Stock options can be among the most confusing aspects of the financial planning process. The subjectivity built into these programs will consider personal preferences, planning timing tactics, diversification, and tax efficiency. What kind of options do you have? The first step is identifying what type of option you have. It may be a good idea […]
The annual Retirement Confidence Survey consistently shows retirees’ expectations pre, and post-retirement may not always be realistic for specific areas of retirement planning. A realistic financial plan will consider all variables and any high-risk scenarios. Being real with expenses Expenses are one of the most disliked aspects of developing a financial plan. It’s impossible to determine the […]
#1 Not having a rational process A process for decision-making helps maintain focus, reduces uncertainty, and ensures that everyone remains on the same page. Having a process translates to efficiency and usually results in more money spent AND less frustration. Having a process should allow individuals to internalize planning subjectivity and view the totality of […]
Choosing a retirement date is the final step before entering retirement. But for a smooth transition, most individuals will need to coordinate benefits and potentially make last-minute adjustments to their financial planning retirement strategy. #12 Rethinking the Retirement Budget Generally, retirees enjoy more free time once they retire. In many cases, that means spending more money than […]
Developing an effective budget is one of the most avoided aspects of the financial planning process. However, a realistic sense of one’s budget is essential since it is only possible to determine the sustainability of a financial plan with one. Budgeting is tied to cash flow, so not having a reasonably accurate sense of expenses […]