SEVEN FACETS OF EXTENSIVE FINANCIAL ROADMAP
For peaceful and stress-free retirement, it is important to come up with an extensive financial plan. It looks at the following areas: education, estate, insurance, investment, money management, retirement, and tax. Money management is the most vital part because this is the core of financial planning.
Education. Parents desire nothing but the best for their children. But majority of them always end up compromising their education by picking the wrong instrument or missing opportunities for a grant or scholarship. Being one of the most significant aspects of a financial plan, choose the right vehicle to ensure their bright future ahead.
Estate. This process encompasses creating a living will, naming an executor and benefits, curbing estate taxes, and forming a durable power of attorney. Estate planning is imperative the moment a person turns 18 or the financial security of your loved ones may be at risk.
Insurance. Most people think nothing bad will happen to them. But no one can predict the future. Hence, it pays to protect oneself against unforeseeable events. Many people recognize the necessity to obtain an insurance but do not even consider getting one. Not expecting the worst is a recipe for financial disaster in the long run.
Investment. There is more to investment than purchasing and selling securities. Everyone can do that. Even robo advisors. However, robots can never replace financial advisors’ capability to analyze and employ the best investment techniques to meet financial goals and adhere to existing regulations.
Retirement and Tax. These two items are almost interrelated. The American College of Financial Services said retirees who receive Social Security payments either do not pay their taxes, will still pay for it, or will lower their taxes by doing some planning. When a taxpayer’s adjusted gross income is high, a considerable portion of his Social Security benefits is subject to tax and the premiums to Medicare (part B and D) will escalate as well.
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