Published by Beth Schanou
Our clients experience a variety of motivations to commence working with our team on the development of a financial plan.
Through the process, many questions are answered and a clearer path toward goal achievement is constructed.
The plan delivers clarity for a variety of questions including:
· Am I saving enough?
· Have I implemented necessary measures for my family in the event of my untimely disability or death?
· Can I retire?
· When should I apply for Social Security?
Most of the questions addressed through planning are dependent on knowledge of one critical variable: Spending. Knowing how much money a household needs to maintain a desired lifestyle is essential to planning.
As a part of our information gathering, we ask our clients to complete a living expense worksheet. The worksheet lists various categories of spending from groceries to utilities to pet products and others. The reason we request living expenses in this manner is for the eye-opening experience it provides our clients. Our clients often report having been somewhat out-of-touch with their spending, at least to some degree, before going through this exercise.
A household’s perceived amount of spending versus its actual amount of spending can move the needle on when they can comfortably retire by a matter of years. We believe the expense gathering process is indispensable for our clients to complete so we can generate the most accurate projections and provide the best guidance in addressing questions such as, “Can I retire?”
Contact us to discuss developing a financial plan and to assess your spending.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine what is appropriate for you, consult a qualified professional.
