Broker Check

Personal Financial Planning

Would a Football Team Take the Field Without a Game Plan?

Not if they hope to win! So, whether someone is starting their career or approaching retirement, investors with a financial game plan are better prepared to navigate tough calls and unexpected challenges. Equally important they are being coached on budgeting, taxes, savings and building their investment portfolios. That can mean no more Hail Mary passes when making major financial decisions.   

Is there a Right Age to Create a Financial Plan?

There is no wrong time for an investor to get their financial house in order, but remember that the earlier in life they start, the longer the time horizon for their investment portfolio to compound and grow. For example, if someone begins investing for their retirement beginning at age 35 instead of age 45, that ten-year advantage over their lifetime can be significant.


“The more time you allow for contributing to your retirement accounts the greater opportunity to grow your investments while simultaneously reducing your tax liability. Win, win!”

- Craig Bergen, Financial and Tax Planner      

Are there Tax Benefits?

Investors with a financial plan can feel greater confidence when making financial decisions in part because their potential tax liability has also been addressed. This might include identifying deductions and timing as well as exploring ways to reduce taxable income, such as maxing out your retirement plans. Your Advisor may also suggest twice yearly reviews to find strategies for minimizing your tax obligation.

How Has Financial Planning Changed?

The fundamentals of a financial plan have gone largely unchanged because its intention remains the same. Give investors a comprehensive and strategic roadmap to:

·         Protect assets

·         Grow a portfolio

·         Reduce taxes

·         Prioritize short and long-term goals

·         Prepare for the unexpected

But what has changed are state and federal tax and estate planning laws which can greatly impact the efficacy of a plan if not continually monitored. For example, in 2018, itemized deductions such as employee business expenses were eliminated. For homeowners in high taxed states like New York, it meant taxpayers could no longer deduct property taxes or miscellaneous job expenses. Any time there is a change in the law, it will be addressed with your Advisor.


What May Surprise Investors About their Financial Plan?

Because there is so much focus on budgeting and saving, they may be better able to make a major purchase with confidence, such as a first home, a larger home or even a vacation home. Or maybe they can retire sooner, set up college accounts, or create an estate plan that leaves a legacy. Nothing is better than making good decisions early on and then reaping the rewards down the road.



“It can be very rewarding to have a clear understanding of your financial priorities, especially how to maximize your growth potential and minimize your tax burden.”

- Jessica Bach, Financial Advisor       

We continually update newsworthy articles so please check back on a regular basis.

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