Do You Have a Financial Plan?

The Sooner You Plan, the More Successful You Will Be!

Each of us have different goals and objectives regarding what we’d like to accomplish in our professional careers and our personal lives. With regards to retirement, some passionately love what they do and claim they’ll never retire. Others look forward to the day when they no longer have to work because of the freedom they’ll have to be able to pursue different activities that they can’t do while they’re working. Regardless of which particular outlook you harbor, having the appropriate plan in place to ensure that you accomplish your goals in life is critical.


Like many pursuits worth doing, completing the financial planning process with a professional comes with its challenges. You’ll be asked to complete a workbook that asks you identify every detail of your financial life. You will be asked to complete a detailed list of your expenses that will help determine what your needs are now and what they’ll be in the future. Finally, you’ll be asked to do some deep, crystal ball, long term thinking. This deep thinking will prompt you to look into your future to identify things that you wish to do with your life, goals that you’d like to accomplish, and needs for you and your family that may not be easily discernable. Very often, it’s this part of the process that causes people the most frustration. It’s also the part of the process that can be the most rewarding and revealing – exposing things that you hadn’t thought about.

Anxiety and Questions

For most people, anxiety about the future tends to set in shortly after reaching age 50. Common questions include: Am I going to have enough to retire? Can I afford to retire when I want to? How much income will I have in retirement? How long will my resources last? Have I made the right financial decisions for my family’s future? Going through the financial planning process will help answer all of these questions – ensuring that you have the information needed to make appropriate decisions.

Benefits and Results

Take control of your future and destiny with knowledge. Those who don’t go through the planning process must realize that by failing to plan for the future, they’ll have to be content with the consequences. Benjamin Franklin probably said it best, “If you fail to plan, you’re planning to fail!” Those who put forth the effort will understand what their future brings and will control their destiny because they’ve seen and been involved in the decisions made along the way. By making decisions earlier in life, they arrive in the future knowing what their financial situation looks like and the options available to them.

Achieve peace of mind. For most, the single largest benefit is being able to walk away from the planning process with answers to those questions above. Knowledge is power and having made the best financial decisions going through life gives people the ability to be able to control their future. Through the planning process, you’ll learn about creating different pools of wealth that you’ll be able to depend on in the future. You’ll learn about tax strategies and investing approaches to simplify your tax situation. You’ll learn about the strategic use of financial tools, products and accounts to help accomplish your goals and ensure your sound financial future. You’ll receive professional and objective guidance on important subjects such as: debt, insurance, savings vehicles available to you, health care, social security, etc. All this information and all the guidance you’ll receive means you’ll have knowledge, power and control, and that you’ll sleep better at night knowing that you’re doing the right things to plan for your future.

What do I need to gather to get started?

A number of pieces of information are helpful to begin. The financial professionals at KerberRose Wealth Management have several tools that can help guide the process. You’ll be asked to provide the following information:

•Personal information about you and your spouse ( planned retirement age, information about dependents, etc.)

•Information about your investments (as much detail as possible is helpful)

•Information about what you’re currently saving for retirement

•A budget worksheet. This would detail your current spending needs today and how those might change in retirement.

•Information about any liabilities that you have (mortgage, student loan debt, auto loans, etc.)

•Information about any insurance products that you have or that you receive from your employer

•Detail about specific goals that you might have in retirement

•Current statements from the Social Security Administration showing your available retirement benefits.

•Statements on any other sources of income that you may have available (pensions, rental, etc.)

With that information in hand, the process of planning and mapping out your financial future can begin today to provide the knowledge and peace of mind you’re looking for!

Brought to you by Jesse Nelson, Director of Wealth Management at KerberRose Wealth Management


About the Author

KerberRose is a Wisconsin certified public accounting firm located in Northeast and North Central Wisconsin. KerberRose was previously listed on Inside Public Accountings Top 300 Firms in 2017. With over 160 professional staff members and offices in Shawano, Green Bay, Fox Cities, Clintonville, Sister Bay, Rhinelander, Oshkosh, Stevens Point, Antigo and Wausau, KerberRose combines the expertise of a leading regional firm with the convenience, familiarity and passion of a local provider.

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