Make a financial plan that will last a lifetime, or more.
March is National Nutrition Month, so why not check in on your financial nutrition? In other words, are you doing what you need now, so you have what you need to withstand longevity?
A financial plan can determine what your financial goals are, how much it will take to attain them, how much will you need to save and how much will you need to invest. Personal situations, the economy, and tax laws are constantly changing. Creating a snapshot of what your current financial position is can help you focus on future goals and create a plan of action. Risk Management, Retirement Planning, Estate Planning, or Insurance products are just a few of the planning stages and periodically updating your plan will ensure it still meets your needs.
Risk Management will determine a game plan for disability or illness or in the untimely event of premature death.
Retirement Planning can mean dealing with lump sum distributions, projecting early or late retirement, setting up some income generating strategies or minimizing tax liabilities.
Estate Planning can help protect your privacy, preserve family wealth and determine charitable giving. There are many insurance products to assist with retirement planning needs, business continuation or even Long-Term Care.
Amanda Meiklejohn is a Financial Advisor at Legacy Investment Services located at Legacy Bank, 223 S. Main St. Pratt, Kansas.