Delta Community Retirement & Investment Services
Financial Planning Month
October is Financial Planning Month, which serves as a reminder to circle up with 2019 investment goals and take a moment to evaluate where you are. This may include scheduling an annual review with a financial advisor or simply understanding what planning can do for you or your family to work towards a stable financial future.
While wealth planning may look different for each individual, even a carefully considered plan can benefit from a comprehensive review. The LPL Financial Advisors at Delta Community Retirement & Investment Services have provided insights into some of the most important topics which should be a part of your plan for your future.
Unfortunately, when it comes to planning your estate, you don’t get a “do over.” Any simple oversight could extend the amount of time that an estate is in probate and cause loved ones undue stress at an already difficult time. To make sure you leave behind a secure and steady financial legacy for those that matter most, here are some important things to keep in mind:
Review your beneficiary designations. It’s important to name beneficiaries and contingent beneficiaries for your company retirement plan, life insurance policies and IRAs. If you don’t designate beneficiaries, your assets may be required to pass through the probate process and possibly incur additional or accelerated taxation.
Appoint a guardian for your children. Deciding who you want to care for your children if something should happen to you and/or your spouse can be a very difficult topic, but it’s one of the most important decisions you’ll ever make. If you’re the primary caregiver for your parents, you should name a guardian for them as well.
The conversations and decisions that surround this topic are not easy, but they are necessary and it can be comforting to have a seasoned professional by your side.
Many people, perhaps you, have a disciplined approach to saving funds for retirement, but haven’t thought about the importance of having a plan for distributing those funds with minimal tax consequences and risk.
Very few clients enter our offices with a retirement income strategy that coordinates the timing of their Social Security, pension, 401(k)/IRA withdrawals, Required Minimum Distributions and the use of taxable investment accounts. By not considering each of these in your strategy, you’re not able to maximize the value of your available resources.
Over time, your retirement savings will be impacted by the changing environment and your current and future withdrawal needs. That’s yet another reason why it’s important to have regular financial checkups throughout all phases of retirement.
Many of our clients have found themselves working to financially support both children and parents. It’s critical, in this situation, to talk with your parents early and identify financial gaps, including healthcare, retirement income needs and estate planning. It’s also important to have a plan for any unexpected health issues or potential physical setbacks.
Aging is a process that requires a well-thought-out plan. As the aging parent, involve your adult children in your financial planning process so they can learn to help and take on some of the responsibility. When “family financial planning” is a part of the annual meeting with your advisor, you can be sure that each of your family members is informed of your future wishes and needs.
No matter what you’re facing in your life, the LPL Financial Advisors at Delta Community Retirement & Investment Services can help map out what’s best for each individual situation. If you would like to learn more or schedule an unbiased, annual review, simply call a member of our team at 404-677-4890 or email us at DCRIS@DeltaCommunityCU.com.
Delta Community Retirement & Investment Services offers investment strategy, retirement advice and a range of financial services, combined with access to financial planning resources through our relationship with LPL Financial.
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Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Delta Community Credit Union deposits and are not NCUA insured. These products are not obligations of Delta Community Credit Union and are not endorsed, recommended or guaranteed by Delta Community Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. Delta Community Credit Union and Delta Community Retirement & Investment Services are not registered broker/dealers and are not affiliated with LPL Financial.