Financial Planning for Families

Family relationships give us purpose and great pleasure in our daily lives. They also come with financial obligations and commitments. These commitments shape our character and give us pride in being able to share our successes with the ones we love.

Prevention is better than cure.

I have had the fortune of working with families at every stage in life. Each stage has its share of exciting anticipation as well as anxiety and concern. Uncertainty is part of life but we can think through the issues and put preventative measures in place.

In Retirement

No matter the level of wealth there is always anxiety about maintaining a level of lifestyle and a strong desire to never need to rely on family members for assistance.

  • Are your assets balanced against the opposing forces of inflation and market risk?
  • Is insuring your nest egg a good idea or is it an unnecessary expense?
  • Will your spouse or children know how to manage things if you become incapacitated?

Nearing Retirement

As you approach retirement it can be very difficult to determine how much you really need to have saved and how to restructure your assets before walking away from a steady paycheck. Some won’t formally retire but plan to ramp down their earnings potential.

  • Have you saved enough to maintain your current lifestyle through life?
  • What can you do between now and retirement to examine all opportunities?
  • How will you manage your nest egg and how should it change going forward?
  • Will you receive a retirement package and how do you best maximize your benefits?
  • How do you intend to spend your days in retirement?

Taking Care of Parents

People are living longer and many were not prepared for a 30 year retirement. They were too conservative or aggressive with their money and / or incurred unanticipated health issues. Welcome to the sandwich generation.

  • How do you manage to take care of your parents and your children at the same time?
  • Which obligations come first and how do you prioritize and manage each need?

College Funding

Studies show and anecdotal evidence supports most families feel an obligation to support our children and grandchildren through college.

  • How do we save for college and retirement at the same time?
  • Which one comes first?
  • How can we efficiently allocate between the two?

I’d like to help you in these endeavors and plan through the issues. Let’s have a dialogue and discuss what makes your situation unique. We can create a customized plan to prepare for the future and give you confidence that no matter what’s happening you have a partner and plan to help you to deal with what comes your way.

Case Study - Deb & Peter