The Importance of Sound Financial Planning

Do you feel ready for retirement?  If your answer is “no,” you are not alone.

A report released in 2023 from the Federal Reserve System shows that only 31% of adults feel they are financially ready for retirement. (1)

Being negligent of your retirement planning could cast a long shadow over your golden years.  The potential outcome of this sounds increasingly bleak – you may outlive your savings, find that you have inadequate healthcare coverage at an age where healthcare coverage is imperative, find yourself reliant on social services, and more.  Even if your retirement savings is enough to live on, is it enough for you to do the things you want, not just the things you need?  Without careful retirement planning, you could find yourself foregoing a dream vacation to pay for your essential healthcare.

Ultimately, the absence of a well-thought-out retirement plan could result in unfulfilled aspirations, diminished quality of life, and long-term financial uncertainty during your “fixed income” years.  And no one wants that.

Your Call to Action: Be Part of the 70%

It isn’t always easy to understand the ins-and-outs of investing, market fluctuations, regulation changes, and overall financial planning strategy.  And while many choose to go it alone, doing all of their own research, and making their own market decisions (some doing very well for themselves!) — there is much to be said for understanding the value of working with an expert in financial planning.

Taking advantage of professional guidance ensures the creation of a personalized financial plan, tailored to your unique goals and circumstances.  A financial planning professional can also provide insight into investment-, tax planning-, and retirement savings- strategies, ensuring a comprehensive approach to your financial well-being.

Additionally, a financial advisor can provide guidance in Strategic Investment Planning to optimize your investment portfolio.  This helps establish an alignment between your investments with your financial goals, risk tolerance, and timeline, avoiding unnecessary pitfalls.

Proactive Retirement Planning is a critical first step.  Collaborate with a financial professional to develop a robust retirement plan.  This support includes assessing your current financial situation, setting realistic retirement goals, and implementing a strategy to achieve them.

Working with a financial professional to get a clear grasp on Debt Management Strategies is also a great step toward a solid financial future.  No matter your debt situation, debt management strategies can be implemented to help you reduce and eliminate high-interest debt while fostering financial discipline.

Part of this includes the establishment and maintaining of an adequate emergency fund.  A financial safety net ensures you are prepared for unexpected expenses without derailing your long-term financial goals.  Your financial professional can help you determine an appropriate amount of funds for the account based on your income and needs; as well as the amount to contribute toward your emergency stash each month, to bring the account to where it needs to be.  This ensures saving for future emergencies does not create an emergency all its own.

While a lot can be gleaned from online research these days, professional services exist for a reason.  Empower yourself to make well-informed decisions by utilizing the knowledge and expertise of those in the financial services industry.  Long-time professionals have learned from experience – take advantage of that experience so that you don’t end up repeating someone else’s mistakes or having to learn the hard way.  Take charge of your financial future – your financial planning professional will provide the roadmap you need to navigate the complexities of personal finance, ensuring a smoother journey toward your financial goals.

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This blog is intended for general informational purposes, and should not be taken as strategy or advice by ATLAS Lifestyle Planning Group (ATLAS LPG).  ATLAS LPG encourages all individuals to consult their financial professional about these or other matters which concern their personal finances or financial strategy.  If you do not have a financial advisor, or feel you may benefit from seeking the advice of a different financial advisor, please do not hesitate to reach out directly to your ATLAS office, or contact us HERE.  Your ATLAS LPG Team is always ready and happy to help, whatever your needs may be!

 Investment advisory services offered through ATLAS Lifestyle Planning Group (ATLAS LPG), a Registered Investment Advisor.  ATLAS LPG will only provide investment advisory services in jurisdictions where it is registered as an investment adviser or exempt from registration.  Insurance and annuities offered through ATLAS Risk Management Group (ATLAS RMG) CA License # 0M41231.  ATLAS LPG and ATLAS RMG are separate entities and neither provides legal or tax advice.

Citations:
(1)  SHED Report on the Economic Well-Being of U.S. Households in 2022-May 2023.  https://www.federalreserve.gov/publications/2023-economic-well-being-of-us-households-in-2022-retirement-investments.htm / https://www.federalreserve.gov/publications/2023-economic-well-being-of-us-households-in-2022-executive-summary.htm

* Some of the information found in this article may have been provided by FMG or Assetmark Inc.