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What's Your Financial Plan?

Published by Adam Hale on 24 Jan 2019

No matter what your income level, whether you're married with a family, or if you're single, we all need a financial plan in place. What’s your plan? If you aren’t sure where to start, here are 4 ideas to help you get started on a plan. 

1.) Retirement savings. It’s essential that you start saving for your retirement and the sooner the better. You are never too young to start investing in your future. Be sure to diversify your investments. If you’re in your 20's, your financial strategy may be different than if you started saving when thinking_of_something_in_bubble_9005you were 40-50 years old. Life changes happen all the time and your strategy may change from time to time as well. The strategy you choose will depend on at least 4 things, your:

* Age

* Tax bracket

* Total assets

* Risk tolerance

The important thing is that you continue saving and investing in your future.

2.) Disability insurance. Although this insurance is often overlooked, it’s actually an important thing to include in your financial planning. You should have coverage for both short-term and long-term disabilities. The pay-out on disability insurance is generally tax-free and usually covers 60-80% of your pretax income.

3.) Life insurance. This is very important especially if you have dependents. As a caregiver, if at any point your absence would create a financial hardship for your family, you need life insurance. Be sure you have enough coverage to support your household through the tough times. Keep your beneficiaries up-to-date.

4.) Estate plan. Establish an estate plan that will meet your needs. Contact your accountant and your lawyer to get your plan in writing. They can assist you in ensuring you've covered all your needs in your plan. Then reconnect with your professionals at least once a year to ensure that you’re current with the tax laws, make any updates to your beneficiaries, and your personal circumstances. 

It’s never too early to get started on your financial plan. At Summit CPA we offer multiple resources to assist you with all of your tax and financial needs. Contact our office at 866-497-9761 to schedule an appointment with our advisors.


                                                                                               WE SPECIALIZE IN VIRTUAL CFO SERVICES 


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