Archive for April, 2012

Planning for your Future: The Importance of Estate Planning

Wednesday, April 25th, 2012

Amazingly, more than 70% of Americans have no form of estate plan legally filed. And without an estate plan in place, you lose all say about your property, medical and final arrangements should you pass away. Without an estate plan…

  • Attending doctors or the hospital will make medical decisions,
  • Your family members will decide on burial arrangements, and
  • State law will dictate the distribution of assets.

Estate planning is a process where an individual indicates in writing how his/her money and other property should be managed while he/she is living and after death. An estate plan also indicates what should happen in the event that an individual becomes mentally incapable of making financial or health-related decisions.

So take control of your life; draft an estate plan. It is actually easier than you may think. And enlisting the help of a professional financial consultant can make this process even easier.

For starters, ask yourself the following questions:

  • What are my assets and what is their approximate value?
  • Which people or organizations do I want to have these assets, and do I wish to give them up during my lifetime or after my death?
  • Who should manage these assets during my lifetime if I become unable to do so or after my death if management is needed?
  • Who should make decisions about my medical care and finances if I cannot make them?
  • After I die, do I want my remains to be donated, cremated, scattered, or buried?

These questions will help guide you through the estate planning process. Your estate plan will incorporate several documents – a will or a living trust, a durable power of attorney for finances and health care, and advanced medical directives – that will address the above questions.

For more information about Estate Plans, or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

Estate Plans Help Seniors Keep Control

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Do-It-Yourself Financial Planning vs. Hiring a Professional Financial Planner

Wednesday, April 18th, 2012

Time and time again, we hear of individuals who choose to handle their finances on their own. While this is perfectly acceptable (as long as you know what you are doing), it does have its drawbacks.

DIY Financial Planning

Benefits

  • Save Money.
  • You can learn the basics by reading books on personal finance, attending seminars, and using computer software.
  • You will be able to handle most basic financial tasks.

Disadvantages

  • You will not be prepared to handle more in-depth financial planning tasks, such as: How to reorganize your present investments in order to increase your net after-tax investment return; How to structure the investments held by you and your family in order to maximize the potential financial aid for education funding or long term care; How to select and purchase the best mix of investments and insurance to pre-fund education, survivor needs and retirement income expenses; What changes should be made in your estate plan and retirement plans as result of a thorough needs analysis and goal setting; And much more!
  • You probably do not have the time needed to adequately handle your finances the way a professional financial adviser would.
  • You probably do not have the licenses to make the purchases of products directly.

Professional Financial Adviser

Disadvantages

  • You will have to pay a professional financial adviser.

Benefits

  • Sufficient experience guiding personal financial affairs.
  • Professional education, both initial and ongoing.
  • Standing in recognized financial associations.
  • Adherence to the developed professional standards.
  • A commitment to client service and your objectives.
  • The capacity to fulfill your current and future needs.
  • Sufficient staff, facilities and computer equipment.
  • Provides comprehensive analysis and ongoing services.
  • And much, much more!

For professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

Obtaining Professional Advice

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Protecting Yourself Against Fraud: Selecting a Financial Advisor

Wednesday, April 11th, 2012

Most people, at some point in their lives, will need financial advice. When the time comes for you to reach out to a professional financial advisor, whom should you trust? How can you be sure that the financial advisor you choose has your best interests in mind? How do you know that your money is in good hands?

Unfortunately, there is no way to ensure your money is 100% protected. But you can take the following steps to help protect yourself from financial fraud.

1. Take Responsibility: You are hiring a financial ADVISOR. You are still in control…never forget that.

2. Choose Carefully: Your financial advisor will have access to your personal finances, so be sure you choose your financial advisor carefully. An important part of making your choice is to meet candidates in person. Never hire a financial advisor without first meeting face-to-face.

3. Check the Advisor’s Background: Check to be sure the advisor is a Registered Investment Adviser (RIA), and ask to see form ADV, which details any history of regulatory problems and outlines the advisor’s experience and practice methods. Also, references are a good indicator of a financial advisor’s professionalism…so do not be afraid to ask for references.

4. Listen Carefully: Listen to what your potential financial advisor has to say. They should set realistic goals while outlining potential risks. Remember, if it sounds too good to be true, it probably is. Try and avoid financial advisors that make outlandish claims about making you tons of money.

5. Evaluate Concerns: Your financial advisor should be concerned first and foremost with your financial well being.

6. Understand Payments: Do you know how you will be charged? If not, ask. Ask how you will be charged (commission, hourly fee, flat fee or a combination) now and in the future.

7. What is the Advisor’s Specialty? Be sure that you choose a financial advisor that can best work with your portfolio.

8. Be in Control: Do not sign any documents before reading them thoroughly, and never sign blank documents. And consider carefully before giving your financial advisor power of attorney over your finances.

9. Be sure to Receive Statements: Stay in the loop and make sure your financial advisor sends you regular statements regarding your finances.

10. Keep Up: You should receive regular updates from your financial advisor, as well as from the companies where you have investments or insurance. Remember, it is YOUR money. Make sure you know what is going on!

11. Trust Safe Retirement Solutions: Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

For professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

Protect Yourself Against Fraud

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The Benefits of Professional Financial Planning

Wednesday, April 4th, 2012

Did you take our financial test last week? How did you do? Perhaps you passed with flying colors. Maybe you stuggled. Either way, you could still benefit from professional financial planning. Don’t believe us?

Benefits of Professional Financial Planning

The primary goal of a professional financial planner is to help you maintain a comfortable lifestyle while still putting away enough money for the future. What is even more impressive is that financial planners are able to consolidate all aspects of your financial life into one coordinated plan. So, unlike stockbrokers, bankers, insurance agents, or accountants, your financial planner helps make your life less complicated…not more complicated.

The Financial Planning Process

The Foundation

  1. Make basic decisions about your current needs and financial objectives.
  2. Outline your financial goals.
  3. Clarify your financial objectives.
  4. Set financial priorities.

Fact Gathering

  1. Review your investment portfolio
  2. Review insurance contracts
  3. Review the benefit plan provided by your company
  4. Analyze your monthly income
  5. Analyze your monthly expenditures

The Financial Plan

  1. Cash Flow Budgeting Analysis 
  2. Capital Management (debt and investment portfolios) 
  3. Estate Planning and Liquidity Analysis 
  4. Income Tax Planning 
  5. Retirement (forecasting benefits, costs and options) 
  6. Insurance Needs (life, property, casualty and disability) 
  7. Educational Funding Requirements
  8. Employee Benefit Analysis (coordinate personal holdings)
  9. Closely-held Business Analysis 

For professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

What Benefits Can A Planner Provide?

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