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What is Involved in the Planning Process?

Couple looking at papersWhat is involved in the financial planning process? It’s a question commonly asked, and yet each answer is as diverse as the military families we represent.  Listed below are common plan points AAFMAA Wealth Management & Trust (AWM&T) considers when creating a comprehensive financial outlook you are in charge of:

  • Net worth – What assets and liabilities do you have today and how might they grow and change over time?
  • Cash flow – What are your income and expenses? How will they change?
  • Insurance analysis – Is your family be financially secure if you die prematurely? Should you consider disability insurance or long-term care coverage?
  • Education funding – Will your children  go to college? How should you save each month? Where should you put this money?
  • Retirement planning – What elections should you make for retirement pay? Will you have a second career? What will your expenses in retirement be? How can you fund them? What investments and asset allocation will help you get there?
  • Estate planning – What’s the most tax efficient way to transfer assets to your family after your death? What planning choices should you be considering? How can you plan for flexibility when tax laws are always changing?
 

The real value in financial planning lies in the implementation and monitoring of the decisions you make. Otherwise, your plan becomes little more than a large notebook gathering dust on your shelf. AAFMAA Wealth Management & Trust Relationship Managers will continue to work with you and put your ideas into action.

  • This presentation is educational.  It is for general information only and is not specific investment, legal, or tax advice for any of you individually.  Do not rely on this presentation alone to guide your financial planning decisions. Since each individual situation is unique, your needs for financial services will differ. For individual advice, please contact us directly.  We produce this webinar series/articles/presentation material in house with our own professional staff as a service to our members and to help them better understand the resources that are available to them.  We have highlighted here two distinct characteristics that separate AAFMAA Wealth Management & Trust from other service providers.  Our fiduciary standard to what is in the best interest of the client and exclusively serving the US Armed Forces Community. 
  • The information presented herein was compiled from sources believed to be reliable. It is intended for illustrative purposes only and is furnished without responsibility for completeness or accuracy.
  • Market views are as of the presentation date and are subject to change at any time or reason.
  • Nothing in this presentation should be construed as a recommendation for any specific security or sector.
  • Illustrative charts were obtained from multiple subscription based sources and are subject to provider terms and conditions.