“Retirement planning” might be more commonly used terminology, but at Wymer Brownlee, we prefer to call it “financial independence planning.” Many of our clients don’t truly want to retire in the traditional sense of the word. They simply want to know that they CAN, and having a roadmap to financial independence makes it clear that choice is theirs.
In my experience, most people think of financial planning as a tool to show them two things: 1) When can I retire? and 2) How much do I need to save/invest now to do so? But financial independence planning is about so much more than that. It’s not a vague sense of when you can quit working and how you’ll sustain your lifestyle without that primary source of income. Rather, it’s a very specific plan for the resources you’ll need to live the life you want in the future. In some ways, it’s like looking into a crystal ball, and it’s a great joy of my job to show clients that their vision for the future is, in fact, possible.
Using sophisticated financial planning resources, I am able to map out the income and assets you need to live on adjusted for inflation. I can anticipate changes in cost of living for the markets in which you plan to live. I factor in your passions – whether that’s philanthropy and charitable giving or traveling the globe – which will continue to be sources of fulfillment well past your working years. This plan is the foundation for all financial strategies I recommend. It shapes where you invest, how you fund education for your family, and identifies insurance policies and estate planning needs that can protect and grow your wealth.
Most importantly, a financial independence plan will tell you what to do NOW to help make reaching the goal line more attainable. You can’t wait until the two-minute warning to start saving and pay off debt. Work with your financial advisor now to manage cash flow and debt, plan for major future expenses and review for proper investment allocations* so your assets have a better chance of lasting throughout your golden years. When financial independence becomes a reality and you can decide what comes next, that’s a touchdown!
Blog by Stephen O’Neill, Senior Wealth Advisor.
NOTE: Asset allocation does not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Category: Financial Service Team, Leaders
