Financial Legacy Planning

"Preserving and managing tangible wealth in a complex and uncertain world can be a challenge. However, the greatest challenge you and your family might face is defining, reflecting on and expressing what your wealth really means."

It’s Not Just About the Money

When it comes to retirement more things are taking into consideration besides just money and investments. For many Americans, retiring in this new century is a mystery. Earlier generations of workers could rely on employer-provided pensions, but now many workers will need to rely on their own work-related and personal savings plus Social Security benefits. These savings have to last longer because Americans are living longer. For many, saving for retirement is something that gets put off for tomorrow, then life gets in the way and tomorrow never happens. Getting started today will help you put time on your side, because the more time you have to plan and prepare, the better your choices will be.

How to get stated saving for tomorrow?

Pay yourself First
This commonly used  personal financial golden rule refers to the practice of automatically making a savings contribution or investment with your income before it can reach your wallet.  When you contribute a percentage of your income to your retirement plan or savings account each pay period (usually 10-15%), it is done automatically, before you receive the rest of your income for paying your monthly living expenses. When you pay yourself first, you ensure the specified amount of money you want to save really does make it into your savings account or investment, if  you don't you will probably find yourself at the end of each pay period or month without any money left over to save or invest. 
 
Prepare a balance sheet. 
preparing a balance sheet shows your assets and liabilities to determine your net worth. Assets include personal possessions of value, such as cash, real estate and investments. Liabilities are your debts and legal obligations. 

Get rid of debt. 
Stop spend your money vigorously, cut back on the bad debt you collect on credit and stick to a savings plan. Head into retirement with no debt on the balance sheet, is ideal.  If you have debt, and retirement is on the horizon, go after the debts with the highest interest rates first. 

**The information provided on this web page  is for general reference only and is not legal advice. You should consult an attorney who is licensed to practice law in your state of residence to interpret and apply this information to your particular situation.