The beginning of the year is a good time to assess your current plan and revisit how your property and possessions will be distributed after your death. If it has been more than a few years since you created it, your needs could have changed. Financial planning is not a one-time event, and regular reviews can help ensure it is aligned with the course of your life.
If you are like many Americans who do not have a clear plan yet, start now. Preparation today is key to securing a comfortable lifestyle during retirement as well as your family’s future. Here are 5 tips that can help steer you towards achieving your goals.
Steps to Ensure You Stay in Control of Your Legacy
- Create a reasonable budget: Sticking to a budget is important but also one of the hardest things to do. From fixing a flooded basement to replacing an old car and taking a vacation, you need to be practical as well as flexible. Prepare for the unexpected, be ready for emergencies, and don’t shy away from an occasional treat. Recording and reviewing your annual earnings and expenditure will help identify areas for improvement. Factor in changes in your life, like a new grandchild whose college fund you now want to contribute to.
- Maximize your retirement savings: Automating contributions to your 401(k), IRA, and other taxed-advantaged retirement accounts reduce the risk of skipping payments or delaying them. Consider salary deferments and automated withdrawals from your savings account to optimize your reserves.
- Reassess your investments: Your short and longer-term investments should reflect your needs as well as any concerns. For example, taking measures to reduce risk becomes far more important in your 50s than in your 30s. Your investment choices leading up to and after retirement will impact your earnings, comfort, and estate for your loved ones.
- Manage your debt: Strategic debt management is a combination of paying down what you owe and not adding to your debt load. Prudent spending and paying off your most expensive loans first can help you become debt-free faster.
- Make sure you include life insurance: We are all aware that life insurance can serve to replace earnings and provide greater security for our dependents. However, not many individuals realize that the proceeds can also help pay debts, taxes and other costs related to maintenance, repair, and general upkeep. Simply put, it can help ensure your legacy remains intact for your heirs.
Personalized Estate Planning Services in Mississippi
Understanding your investment options and their tax implications is critical. It is not easy to determine the best solution for maximizing and securing your assets for your loved ones. Working with an experienced consultant can help you make profitable decisions.
At EPG Benefits, we utilize sophisticated financial management tools to help you create a tax-efficient wealth optimization strategy. Our clients benefit from an integrated approach and comprehensive services that cover every aspect of estate planning. We combine our experience in underwriting, accounting, financial consulting, and insurance to help you make the right investments.
Set up a consultation to learn how we can help maximize your earnings and tax-efficiency today and ensure seamless transfer of wealth to your heirs. Our team works hard and works to provide you with exceptional service.
Request a quote or call us today at 601-982-3000 for estate planning services in Mississippi.
Disclaimer– Securities Offered Through Valmark Securities, Inc. Investment Advisory Services Offered Through Valmark Advisers, Inc.
Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.
