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Planning for The Future at Every Stage

Wherever you are in life - fresh out of college, in the prime of your career, or anticipating retirement - you have goals for the future. Planning for your financial future may seem complicated in today's world and a broad knowledge of everything, from complex investment products to elaborate tax laws, is required.

Throughout the financial planning process, we never lose sight of one essential element - personal service. We provide the best of both worlds: the resources of a large company and the personal attention you deserve. When you partner with the Simon Financial Group, you work with a team of professionals in investment and retirement planning, education funding, insurance, estate planning and business owner planning.

Get started on your path today. Select your age group below for a comprehensive list of financial essentials that you should consider.

Decades of Sound Financial Planning

Financial Essentials for Your 20s

  1. Save for retirement.
    401(k) and 403(b) plans through your employer allow you to invest funds, tax-deferred, in a painless and regular way. Withdrawals of earnings are taxable as ordinary income and, if taken prior to age 59½, may be subject to a 10% federal tax penalty.
  2. Create a budget. 
    Figure out where you stand: how much you earn, how much you owe and how much you regularly spend. Then create your budget and stick to it.
  3. Pay off consumer debt. 
    Pay off a credit card as soon as possible to reduce your interest payment.  If you can't pay cards off quickly, try a consolidation loan.
  4. Start a savings program. 
    Make it a habit to save and invest. Contributing to an employer plan that offers the benefit of tax-deferred growth potential is a good first step.
  5. Determine personal insurance needs. 
    Accidents and illness can be financially devastating. Determine your needs and consider life insurance and disability income insurance through your employer.
  6. Protect belongings with insurance. 
    Check out a homeowner's policy or renter's insurance as an inexpensive way to protect your possessions against theft or fire.
  7. Create a Living Will. 
    If you should become seriously ill, a Living Will can assist your family in making medical decisions according to your wishes.

Financial Essentials for Your 30s

  1. Save for retirement. 
    401(k) and 403(b) plans through your employer allow you to invest funds, tax-deferred, in a painless and regular way. Withdrawals of earnings are taxable as ordinary income and, if taken prior to age 59½, may be subject to a 10% federal tax penalty.
  2. Pay off consumer debt. 
    Paying off high-interest debt is the first way to begin saving. Pay off a credit card as soon as possible to avoid paying monthly interest.
  3. Consider mutual funds. 
    Mutual funds can be a way to invest while minimizing the risks associated with owning individual stocks and bonds. Work with an advisor to find funds that match your needs and goals.
  4. Analyze benefits from your employer. 
    Make sure that you're using your benefits to your advantage, including retirement plans, insurance, health coverage and even group discounts.
  5. Write a Simple Will and a Living Will. 
    If you die without a Simple Will to distribute your property, your loved ones will be put in a difficult legal position. A Living Will can help them make medical decisions if you become seriously ill.
  6. Review insurance needs. 
    Review your coverage for auto, life and disability insurance. Do you have enough coverage for yourself and your family in case of emergency?
  7. Begin an education savings plan. 
    If you have children, or plan to, begin saving now for their education. With education costs soaring, starting early is important for building up a fund.
  8. Anticipate housing needs. 
    Consider a separate savings plan to finance moving or expansion to accommodate a growing family or aging parents.
  9. Name a guardian for your children. 
    Protect your children by legally naming the person responsible for them should you and your partner die.

Financial Essentials for Your 40s

  1. Diversify investments. 
    Expand your investment options to provide a mix of higher-return and more secure investments according to your plans for retirement. Diversification may help reduce, but cannot eliminate, risk of investment losses.  Historical performance relative to risk and return points to, but does not guarantee, the same relationship for future performance.  There is no assurance that by assuming more risk, you are guaranteed to achieve better results.
  2. Develop an estate plan. 
    A plan for your property and assets can help ensure that more of the earnings you've accumulated will go to your children or beneficiaries.
  3. Review your Will. 
    Changes in your family or other circumstances make it important to regularly review your plans for your property and your medical care.
  4. Re-evaluate insurance needs. 
    Review your coverage for auto, life, universal liability and disability insurance. Can you save money by choosing a higher deductible?
  5. Analyze employer benefits. 
    Make sure that you're using your benefits to your advantage, including retirement plans, insurance, health coverage and even group discounts.
  6. Review business agreements and transfer plans. 
    If you have a business, you need to plan for a fair and predictable transfer of your business should you die or wish to move on.
  7. Continue to build education funds. 
    Anticipate the cost of higher education for your children and evaluate your plans for building a fund to pay for their education.
  8. Investigate a trust. 
    Planning now to establish trusts for your children or loved ones can be a way to pass along their inheritance with less of a tax burden.

Financial Essentials for Your 50s

  1. Evaluate and update retirement plans. 
    Decide where and how you want to live after your retirement and explore your financial needs to meet these goals.
  2. Diversify your investments. 
    Evaluate your retirement savings and expand your investment options, if needed, to balance future growth with current income.
  3. Think about long term health care. 
    Plan your savings and insurance to help protect yourself or your spouse should either of you require health care for an extended period.
  4. Review business agreements and transfer plans. 
    If you have a business, you need to plan for a fair and predictable transfer of your business should you die or wish to move on.
  5. Re-evaluate insurance needs. 
    Review coverage for disability and life coverage in light of possible retirement plans and grown children; consider umbrella liability coverage.
  6. Review estate plan. 
    Work with an advisor to develop or review a plan for your property and assets, including your Will, trusts, liquidity of assets and gifting.
  7. Review and revise Will and Living Will. 
    Changes in your family or other circumstances make it important to regularly review your plans for your property and your medical care.
  8. Analyze employer benefits. 
    Make sure that you're using your benefits to your advantage, including retirement plans, insurance, health coverage and even group discounts.
  9. Consider annuities. 
    Annuities are insurance products that can guarantee* you a fixed income after you retire. They can be a supplement to other savings plans.

*Guarantees are backed by the claims paying ability of the insurance company.

Financial Essentials for Your 60s

  1. Re-evaluate budget and cash flow. 
    Creating a budget is crucial to fulfilling your plans for retirement. Be sure to plan on a reserve for emergency situations when evaluating your needs.
  2. Review your Will and Living Will. 
    Changes in your family or other circumstances make it important to regularly review your plans for your property and your medical care.
  3. Review estate plan. 
    Work with an advisor to develop or review a plan for your property and assets, including your Will, trusts, liquidity of assets and gifting.
  4. Consider income-potential investments. 
    Depending on your tolerance for risk and your retirement cash needs, explore higher-return investments with your advisor.
  5. Look into part-time employment. 
    Depending on your plans, you can supplement your savings with part-time employment. Volunteer work can also help you by building a support network within your community.
  6. Make sure long term care needs are met. 
    Plan and discuss your desires and needs for possible long-term healthcare needs with your family.
  7. Supplement Medicare. 
    Medicare may not be enough to provide the level of care you need; work with an agent to determine an affordable level of coverage.
  8. Review business agreements and transfer plans. 
    If you have a business, you need to plan for a fair and predictable transfer of your business should you die or wish to move on.
  9. Consider annuities.
    Annuities are insurance products that can guarantee* you a fixed income after you retire. They can be a supplement to other savings plans.

*Guarantees are backed by the claims paying ability of the insurance company.

Financial Essentials for Your 70s

  1. Review your Will and Living Will.
    Changes in your family or other circumstances make it important to regularly review your plans for your property and your medical care.
  2. Review estate plan.
    Work with an advisor to develop or review a plan for your property and assets, including your Will, trusts, liquidity of assets and gifting.
  3. Re-evaluate budget and cash flow.
    Creating a budget is crucial to fulfilling your plans for retirement. Be sure to plan on a reserve for emergency situations when evaluating your needs.
  4. Make sure long term care needs are met.
    Plan and discuss your desires and needs for possible long-term healthcare with your family.
  5. Supplement Medicare.
    Medicare may not be enough to provide the level of care you need; work with an agent to determine an affordable level of coverage.
  6. Review business agreements and transfer plans.
    If you have a business, you need to plan for a fair and predictable transfer of your business should you die or wish to move on.

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