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Determining your financial future
These are just a few situations where having a financial plan can mean the
difference between success and failure in reaching a life-changing goal.
Financial planning
What are your financial goals? Your family's? Are your assets properly
invested? Will your family be protected if you become disabled or die?
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There are just a
few of the questions that a financial plan can answer. Developing such a plan
is one of the most important steps you can take towards meeting your financial
goals. This type of planning results in a clear picture of where you are going
and a strategy you can use to get there.
Financial plan
Think of your financial plan as a map that lays out a road you can take to the
future-your future. Along the way your circumstances may change, requiring your
financial strategy to be adjusted. That's okay because a financial plan is a
dynamic document, showing you where you are at any time and where you are at
any one time and where you need to be at some future time. Financial advisors
also enter into this picture. They are like the various signs you see along the
road as you travel. The signs - and your financial advisor - help you to get
where you intend to go.
Financial professionals
At McKay Insurance Agency, Inc. our representative will work closely with you
to understand your current situation and the goals you'd like to reach. A major
part of the job is just listening. Based on the information you provide, we
will create, in partnership with you, a financial plan that is custom designed
to meet your goals. We do this by dedicating time and effort in formulating the
strategy that best meets your needs. Here are some of the key financial areas
where we can be of assistance to you:
Retirement analysis
Many people in retirement wish to maintain their current lifestyle while
pursuing those activities they couldn't pursue while working full-time. These
might include such pursuits as traveling, purchasing a vacation home or
recreational vehicle, or returning to school to earn a new degree or second
career. Other retirees simply want to have enough income to meet their changing
needs. This is a serious concern for many since people are living longer,
social security and pension income are limited in what they will pay out, and
taxes plus inflation erode the purchasing power over time. For that reason,
retirement plans are important to ensure that retirees do not outlive their
money. We can work with you to plan for a retirement where your needs are more
likely to be met during those years.
Survivor needs
Protection for your family may come in a variety of formats such as income
replacement, wealth replacement, and mortgage coverage. Whatever the need, we
can help to ensure your family will be taken care of financially when you
cannot. Not adequately preparing for this situation can have a devastating
effect on your loved ones.
Education funding
Financing your child's college education is now a major investment since the
costs are constantly rising. College expenses have been increasing at a rate of
5% annually since 1990. There are other factors that can affect the investment
needed. Whether your child will attend a private or public institution will
have an impact on the amount you need to save. Depending on your child's age,
you may have anywhere from 1 to 18 years during which you have time to save.
Your child's career choice may necessitate one or more advanced degrees;
requiring additional funding. We can work with you to take any or all of these
factors into account when helping you to create a plan that meets your child's
educational needs.
Asset allocation
Asset allocation is the strategy of spreading your investment across stocks,
bonds, and cash accounts in a way that reflects both your individual needs and
your tolerance for risk. How your assets are currently allocated in your
portfolio is a critical factor that affects portfolio performance over time.
Diversifying your assets is one of the best ways to balance risk and return.
Based on your risk tolerance, investing preferences, and timeframe for
investing, we may help determine the best mix of investments to help you
achieve your financial goals through the process of asset allocation. Part of
that service may include balancing your portfolio over time and making any
adjustments to it as necessary.
Estate planning
A solid estate plan can help to ensure that your assets are eventually
distributed according to your wishes. Your choices for distribution could vary
as widely as providing for your favorite charity or passing along your wealth
only to your heirs. Whatever your decision might be, we can help you to
determine that most appropriate strategy for ensuring that your wishes are
followed. Planning for your own death is not pleasant but it is an important
process since a lack of planning can result in income and estate taxes reducing
your legacy by as much as 70%.
Financial peace-of-mind
Financial matters are often core issues in people's lives. Left either
unmanaged or haphazardly managed, financial issues can become major sources of
worry and concern that may begin to interfere with an individual's daily life.
Planning ahead, working with a financial advisor, and monitoring - on a
regularly-scheduled basis - your progress in fulfilling your plans can bring a
sense of financial peace-of-mind that otherwise might escape you.
Financial forecasting
McKay Insurance Agency, Inc. is dedicated to the idea that there is great merit
in planning when it comes to forecasting financial matters. The more you plan
and monitor your progress, the more likely you are to reach the goals you've
set out for yourself. Together, we can create and evaluate your financial plan
to turn your lifetime aspirations into lifelong achievements.
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