It’s not conveying anything new when we say that we are living in very uncertain times. But one thing we know for sure, just as you should use a roadmap when you head out for a trip, the same is true for your personal finances. You need a financial roadmap in order to arrive at the desired destination.
Rather than a just roadmap though, wouldn’t it be even smarter to have someone who can act as your personal CFO and financial guide? A person who could review where you are in your financial and investment cycle and assess how well you are prepared for your retirement and any other future life experiences.
If are unsure that you are getting the best advice, we suggest that you get another opinion from a proven expert in the field. Simon Financial Group is offering a free personal Financial Check-up to evaluate how well you are navigating towards a worry-free and successful financial destination.
To get you started, here is a list of items to consider:
- You probably have several people advising you, e.g., an insurance professional, an attorney, an accountant, and a financial advisor. If yes, you are on the right track!
- However, it’s probable that none of your advisors are speaking to one another and therefore do not have a total picture of your personal financial circumstances. Do you have someone taking a 10,000-foot overview of your financial affairs?
- Do you know if your current financial advisor is a fiduciary? That means he/she is legally responsible to act in your best interest and not in the best interest of themselves. If they are not a fiduciary, you may want to consider a review of their work.
- Where do you want to be financially in the next 3-5 years? Do you know if you are on track to meet those goals?
- What stage of life are you in now? Here are a few important tips to consider, depending on your age and life situation — 20s, 30s, 40s, 50s, 60s, beyond.
- If you have young children or grandchildren, are you saving for their college or advanced education through a 529 Plan or Coverdell Savings Account?
- Do you have a plan for retirement? How soon is that on the horizon?
- What interest rate do you need to earn to accomplish the goals you have set for your retirement?
- Do you own a family-run business? Do you have a succession plan in place?
- Are your legal documents, such as a will, a living will, trusts, etc., all in order, updated, and in one safe place? Does your next of kin know where those papers can be easily found? Are the ownership & beneficiary arrangements in sync with your legal documents?
- With the many changes in the tax laws that were put in place over the last 18 months, have you modified your legal documents to take advantage of these changes, which pertain to everyone?
- Are your children & family protected if you should lose your income due to illness, disability or death?
- Have you addressed and protected your net worth with a long-term care policy?
- Is your family adhering to some sort of budget to provide needed cash for monthly and quarterly expenses?
- In the past year and a half, many people have lost their jobs or changed jobs or careers. If you are in this situation it could mean that:
- You are paying higher health premiums through a COBRA plan
- You have lost your group life insurance protection and/or disability insurance
- Your 401K is still with your previous employer
- You may have accumulated extra cash during this time, which is lying dormant in the bank – now is a good time to get the money working for you!
If you find yourself in the above situation, it would be helpful to have one person to call on who can advise you how best to move forward and protect yourself, your family, and your assets, as well as put you in control of all your finances.
You’ve worked so hard to accumulate your wealth, don’t become one of the stories we have all heard regarding unanticipated issues with taxes, fees and the additional distress for yourself & your loved ones.
With the uncertain times we are living in today, it’s important to protect the ones you love and be as financially secure as possible. At the end of the day, will you have financial peace of mind, control over your wealth, and security for any contingency?
Simon Says® - Take advantage of our holistic financial review. There is no obligation to have Simon Financial Group give you a second opinion and confirm that you are on the right track.
I would be happy to discuss any of this on a Zoom call with you. You can set up a convenient time through my calendar app or feel free to reach out by phone at 732-623-2070.
Saul Simon is a registered representative of Lincoln Financial Advisors.
Simon Financial Group is a marketing name for securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Lincoln Financial Advisors does not offer legal or tax advice. Simon Financial Group is a marketing name for representatives of Lincoln Financial Advisors. CRN-3881436-102221.