TRIANGLE NC

VOL16 ISS1 2016

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THE ORIGINAL RELOCATION GUIDE — TRIANGLE NC | VOLUmE 16 — IssUE 1 50 newcomer finance Financial Planning at Every Life Stage by james m. richardson Just like there are four seasons in a year, there are diferent seasons of fnancial planning during your lifetime. Financial planning can help you can gain a better understanding of where you are at fnancially, how to prepare for challenges that may be ahead, and how to plan for where you want to go. Of course, every situation is unique, including the age and circumstances under which you begin implementing a fnancial strategy. And what suits you at age 25 is typically diferent from what meets your needs at age 55. In a nutshell, the stages include: • Building assets — At the beginning of your career, your fnancial focus is typically on accumulating your assets. Your ability to earn income may be your most valuable asset, so investing in your career is critical. It's also important to establish an emergency fund, build your personal savings and pay of student loans. • Investing for the future — When you grow more successful fnancially, you will increase your discretionary income. During this stage, you'll start planning and saving for future goals, such as a child's college education and/or a comfortable retirement. Make sure you have a well-balanced and tax-diversifed portfolio to provide potential growth opportunities. • Planning for retirement — As you near retirement, planning for it often becomes your fnancial priority. Begin by thinking about your retirement goals and dreams. Then, create a detailed plan that will help you get there. You'll want to make sure you have the fexibility to take income in tax-efcient ways that will enable you to continue your lifestyle and be prepared for the unexpected in retirement. • Generating retirement income — Once it's time to enter retirement, begin implementing your retirement plan and enjoying the assets you've accumulated. After a few months, reevaluate your plan and make adjustments so you stay on track. • Leaving a legacy — As you become older and more fnancially secure, leaving a legacy becomes paramount. Legacy is about the impact you'll make on people, charities and causes that are important you. It's also about making sure you have the right benefciaries in place to protect your assets. Of course, there is some overlap in each of these stages. For example, you may take steps to get the right protection in place while laying a foundation to grow your assets. Or you may take retirement income while planning ways to transfer your wealth. Regardless of the stage you're in, it's important to make sure that your legal and fnancial documents are properly structured to ensure the most efcient and efective transfer of your assets — including property, personal belongings and investments — in the event of your death. Doing so can give you the added peace of mind that comes from knowing your family is as fnancially stable no matter what happens. [] James M. Richardson, CFP®, ChFC®, APMA®, is a Private Wealth Advisor and Certifed Financial Planner™ practitioner with Richardson, Carrington, Weaver & Associates, a private wealth advisor y practice of Ameriprise Financial Services, Inc. He specializes in fee-based fnancial planning and asset management strategies and has been in practice for 25 years. To contact him, www.JamesRichardsonAdvisor. com, 919-874-0024, 3720 Benson Drive, Raleigh, NC 27609. Ameriprise Financial and its afliates do not ofer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specifc situation. Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser. © 2015 Ameriprise Financial, Inc. All rights reserved.

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