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Financial Goals to Achieve Peace of Mind

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While everyone's goals are somewhat different, I have found that most people start with the following basic goals:

To Retire With Enough Money To Last My Lifetime

The average couple reaching age 65 today can expect at least one member to live to age 90. In 1990, a US first-class postage stamp cost $0.25. Today (2015), that same stamp costs $0.49, almost doubling in price. Are your investments allocated in such a way that they are likely to keep up with your cost of living doubling over the next 25 years?

To Provide For My Family

Insufficient life, disability and (to a different extent) long-term care insurance can result in financial ruin for you and/or your heirs. At the same time, inappropriate insurance policies and annuities sold to middle-class Americans can result in inadequate coverage and an inappropriate allocation of scarce resources.

To Contribute Towards My Children's Education

Balancing college costs with retirement savings can be challenging. Knowing when to use a 529 plan, and when not to, can assist with this goal.

To Pay My Fair Share Of Income Taxes

There are many tax strategies you can use to reduce your lifetime income tax burden. These include: partial Roth IRA conversions in years when your income is low; balancing retirement deductions with taxable account savings when you are not in the highest tax bracket; delaying collecting Social Security until age 70; and many more.

To Avoid Unnecessary Estate Surprises

Inappropriate or non-existent estate planning is very common, and can result in a huge administrative and/or tax expense and paperwork nightmare for your heirs (or for you, if your parents do not have appropriate estate planning documents in place). Everyone should have a will, durable power of attorney, health care proxy and HIPAA form. If you own real estate or taxable investment accounts, you may also benefit from a revocable living trust. If you live in a state with an estate tax and have significant life insurance coverage, an irrevocable life insurance trust may be appropriate. Beneficiary designations on all life insurance policies, bank and investment accounts and retirement accounts should be periodically reviewed to make sure they are relevant and result in a tax-efficient manner of passing assets to your heirs.

We can assist with all of these items and more. Please contact us for a free consultation at jen@milestonefinancialplanning.com.


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