Jones Action Plan
This personal financial plan has been developed to offer suggestions as to how you might achieve your stated goals based on your current situation, needs and priorities. Those recommendations are outlined below.
It’s important that you understand the advantages, disadvantages, costs, risks and time sensitivity associated with each of the strategies outline. It’s also important that you realize the consequences of not taking action. Do not hesitate to ask should you have any questions.
Return to J & S Jones Sample
Savings Recommendations:
Continue to maximize your pension contributions until retirement. If you would like to lower your tax bill for the last time prior to retirement, consider strategies in January 2008. Look at strategies to convert locked in pension funds into more accessible income assets.
Investment Allocation:
It is recommended to complete an Investment Suitability Questionnaire. Investment strategies should look at primarily reducing risk, keeping up with inflation, and averaging at minimum 6% growth long term. We recommend spending out of low volatility funds such as money market, mortgage, or real estate funds. Have approximately 2 years worth of assets saved in this account so in market downtimes you are not forced to spend from depreciating investments. Rebalance accordingly afterwards. Consolidate any current investments into portfolios that provide the appropriate asset class mix to achieve the necessary long-term returns and minimize volatility
Planning Recommendations:
Set up a quarterly update and meeting agenda with your planning team. It is important that your investment and retirement objectives are in line at all times with your changing goals. Use this plan as a skeleton for future changes in goals. The goals included in this plan may change over time. Ensure that your plan is updated each time your goals change. In 2008 put in place a tax and estate plan to cover your family goals when you are gone
Overall your plans and goals are inline for a bright future. You have done a great job accumulating your assets. With proper planning we can take the worry out of income planning during your retirement, and ensure an income that outlives you. Need to acquire additional long term care coverage for Sarah & John. Max:$2,000/mo non taxable Complete Wills and review the use of Trusts to utilize your goals
