Are topics like retirement planning and investment goals often at the periphery of your mind? If you’re like many people, you know it’s important to set goals and then periodically check in as you work towards them. But also, like many people, you probably have a lot to do, and financial planning gets pushed down the priority list.
That’s why it’s a good idea to use Financial Planning Month in October as a catalyst for working on your goals. Celebrated by Certified Financial Planners, this focal point on the calendar serves as a reminder and a motivation to set aside some time in the fall to look over investing goals and potentially take steps to improve expected outcomes.
If the idea of celebrating Financial Planning Month appeals to you, here are a few steps to help you become more focused on your plan:
Cash Management: It’s a great idea to take a look at topics around cash. Consider setting up an emergency fund or working on a plan to trim your budget in a particular area.
Investments: Take a little time to examine your investment portfolio. Is it well-balanced between different types of investments? You could set a goal of investing more each month if this is within reach.
Retirement: Many people struggle with fears around running out of funds during retirement. Talking with a financial planner may allow you to get more detailed in your plans and provide reassurance that you are on the right track.
Wealth Protection: Many investors think much more about how to grow their wealth than how to protect it. Consider strategies for reducing risk.
Taxes: Depending on your age and work status, you may need to make some changes that allow for a better set of circumstances around taxes.
Estate Planning: Determining what will happen to your wealth following your death is a topic that is easy to keep putting off for some other time. But celebrating Financial Planning Month is an ideal excuse to consider how you would like your wealth to be used.
One of the most important steps you can take is to make an appointment with an investment advisor who can help you navigate some of the trickier aspects of financial planning. Here are a few considerations to keep in mind as you choose a professional:
- Ask whether the financial planner is a fiduciary. This means they are obligated to act in your best interest alone.
- Consider asking your attorney or accountant for a referral.
- Take time to find the advisor that is right for you. This is an important decision and may require a bit of research and effort.
At Heritage Investments, we always celebrate Financial Planning Month in October. While it’s a good excuse to eat cake, and we love how great the words “estate planning” look on a party banner, the best part is being of service to our clients. Contact us to set up an appointment.