Solidify Your Financial Plan in 5 Steps – and Just 60 Minutes

Dec 04 2019

Retirement, kids’ college costs, student loan debt, mortgage, car payments, credit card bills – the list of financial obligations goes on and on and on.
Clock illustrating 60 minutes

It can be overwhelming to figure out what to prioritize, but that’s where your financial advisor comes in. A holistic approach to financial planning means more than guiding you toward retirement. It means taking all of your goals into account and working with you to help you achieve them.

 

We’re all working toward retirement. That’s the ultimate goal, right? But planning allows you to have additional goals. If you want to retire by a certain age, buy a second home or pay for your kids’ college, those goals need to be considered with the rest of your financial plan – not as separate destinations. Everything is intertwined.

 

A 60-minute review with Bell is all it takes to get started. Here’s how it works:

 

1. Analyze debt and assets

To start, your financial planner will look at your debt and assets. After all, the best possible advice comes as a result of seeing the full picture of your financial situation. Sometimes a couple dollars here or there can make a big difference. It’s not only how much you’re contributing, but what you’re contributing to. Your financial planner will look at both.

 

2. Explore retirement

Next, we need to think about what you want your retirement to look like. If you don’t plan it, you don’t know where you’re going to end up. Someone who wants to retire early will need to save more than someone who wants to work into their 70s.

 

3. Consider other financial goals

Buying a second home or paying for your kids’ college, at the same time you’re saving for retirement and paying down debt, might seem impossible at first – until you take the time with your financial advisor to map out how to plan for those goals.

 

4. Prepare for the unexpected

A big part of a financial planner’s job is to inform you about things you might not think about. Some of those considerations include life insurance, long-term care, gifting and estate planning.

 

5. Review your plan annually

Finally, we’ll review your plan at least once a year or whenever you have a major life event, such as a career change or the birth of a child. Even a plane on autopilot needs a little correction from time to time. If you go in the wrong direction for a long period of time, it takes that much longer to get back on course.

For many people, retirement doesn’t feel like a priority until they can see it on the horizon. Financial planning is a lot easier the earlier you start, but Bell Bank financial planners can help you no matter where you are on your journey to retirement.

 

Securities and advisory services offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Bell Bank and Bell Investments are not registered broker/dealers and are not affiliated with LPL Financial. *Not FDIC Insured *Not Bank Guaranteed *May Lose Value *Not Insured by any Federal Government Agency *Not a Bank Deposit.

Back to Advice Center