Individuals & Families

This is generally a decade of firsts – your first job, your first house, your first child. In your 20s, you should start accumulating wealth for future needs. While you must keep some funds for entertainment, clothes, travel and enjoyment, it is also important to start planning, saving and investing so you can achieve your future goals.

Have you:

• Started budgeting your monthly expenses?
• Implemented a regular savings plan?
• Started saving through a retirement plan (with your company or a personal plan)?
• Insured yourself against illness and accidents?
• Developed a vision and plan for your career development?
• Established your long-term financial goals and needs?
• Identified the gaps between your current situation and your financial goals?
• Found a financial advisor you can trust and who understands your needs and goals?

If you answered no to two or more of these questions, please call our Raleigh financial advising office to begin planning for your future financial independence.

As your job and career progress, you may be earning more money. However, if you have a family, you will have additional responsibilities and new financial goals. You will also likely begin to think about long-term growth of your capital.

Have you:

• Understood the investments you hold — do they produce income or growth, do they preserve the purchasing power of your capital, do they result in higher taxes?
• Protected yourself and your family with adequate life insurance?
• Protected your income to safeguard against illness or disability?
• Increased your regular savings for longer-term goals?
• Analyzed your tax bracket and identified how to minimize your tax liabilities when choosing investments?
• Considered tax-efficient savings such as children’s savings accounts?
• Guarded against the negative effects of inflation on your savings and investments?
• Reviewed your current home ownership needs and what you can afford?
• Calculated the inflation-adjusted cost of future expenses (such as children’s education)?
• Analyzed your approach to stock market fluctuations, portfolio diversification and risk management (aggressive, moderate or conservative)?
• Made a will?
• Updated and written down your long-term financial needs and goals?
• Found a financial advisor you can trust and who understands your needs and goals?

If you answered no to two or more of these questions, please call our Raleigh financial advising office to begin planning for your future financial independence.

By now, your career is well-established and you are in your peak income-earning years. Your spouse may also be working and any children you have may be about to enter college or head off on another adventure.

It is critical that you protect your assets so that your dependents can benefit from them as desired in your will. Even though it might be many years away, you should start planning for retirement.

Have you:

• Understood the investments you hold — do they produce income or growth, do they result in higher taxes?
• Prioritized your financial goals and created a written plan on how you will achieve them?
• Thought about how unexpected events might impact your family’s goals?
• Calculated the inflation-adjusted cost of your future expenses?
• Analyzed your approach to stock market fluctuations, portfolio diversification and risk tolerance (aggressive, moderate or conservative)?
• Increased your contributions to your pension if you want to retire early?
• Understood how the current tax laws apply to you?
• Reduced your tax bill through tax-efficient savings?
• Reviewed your home loan and its repayment scheme for current interest rates, and considered whether you could save money by repaying your home loan early?
• Considered lump sum investments for capital growth?
• Guarded against the negative effects of inflation on your savings and investments?
• Thought about a date of retirement and about what kind of retirement you would like?
• Calculated your after-tax retirement income needs in terms of today’s money so you can maintain your quality of life?
• Updated your will?
• Found a financial advisor you can trust and who understands your needs and goals?

If you answered no to two or more of these questions, please call our Raleigh financial advising office to begin planning for your future financial independence.

Retirement is very close for most people in their 50s. By the time you reach this decade, you may have paid off all your liabilities (such as a home loan) and could be free of the majority of your financial commitments. Your children may be financially independent or on the verge of being so.

At this stage, it is important to ensure that you can afford a comfortable retirement and transfer your assets in a tax-efficient way to your dependents.

Have you:

• Considered last-minute pension planning?
• Checked the level of income you need when you give up work?
• Divided your assets into long-term, income and emergency groups?
• Reviewed your short-term and long-term investments to see which investments are maturing, where can they be redeployed and what your tax liability might be?
• Reviewed your matured insurance policies and whether your coverage is adequate?
• Evaluated your life insurance to cover the remainder of your life and established a long-term care plan?
• Analyzed the opportunity to repay your home loan early?
• Updated your will for additional assets you have and as well as for additional beneficiaries and dependents?
• Taken steps to reduce your taxes, including inheritance tax?
• Found a financial advisor you can trust and who understands your needs and goals?

If you answered no to two or more of these questions, please call our Raleigh financial advising office to begin planning for your future financial independence.

A well-deserved retirement lies ahead. If you are no longer working, then you must rely on existing funds and investments to maintain your lifestyle.

You may be receiving a pension and are keen to enjoy life while maintaining your health. You may also want to leave your assets to your dependents or give some away to charity. By now, you should have minimized the effect of taxes on your assets and their transfer to your beneficiaries.

Have you:

• Looked at the best retirement income from your pension?
• Considered what to do with any tax-free lump sum or personal pension plan you receive from your company?
• Planned for maturing insurance policies and savings schemes and decided how to re-deploy this capital efficiently?
• Divided your assets into long-term, income and emergency groups?
• Consolidated your investments and avoided unnecessary risks and expenses?
• Taken steps to reduce your tax liabilities?
• Considered making tax-efficient gifts to your grandchildren for their education?
• Considered safe investments to supplement your pension income?
• Updated your will for additional assets you have as well as for additional beneficiaries and dependents?
• Found a financial advisor you can trust and who understands your needs and goals?

If you answered no to two or more of these questions, please call our Raleigh financial advising office to begin planning for your future financial independence.