August 07, 2020

What is your Number?

No – not your phone number- ha-ha. The number that I am talking about is the amount of money that you will need at retirement or whenever you decide to stop working. Do you know what it is? If you don’t – you are not alone. Over 95% of pre-retirees do not know what their number is.

As a CERTIFIED FINANCIAL PLANNER™, CFP®/Retirement Income Planning Specialist, there are three major things that I do to help my clients with this question:

1): Determine the capital sum of money they will need by the time they stop working to fund the next phase of their lives. Once they have this number the next part to solving this equation is figuring out HOW they will get there.

2): Once we are very clear about what this number is along with financial goals, the professional part of what I do starts. I develop a customized Comprehensive Financial Plan that we use as a roadmap for meeting financial goals, getting to the Number, and retirement income that my client will not outlive. The Comprehensive Financial Plan addresses areas such as: Insurance needs (Life, Disability, Long -Term Care), budgeting, investing, portfolio design, tax- planning/paycheck analysiscollege planning, estate planning, and more. This Long- Term Financial plan is implemented and reviewed annually.

3): The third, and extremely significant item is that I coach my clients to continue working the plan. I help keep them on track so that they do not react to all the cycles of the economy and all the fads and fears of the market. This is crucial to the success of the long- term, goal focused, planning driven, portfolio that we have implemented, funded/continue to fund. This is contrary to what most people do- especially if they are not working with an advisor. They operate on a reactive, short-term, unfocused manner to all of the externals that they have no control over!

Having a financial advisor in your corner through good times and especially crazy times like now, is invaluable.  If you would like help in finding your Number, visit www.prudencefinancial.com and schedule a complimentary, no obligation, 15 minute conversation with me. I look forward to helping you!

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