Mark begins this week with some housekeeping by providing Ed Slott updates and giving some details on upcoming wealth management events. He then goes into an overview of what’s going on right now with the economy and the current state of the markets. Mark gives his take on the debate going on over the debt ceiling and gives his predictions for what we can expect regarding tax increases in the future. The webinar ends with his Financial 15 where he explores the question, “Why Is Financial Planning so Important?”
Why is Financial Planning Important?
For Mark, financial planning is about more than just mapping out your goals and calculating your risk tolerance. Having a strong financial plan achieves the following:
- It gives you a foundation for decision-making. Whether the decisions have to do with investing, your spending habits, or what lifestyle experiences you can afford, having a financial plan will allow you to see different potential outcomes depending on what actions you take and help you choose accordingly.
- It identifies issues that you may not be aware of otherwise. For example, having a financial plan could help you be more aware of any issues surrounding your Income Related Monthly Adjusted Amounts (IRMAA) and other tax planning issues. It can also help you better understand how your Social Security benefits will be taxed and how that may impact your retirement savings. By having a solid grasp on what your financial situation looks like now and what your plan is for your future finances, you’ll be able to retire with more confidence that nothing will take you by surprise and risk your financial stability.
- Critical Items/Strategic Adjustments and their Effect over time. Strategic adjustments now can have an overwhelmingly positive effect over time, while letting inefficiencies continue can have an overwhelmingly negative effect over time.
- Review annually. Once you set up your financial plan and get everything in order, it’s important to stay on top of it and review your plans annually.
Financial planning is hard work and it’s incredibly complex, so having a team of professionals you trust in your corner can help ensure that you’re making the most of your finances with a strong plan that will protect you throughout your retirement. If you’d like to begin a discussion with one of our advisors about your plans, contact us today.
Each Tuesday at 10:00 a.m. (except Tuesdays that follow Market Holidays), I hold a Live Webinar where I discuss recent headlines, IRA and retirement issues from the Ed Slott Group, market updates, and analyst reports, and a timely Financial Planning strategy or technique.
This week I discuss why Financial Planning is so important to your financial success. Financial Planning is more than setting goals and following risk tolerances. True Financial Planning helps identify critical items that can make significant differences in your financial outcomes, as well as raise awareness of potential issues that you may not know about.
Please don’t hesitate to email us with any questions you have or if you’d like to schedule an appointment with us. You can reach us at email@example.com.
Each webinar is indexed so you can jump to the section that interests you most or watch the entire broadcast.
Mark Byelich is a Certified Financial Planner™ practitioner and also holds the Accredited Investment Fiduciary® designation. He is a member of Ed Slott’s Master Elite Advisor Group. This exclusive group is comprised of nearly 400 of the nation’s top financial professionals who are dedicated to the ongoing training and mastery of advanced retirement account and tax planning laws and strategies.
Mark is committed to education and professional development in the financial services field and has been asked to speak by major news organizations and to his peers around the country about financial planning strategies.
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The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.
Attleboro Wealth Management, LLC is a Registered Investment Adviser. This program is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Attleboro Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Attleboro Wealth Management, LLC unless a client service agreement is in place.