{"id":20026,"date":"2015-03-16T12:00:37","date_gmt":"2015-03-16T17:00:37","guid":{"rendered":"http:\/\/www.discoverclarksville.com\/articles\/?p=20026"},"modified":"2015-03-15T21:41:39","modified_gmt":"2015-03-16T02:41:39","slug":"frazier-allen-financial-planning-for-modern-lifes-different-stages","status":"publish","type":"post","link":"https:\/\/www.discoverclarksville.com\/articles\/2015\/03\/16\/frazier-allen-financial-planning-for-modern-lifes-different-stages\/","title":{"rendered":"Frazier Allen: Financial Planning for Modern Life’s Different Stages"},"content":{"rendered":"

Flexibility, Resourcefulness are Crucial as Old Rules are Upended<\/strong><\/em><\/span><\/p>\n

\"F&MClarksville, TN<\/strong> – The old paradigm that saw young people leave the nest, get some education, marry, raise a family, pursue a career and then retire \u2013 in roughly that order \u2013 has been tossed out the window.<\/p>\n

Today, college students start companies in their dorm rooms, late-life marriages bring two sets of kids together, and retirement may not be an option or even a desired goal for some folks.<\/p>\n

\"Frazier<\/a>

Frazier Allen<\/p><\/div>\n

It may be time to begin conceptualizing life \u2013 and the financial planning that should accompany it \u2013 in terms of stages, not ages.<\/p>\n

More than ever, we need to be flexible while making sure we have the resources to broaden our choices and enable us to respond to whatever life may bring.<\/p>\n

With that in mind, here are some snapshots of life stages and their accompanying financial considerations.<\/p>\n

\"Financial<\/a><\/p>\n

Going (Or Going Back) To College<\/strong><\/p>\n

Some families are using their homes and\/or their investment portfolios as collateral to obtain loans to pay for tuition and other expenses, investigating 529 college savings plans,* as well as grants and scholarships.<\/p>\n

Settling Into Family Life<\/strong><\/p>\n

Honest communication should involve everyone. Candidly discuss your financial history with your spouse and children, develop a household budget with clear responsibilities for expenses, prioritize realistic goals, create a well-thought-out will, and review health and life insurances every time your life changes through marriages, divorce, births or deaths.<\/p>\n

Making the Most Of Your Career<\/strong><\/p>\n

Build your overall financial security during peak earning years, for most people this is between 35 and 55. Take advantage of any and all corporate benefits, from health insurance to maxing out employer matches to your 401(k) contribution.<\/p>\n

If you\u2019re self-employed, investigate options such as a solo 401(k), SEP-IRA and similar vehicles. Look into Roth IRAs \u2013 they don\u2019t offer up front tax deductions, but the assets can grow tax-free and there\u2019s also no tax when you make withdrawals.**<\/p>\n

Single Again?<\/strong><\/p>\n

Head off confusion that comes with loss, whether by death or divorce, by creating a master directory of financial assets \u2013 bank and brokerage accounts, pensions, retirement accounts, insurance policies, utilities, property, etc. Be sure to safely pass along the information to those who\u2019ll need to access your financial information.<\/p>\n

[320right]When Parents Need Care<\/strong><\/p>\n

The time to start this conversation is before they need assistance, and any plan should be based on the needs and wishes of those who will be receiving the care. A trusted financial advisor can provide guidance on long-term care options, insurance, prudent spending and other considerations.<\/p>\n

He or she can also work closely with an attorney to help you draft a comprehensive (advance care) directive that includes a durable power of attorney, a healthcare proxy and a living will that outlines instructions for end-of-life care.<\/p>\n

How About Having Some Fun?<\/strong><\/p>\n

Life isn\u2019t all business. Discuss what\u2019s realistic with your advisor and family, then put a \u201cfun\u201d category in your monthly budget \u2013 that way you know what you can spend without feeling guilty or jeopardizing your goals. Don\u2019t worry that enjoying yourself is depriving your heirs; if your loved ones really care about you, they\u2019ll want you to do things you enjoy.<\/p>\n

Estate and Legacy Planning<\/strong><\/p>\n

Participate in a collaborative effort involving your advisor, as well as tax and estate planning specialists, to ensure your assets are distributed to whom, where and how you wish. Not only can you use this time to save heirs significant money, but deepen relationships by creating a family history that gives your kids \u2013 and their kids \u2013 a sense of personal history by writing (or videotaping) a legacy letter thattells your loved ones how important they have been to you.<\/p>\n

The common thread that runs through all these stages \u2013 and life itself \u2013 is that life isn\u2019t always predictable; things generally turn out better if we\u2019ve put some thought into them ahead of time. Perhaps the best way to deal with all this is not to get too locked into specific outcomes, to remain flexible in our thinking and our planning, and also to practice acceptance \u2013 life doesn\u2019t always turn out the way we had anticipated, but it may just turn out better.<\/p>\n

* Investors should consider before investing whether their home states offer state tax or other benefits only available for investments in their home state\u2019s 529 plans. 529 plans offered outside their resident state may not provide the same tax benefits as those offered within their state.<\/em><\/p>\n

** Unless certain criteria are met, Roth IRA owners must be 59\u00bd or older and have held the IRA for five years before tax-free withdrawals are permitted.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Flexibility, Resourcefulness are Crucial as Old Rules are Upended Clarksville, TN – The old paradigm that saw young people leave the nest, get some education, marry, raise a family, pursue a career and then retire \u2013 in roughly that order \u2013 has been tossed out the window. Today, college students start companies in their dorm […]<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[3],"tags":[24884,825,6788,80,9046,11585,25334,7932,235,11588,10007],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p4xGYI-5d0","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/20026"}],"collection":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/comments?post=20026"}],"version-history":[{"count":1,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/20026\/revisions"}],"predecessor-version":[{"id":20027,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/20026\/revisions\/20027"}],"wp:attachment":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/media?parent=20026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/categories?post=20026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/tags?post=20026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}