September 2018

Financial Planning: It’s about more than money

Author: Brenda Blisk | Photographer: M.Kat Photography

Today, we live in a 30-second sound bite world. Good communication is so very important to everyone. This is the very foundation of making sound decisions for your families, and yourself. Take, for example, 1) asset management, 2) investment planning, and 3) financial planning. These are three very different things. However, most folks living in our fast-pace world just don’t take the time to put their arms around how these three things can improve their lives. Here are three questions to illustrate:

Question # 1: How do you know you have enough to retire?
This is investment planning. To answer this question, we review what retirement income strategies are available for you. This means determining when and where you should take the money from each year (endowment spending). There are, of course, many factors we consider in assisting you in making this important decision, including tax bracket, carryforward gains/losses, and more. Investment planning around your investments is different from asset management.

Question #2: How can you protect your loved ones?
This is financial planning. One example is reviewing what measures you have in place or need to put in place to protect the people who are most important to you. We start with a review of your current life insurance and long-term care polices. Without a long-term care plan in place, you could put your entire retirement savings at risk with the rising cost of skilled or nursing home care. We then tie this information together with what you’d like to leave as a legacy or estate. If you have “special need” considerations for yourself or a family member, what tools are available to help you accomplish- this important goal and put your mind at rest?

Question #3: Are you selling a business or changing jobs?
This may be the largest amount of money you’ve ever received either in a one-time payment or over time, which may call for asset management. Does it need to be liquid? Do you need an income from it? For how long? Do you plan to start another business or go back to work? Answers to these questions will guide us in setting aside the right amount of cash reserves and creating the right asset allocation, which is implemented with good investments.

Taking all your money and dumping it in CD’s or index funds may not provide enough. Yes, you are right—those index funds aren’t going to pick themselves. This is where it is important to work with an experienced professional. A customized financial plan with an investment plan, good asset management and monitoring is key to keeping you on the right road, and providing you with the worry-free of financial security you want for your family and yourself.

Which question is on your mind? Call today for a free consultation with one of Barron’s Top Advisor Teams—Blisk Financial Group. (703) 748-5828 or (800) 262-3458.

Spire Wealth Management, LLC is a federally registered investment advisory firm. Securities offered through an affiliated company, Spire Securities, LLC., a registered broker/dealer and member FINRA/SIPC.

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