Financial Planning Insight

At each stage of life, there are planning opportunities that, if missed, could have a detrimental impact later in life.  Whether it’s planning for retirement, college, or the next generation, we take the time to understand our clients’ current situations and establish a path to guide them through life’s journey.

From Our Perspective

Read the perspective of our planners regarding the different points on life’s journey

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When you’re in your 40’s, you have a lot going on in your life. You’re at a point in your career, where you are making more money, however, expenses are mounting very quickly. You may have children in middle school or soon-to-be teenagers, and you’ll begin to see big expenses on the horizon: vehicles, automobile insurance, and a whole host of other things. How are you budgeting for your everyday expenses, children’s education savings accounts, and weddings? How does this affect budgeting for your own retirement nest eggs and planning for the unthinkable? At WJA, we are able to assist our clients in developing a personalized financial plan to align with their own cash flow goals, resource allocations, and plans for the future.

 

Estate Planning and Risk Management

Many corporate professionals in their 40’s do not have the appropriate guardianship plans in place for when they pass away. Have you thought about where your children will live? What will happen to your assets? Would you leave it up for the judge to make the decisions?

Read the perspective of our planners regarding the different points on life’s journey

Click to learn more about Employee Benefits Expertise and Emotional Elements

Of all the ages, this is the decade to clarify personal goals, inventory resources, and finish the race to retirement strong. Just as an athlete develops and trains for an event, the establishment of a well-defined financial map is crucial more than ever. We worked very closely with our clients in their 50’s over the course of many years, so we not only gain a thorough understanding of the transitions in their corporate life but also truly understand what is important to them. We understand everyone is different and by taking the time to appreciate each client’s motivations and goals prior to their retirement, it enables us to assist them in developing a plan designed to reach those specific goals. We find ourselves reminding clients of the meaningful reasons behind all of the planning. It might be taking a magical Disney vacation with your entire family: children, spouses, and grandchildren. It may even be spending every summer in Colorado. Whatever the dream, whatever the goal, we make sure that it’s always the focus.

 

Estate Planning and Risk Management

When you reach the 50’s stage in the arc of life, we recommend taking the time to reevaluate your legal documents now that your children are entering adulthood. Do you need to make any changes? You wouldn’t want to make the mistake of leaving your 22-year-old son with $1 Million outright.

Read the perspective of our planners regarding the different points on life’s journey

Click to learn more about Employee Benefits Expertise and Emotional Elements

Our 60-something clients are pulling the trigger on a plan that they’ve been working on for years. They are no longer looking into the future, and it’s time to make some big decisions. And quite often, our clients are looking for confirmation. Our job is to make sure they haven’t missed anything. When you’re in your 60’s, you’re most likely getting ready to retire from the corporate world. Saying goodbye to your corporate professional career that you’ve worked hard on can be difficult and you may not necessarily be ready to leave the workforce. Quite frequently, corporate professionals are offered an attractive package, which makes this an easy decision. Because of your deep knowledge and understanding of your industry, consulting seems like the logical next step. In fact, having several consulting opportunities lined up is fairly common. So, you may want to start your own business, work part-time, and set your own hours.  From our perspective, it is important for our clients to understand the difference in FICA taxes as a consultant, the ways they can save additional money in benefits plans to reduce their taxes, as well as other planning opportunities.

 

Estate Planning and Risk Management

At this stage in your arc of life, you begin to experience many life changes. You may want to review your will as well as the people named in your will. In some cases. previously named persons may have passed away or over the years have lost touch. In other cases, you may want to name your adult children now that they are older.

Read the perspective of our planners regarding the different points on life’s journey

Click to learn more about Employee Benefits Expertise and Emotional Elements

We worked for at least 25 years with our clients in the 70’s age range and beyond. As a result, we’ve seen all of the natural transitions many times, which occurred in their corporate career and family lives. For many of our clients at the 70’s stage in the arc of life or beyond, have been retired long enough that they are comfortable at this stage of their lives. However, if you’re at this stage, then you may realize the issues that arise in this stage; underestimated living and medical costs, overestimated investment results, or not being able to care for themselves or their spouse.

 

Estate Planning and Risk Management

At this stage, we often meet with the couple once a year or more if needed, and their children are usually not involved. In fact, their kids are normally independent, self-sufficient, and have their own lives at this stage. However, there comes a time when children need to pay more attention to their parent’s financial affairs. When someone passes away, you simply settle the estate. However, if an individual is incapable of making day-to-day decisions, like paying bills, speaking to doctors, and making lifestyle choices, then this can be a difficult transition for everyone involved. We believe these items need to be planned for when everybody is in good health. It becomes our job to orchestrate meetings between parents and their children. Some parents may want to share a complete blueprint of their financial situation, while other parents may want to share with their children piece-by-piece over a period of time. Our proactive encouragement of both parties and our experience in navigating this planning evolution often makes this transition a smooth one.

Allow Us to Accompany You on Your Journey