is a financial plan?

What the heck is a financial plan?

You probably hear the term “financial plan” often, but what does that mean? 

Here’s an example:

You're 52 years old and your wife is 52 years old and suddenly you wonder if you’ve saved enough for retirement. You’ve always said that you were going to retire at age 62. You go to sleep one night dreaming of a new car and that vacation you want to go on and you wake up the next morning and realize you have less than 10 years to go before retirement. That can be scary!

A good advisor is going to meet with you and determine 10 years from now what is the sum of money you need to live on for the rest of your life? By answering that question the advisor can create your plan.

Goal-How much money do you need and when do you need it?

Plan-How much money do you need to contribute?

Portfolio-What portfolio will get you to that goal?

Now you have a goal, a plan to reach that goal and a portfolio to achieve the goal. That’s a “financial plan” in its simplest form.

A “financial plan” doesn’t have to be complicated. It can be simple or as complex as you need it to be, but should always come in the order of goals, plan, and then portfolio.

Too often I see people only focusing on the portfolio. 

Don't just contribute to your retirement accounts willy nilly! Have a plan!

“If you aim at nothing, you will hit it every time.” -The late great Zig Ziglar

You need a plan

At 80/20 Financial Services, we are retirement planners. We specialize in retirement planning for electric cooperative employees within 5 years of retirement or already retired.

We believe a goal of retiring - without a plan to increase your income during retirement- is simply a plan to run out of money. Retirement planning is a strategy to maintain and increase that dollar amount over time.

If you're age 50 or over and still in the accumulation phase (pre-retirement) we can help you figure out where you need to go and how to get there. If you are retired or nearing retirement, we can create a plan which will outpace inflation and increase your income over time. The consultation is free and without obligation. Contact us to set up a consultation.

Our mission is to increase your time, money and peace of mind by helping you create a retirement income and investment plan that aligns with your retirement goals and then guide you through the completion of that plan year after year.

For more articles about retirement planning and investing, click here. You may also sign up to receive our weekly blog here.

Thanks for reading!

Brian Coleman-Owner/Advisor

Are you retirement ready? Click here to find out.

80/20 Financial Services is an Independent Registered Investment Advisor (RIA) registered in the state of Missouri (CRD# 300772). Being independent allows us to work exclusively for YOU. 80/20 Financial Services is the legal name of our Registered Investment Advisory Firm (RIA). Electric Cooperative Retirement Planning is what we do. Our specialty is retirement planning for electric cooperative employees planning for retirement or already retired

We specialize in helping electric cooperative employees create their retirement income and investment plans. Retirement can last 20-30 years. You need a plan!

Photo by Brett Jordan on Unsplash