Your financial plan

Financial Planning Diagram

When it comes to financial planning, we believe that there isn’t one specific plan that works for everyone. However, there are general financial matters every plan should address. Here are four to include in yours.


Do you know where you want to live or what you want to do during retirement? Your answers to these questions and questions like these will determine how much money you’ll need after you retire. You might not have all the answers now: some might change over time and some questions won’t have answers until you’re closer to retirement. Still, make a plan now and start saving – you can make adjustments as your retirement draws nearer. If your employer matches your contributions to a company retirement plan, contribute at least enough to take full advantage of the match. You can also invest in a ROTH or Traditional IRA to save for retirement. 

If you’re already retired, a plan is still essential: you need a strategy for managing your money and investments during retirement, too.

A Tax Strategy

Taxes can be complicated, especially if you have various sources of income, hold a number of assets, own property, and give to charity. A tax strategy can help you organize your tax situation and reduce the taxes you owe, maximizing your net income so you can funnel more money into savings and other financial goals.

An Estate Plan

How your assets support family, friends, and charities during your lifetime is up to you; with an estate plan, the same will hold true after you pass away. Everyone should have a Will, and depending on your situation, a Revocable Living Trust might be appropriate, too.

Charitable Giving

Instead of making donations haphazardly, make a plan for charitable giving. Decide how much you would like to donate and budget for that amount. Also consider different charitable giving options like Charitable Gift Annuities and Endowment Trusts. These can increase the power of your gift, reduce your taxes, and even provide a steady stream of income for you.

What’s missing from your financial plan?

While these might seem like four separate parts of a financial plan, they can all affect one another. For example, taxation of retirement accounts can affect how you save for retirement and how you withdraw from your accounts when you’re retired. If there is a charity that you strongly support during your lifetime, you can support them after you pass by naming them a beneficiary of your estate in your Will.

So what’s missing from your financial plan? We’d love to help: leave a comment below or send us a message, and let us know!

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