Retirement Planning vs. Financial Planning: How They are Different, How They Work Together
There’s some understandable confusion about the difference between retirement planning and financial planning. Sometimes people might use these...
Financial planning is about more than maximizing your money. It's about being prepared for what comes next. Financial planning puts you in the driver's seat, even when life surprises you. Significant transitions like job changes, divorce and retirement are much more comfortable and less stressful when you can focus on the transition itself and not worry about the financial implications of your next chapter.
Financial Planning For Young Adults Entering the Workforce
The transition from student to working adult is when many young people make financial mistakes with lasting consequences, like racking up credit card debt. Financial planning helps young adults avoid those costly mistakes and build healthy financial habits from the beginning.
Young adults may benefit from speaking to financial planning advisors about topics including:
Financial Planning Around Marriage or Divorce
Getting married and getting divorced inevitably have significant financial implications for both partners, and every couple's specific circumstances will shape conversations with their advisors.
Financial planning tasks before marriage or divorce may include:
Financial Planning Around Kids
Most parents go through two major transitions that involve financial planning: first, when they have kids, and later, when the kids become independent adults and no longer need their financial support. (That said, parents of kids who are severely disabled or will otherwise need financial support into adulthood have some additional considerations around financial planning.)
Financial planning tasks for parents may include:
Financial Planning Around Job Changes
Most working adults will transition to a new job more than once. Every time you move to a new job, it's a good idea to reassess your financial picture and do some planning around the things that are about to change.
Financial planning tasks ahead of a job change may include:
Financial Planning Ahead of Retirement
Even if you've carefully planned around it for decades, retiring is a huge transition. Ensure your financial plans are ready before you leave your paycheck behind.
Financial planning tasks ahead of retirement may include:
Financial Planning Around Illness and Death
Financial planning around a severe or terminal illness is stressful at the moment but makes everything that comes next just a little easier to bear—both for the person who's sick and for their loved ones.
Financial planning tasks around illness or death include:
Sachetta Can Help With Financial Planning for Every Transition
Sachetta's financial planning advisors work with clients at every stage of life, from young people new to the workforce to retirees planning wealth transfers to the next generation. Let's talk about what transitions may be ahead for you and your family, and what financial planning tasks you can do right now to help you prepare. Contact us today!
Janice joined Sachetta as Manager of Wealth Management Operations with the merger of Wealth Management Advisors. For ten years prior she was Operations Manager for WMA. She began her career in financial services in 1996 and has worked at both national firms and small wealth management practices. Over that time, she has excelled in client relationships as well as the operational aspects of wealth management firms. Janice is responsible for the day to day operations of Sachetta. This includes trading and rebalancing portfolios, firm compliance, servicing client requests, and handling our client onboarding processes as well as ensuring all of our systems are running smoothly.
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