Planning Your Financial Plan

There is a great deal of news these days pointing out that we’re living longer than ever. The big question is: Will we outlive our retirement income?

Regardless of your current age, income level or net worth, it can be important to look ahead to retirement and put together a plan to help ensure you will be able to take care of yourself in your later years. A stumbling block in getting started is simply understanding complexities of managing your financial affairs.

This is where a professional financial advisor may be able to get you over the hurdles. This counselor can look at everything from your present financial situation to your investment risk tolerance to your tax liabilities to your retirement goals and work with you to create a plan to address your specific situation. In other words, you need to know where you are now financially and where you want to be in the future and how to get there.

The first time you sit down with a financial advisor you will likely have an exploratory session to review and analyze your present circumstances, including the type of insurance(s) you may have, any retirement account(s), savings, and investments. During the course of this meeting, you can expect to discuss any number of issues of importance to you, including:
1. When you would you like to retire and what kind of retirement lifestyle you envision for yourself?
2. What life changes do you anticipate, such as buying a home, getting married, having children, changing your job or becoming your own boss?
3. If you have or will have children, who will pay for their education?
4. If you had a serious accident or illness and couldn’t work or if you lost your job, how would you make ends meet?
5. Do you have an estate plan to help protect your assets and minimize certain tax liabilities for your heirs?

Once you have determined where you want to be financially, your advisor can develop with you a plan to lay out steps to help meet your goals. Setting up the roadmap to your future and conducting an annual review with your financial consultant will go a long way toward helping you maximize your assets and limit your liabilities, now and through retirement. Planning your financial plan begins with that first step with a skilled and qualified advisor.

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About the author: About Ronald Bernheim, the owner of Financial Freedom Wealth Management Services, in Chatsworth, CA. He offers a free, no-obligation counseling session to determine whether a financial review or comprehensive plan is indicated. Interested parties may call (818) 626-9498 or e-mail or visit the website at

Disclosure: All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: California, Arizona, Florida, Washington