Why is long-term financial and health planning important?

Everyone has goals they want to reach in life. Whether it is graduating from college, buying a car, buying a house in a few years or saving for retirement, many of the goals we want to reach require finances. 

Money does not grow overnight. Saving to reach your goals requires careful planning and dedication. The best time to start long-term financial and health planning is now. Here are some reasons why.

Why is long-term financial and health planning important?

You may have some short-term goals you are excited to reach within the next year or two, but your long-term financial and health planning should not fall to the wayside. It is important to stick to a long-term financial and health plan for the sake of:

• Family — Making sure your family is financially secure is a priority for many people who are the main money makers in a household. Your long-term financial plan can help you plan when you have a child, buy a new house or send a child to college. You also need to make sure your family is covered in the event of your death or incapacitation, so they are not left financially desolate due to an unforeseen tragedy.
  
• Standard of living — Your financial plan takes your income and expenses into account, so you can build a budget that affords you the ability to maintain a standard of living that works for you and your family.
  
• Protecting your assets — Your assets are vulnerable to creditors in the event of a lawsuit, such as an automobile accident or, if you are a physician, a malpractice lawsuit. Your financial plan can include insurance planning and strategies for keeping your assets safe from creditors.
  
• Retirement — Do you dream of reaching a comfortable retirement with a nest egg you can live off for years? The sooner you can save, the better. Your financial plan can include your strategy for saving for retirement and getting the most out of your funds when you have reached your retirement years.
  
• Long-term care insurance — In the event that your health declines, you may require long-term care from health professionals. The expenses from this kind of care can be a drain on your funds, but by planning in advance, you can have the coverage and savings you need to cover your care without being a burden on your family. 

Talk to a ProVise CFP® professional about long-term financial planning

The advantages of long-term financial and health planning are not limited to this list. This is only a small view into the many benefits of long-term savings and preparing for your future health needs. However, it can be difficult to know where to start or how to reach your goals when you have so much already going on in life. This is where our team at ProVise Management Group can help.

Our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about planning for your retirement? Contact ProVise today to schedule a complimentary consultation.