Financial planning for today's modern family

When you have a family, life can be very full. Between a house, a job, a spouse, kids, and the rigors of everyday life, it can be hard to fit in everything that’s important to you.

But finding some balance is critical, especially when it comes to finances. If you spend too much time and money living it up now, you may not have enough to sustain your lifestyle later. But if you save all your money for later, you’re not likely to enjoy the prime years of your life now. And who has time to sit down and figure out what balance really looks like, anyway? It certainly can seem overwhelming, but it doesn’t have to be. 

Powered by years of experience, Legacy Planning Group can help you understand your family's financial position, articulate your longer-term goals, and then develop an approach to your family’s finances that make sense, both for now and later.

Your Retirement

Certain questions take on paramount importance when approaching the retirement years. First, how long should you expect retirement to last? Second, how much is this new phase of life expected to cost? Third, what sources of income do you anticipate having? Fourth, what investment strategies can help you pursue the goals you have for retirement? 

Your Income

When approaching certain milestones or adjusting to unexpected changes, new risks are introduced. You may find yourself willing to forego return potential for steady income. A change in your mindset may drive changes in how you shape your portfolio and the investments you choose to fill it.

Your Family

Are you properly insured? Who are the beneficiaries listed on your accounts? When should you start saving for college? Are you doing what is best for your family? Protecting your income and lifestyle is one of the most loving things you can do for your family, by making sure they’re taken care of even if you can’t be the one there to do it.

How We Work

How long will retirement last?

Over the last century, life expectancy has risen dramatically in the U.S. In 1900, the average life expectancy was 49.2 years. Americans had a much higher life expectancy of 78.6 in 2017, according to the most recent statistic available.

With all the advances in technology and medicine, its possible that many of today's retirees may live much longer than their ancestors.

How much is it expected to cost?

When estimating how much this new phase of life is expected to cost, it is important to make a realistic assessment of your expenses and activities, as well as address the potential threat of new expenses that may be introduced in retirement. Let us help you get an idea of how much retirement income you need.

Lifestyle & Location

Looking at your current expenses— and deciding which of those are expected to remain after you retire—  are important factors in estimating the cost of retirement. In addition, considering where you'll live, both short- and long-term, and how you plan to fund your move.

Bucket List

What goals and hobbies do you intend to pursue, and how expensive do you anticipate they will be? Many of us have special dreams, priorities and values that may require additional resources in retirement. These expenses should be factored into your strategy.

Health Insurance

We can help you understand your options with Medicare and define a strategy for covering health care expenses for the long haul. 

Extended Care

What arrangements have you made in the event that you are a loved one encounters a health issue requiring full-time care? Understanding the types of long-term-care services—and what those services could cost—is critical as you consider your retirement approach.

How will you pay for retirement?

In order to develop a sound retirement planning approach, you must first decide how you are going to pay for retirement. What sources of income do you anticipate having? For many people, retirement income may come from a variety of sources, including: Social Security, personal savings and investments, IRAs, and 401(k) plans. 


Your IRA may play a key role in your retirement. We offer a variety of individual retirement account solutions. Let us help you open 

Small-Business Retirement Plans

Whether you are self-employed or the owner of a small business, we offer a variety of retirement plans designed to meet your specific needs. We can help implement retirement plans that are cost effective and employees will appreciate.

Savings & Investments

With access to a wide range of investment products, tools and strategies—we can help you build and manage a portfolio centered around your unique goals and objectives.

Social Security

Social Security plays a major role in providing income for many retirees. Understanding your estimated Social Security benefits and incorporating this into your financial plan is critical in determining what sources of income you should anticipate receiving during retirement.

What investment strategies could help?

Is it better to build an aggressive portfolio or a conservative portfolio? That depends on your individual situation.

By analyzing your full financial picture—including your goals and needs, risk tolerance, timeline, and more—we can help you create a retirement investment strategy that is centered around you.

How We Work

Longevity and the risk of outliving your assets

As your retirement years draw near, you’ve come to understand that withdrawals from your investment portfolio have the potential to accelerate the depletion of your assets when investment values are declining. Is an annuity right for you? With annuities, there’s no one size fits all…they’re only appropriate for specific situations and specific goals. If you have questions or want to check up on your retirement planning, let’s connect.

How We Work

Unforeseen injury or illness

What if something happens to you and you can no longer work? Not only would your day-to-day expenses start piling up, but you are also saddled with unexpected medical expenses. Disability insurance can provide protection by replacing a portion of your income.

Disability Insurance

Future medical expenses and long-term care costs

What do you do to protect yourself if you will need some kind of long-term care in the future? Long-term care can be an expensive drain on family resources. It might make sound financial sense to consider incorporating lone-term care insurance into your financial plan.

Long-Term Care Insurance

How We Work

Asses your life insurance needs

If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. Recognizing the role life insurance can play in your family’s finances is an important first step. A critical second step is determining how much life insurance you may need.

If you need help identifying life insurance policies that might be a good fit for you and your family, or evaluating your current policy—let’s connect.

Life Insurance

Get a head start on college savings

There are several different ways to start saving for college, and one of the better known account types is called a 529. A 529 account can offer many advantages for your education savings efforts.

529 College Savings Plans

  • Earnings grow tax-free, and withdrawn funds are not taxed when used for qualified education expenses.
  • The account owner can withdraw funds at any time for any reason, but if it’s not used for a qualified educational expense you’ll pay taxes on the growth plus an additional 10% penalty.
  • The student named on the account generally has no legal right to the funds – the parent or account owner (whoever created and/or funds the account) will always maintain control.
  • There are no income limits, age limits or annual contribution limits for 529 accounts.

Don't forget your beneficiaries

It's a great idea to set an annual date to review your policies, accounts and beneficiaries and make sure they still correctly reflect your wishes. Here's a list of some life events that may signal you to sit down and review what you have and your plans for them:

  • Marriage or divorce
  • Birth of a child
  • Death in the family or inheritance
  • Job loss
  • New job or significant salary increase
  • Financial windfall
  • New estate plan documents or trust establishment

If you’d like, you can set your beneficiary review date to coincide with our annual account review, and we can do it together. Let’s get together soon.

Investing involves risk including the potential loss of principal. No investment strategy, including diversification, asset allocation and rebalancing, can guarantee a profit or protect against loss.

Neither LPL Financial, nor its registered representatives or employees, provide tax or legal advice. 

*Guarantees are subject to the claims-paying ability of the issuing insurance company.