Financial Plan For Retirement: 7 Goals You Need To Know
In this episode, John discusses the financial plan for retirement and seven goals you can use as a check on any new strategy you want to implement.
John’s strength is his ability and commitment to improve the level and quality of the financial planning process.
His dedication to his clients’ growth involves an evolving strategy. His focus is to meet the demands, desires, and needs of his clients in a changing economic environment.
In this episode, John reveals how your financial plan should:
- First, grow wealth over time
- Secondly, reduce taxes now and in the future
- Reduce risk (which comes from multiple places, not just investments)
- Reduce fees and costs
- Also, provide maximum protection with the least amount of cost
- In addition, provide maximum retirement income
- Finally, pass on the maximum amount of wealth to your heirs or favorite charity
John stresses that all of these seven goals should be happening simultaneously; they should not be trade-offs.
John cautions you to take a close look at your financial plan—you may find that you’re cutting the legs out from under one goal in order to reach another. For example:
If you’re compounding wealth into the future and creating a lot of taxable income—but paying that taxable income out of your earned income or from the portfolio, you’re eroding your capital.
If you’re taking unnecessary risk, subjecting your plan to lots of volatility and have no strategy to reduce that risk, you’re exposing yourself to potential problems.
These 7 goals act as a test for everything John does. If he wants to implement a new financial strategy, it should be in alignment with these seven goals.
Give us a call at 732-542-1565 or schedule a Wealth Curve Conversation here.
We look forward to speaking with you.