Building a Solid Financial Plan Part 2

A Certified Financial Planner (CFP) can help you complete your planning. Your retirement strategy, risk management plan, long term investment plan and estate planning are the other factors to consider in building a solid financial plan. These additional categories are also crucial in building your complete strategy.

Your retirement strategy is set to provide a comfortable and independent retirement which is separate from other financial reserves. With this plan you set a course to accumulate enough money in reserve to take care of you and your family for your lifetime once you have retired. An adequate plan puts away enough to take care of circumstances as you age and are no longer earning a wage.

A risk management plan lays out the ways in which you might have exposure to unforeseen events. Additionally it takes steps to protect you and your family if such events transpire. Some type of coverage usually establishes a way to shield you and your assets. To accomplish this plan a CFP must do a full review of life and disability insurance and a number of other coverages.

Another aspect of the plan is long-term investment.  This preparation is based on your ability to take risks and your strategy for investment goals. The investments here are not built on quick profits from daily trading but on a strategy that emphasizes what will yield long-term returns.

Finally you will want to consider estate planning. This has to do with how your will distribute your funds with the best tax rates and keep as much of your nest egg as possible. Included in this category are trusts, power of attorney, medical directives and wills.

Ask Les Merritt for help with this complex set of factors to create the customized plan to fit your needs. Families and businesses have been coming to Les for more than three decades. As a CPA (Certified Public Accountant) and a CFP, he is in a unique position to advise you and your family. He can construct the right financial plan that will fit your economic circumstances. Mid summer is a great time to review where you are and make plans for the rest of the year. Call (919) 269-8553 today to set an appointment. Begin building a solid financial plan or reviewing your current one today.

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