A comprehensive financial plan is a road map for your financial future.
It stands to reason that people with a financial plan are more confident and more successful with their financial decisions, including when and how to retire. We work hard to help you quantify your lifetime financial goals, evaluate the resources available to you, and analyze how best to position these resources to provide for your goals. We periodically monitor the financial plan with you to ensure you stay on track. As life events occur, we help to update the financial plan so that you can remain on course.
A sound financial plan helps answer questions such as:
· What are our important financial goals, near-term and long-term?
· Are we saving enough for a comfortable retirement?
· Can we retire early? Do we need to work longer than expected?
· What is my risk tolerance and how should I invest my retirement savings?
· What options do we have to minimize taxes while benefitting loved ones and charities?
· What is the best way to save for college expenses?
· Should I plan to take my social security retirement benefit early or delay for a larger payment?
· What are my insurance needs and how will they change over time? Do I have the right amount of life insurance? Should my automobile and homeowner’s policy be supplemented with umbrella liability insurance? Should I consider long-term care insurance, and if so at what age should I purchase it?
How Financial Planning works with Townsend Wealth Management
During the financial planning process, questions that will affect your financial future are addressed and recommendations are prepared. These recommendations are woven together with detailed annual projections of income, expenses, and net worth to form the foundation of the financial plan. We will test alternate scenarios and “what-if” questions that are important to you. Using statistical analysis, the plan will be stress-tested against different economic and market conditions to include a reasonable safety margin for your success.
Compensation for Financial Planning Services
We quote a flat-fee price in advance of our financial planning services and do not receive any outside compensation based on the advice we provide. Because we are an independent, fee-only firm, we can focus on the advice that is in your best interests.