Financial Planning for Baby Boomers

Updated: May 5

How We Help


Financial Planning for people born between the years 1946-1964. Our Financial Planning process of determining whether and how you can meet life goals through the proper management of financial resources. Let us show you how...

We can help you with:​


Fortifying your budget

Maintaining credit


Setting short and long-term goals


Major purchases

Understanding your behavioral biases

investing for retirement the right way

Maximizing your employee benefits

Planning for education for your children or grandchildren

Protecting the people you care about

Retirement savings and  income planning

Planning for  extra vacations

Long-term tax strategies

Downsizing

Preparing for the "what ifs"

Developing your estate plan

Understanding your health care needs

Prepare for the costs of long-term care

Make the most out of retirement

Prepare your children for inheritance

Donate to the charities and causes you believe in


Our Financial Planning Process


Our Financial Planning process is modeled after the CFP Board's Financial Planning Practice Standards. Working with Generation X, we establish and define our relationship. This includes managing expectations for bother parties. 

We gather all relevant and critical data during our onboarding process, which is culminated in our Getting Organized meeting.

Modern Wealth analyzes and evaluates our your goals, values, behaviors and resources. 

We develop and present any and all financial planning recommendations, as a result of our evaluation. 

Modern Wealth and our clients mutually agree on plan implementation and responsibilities. This varies from client to client. 

We continue our relationship through regular meetings, monitoring of the plan through communication and the latest technology, evaluating changes and updating the client's plan as life happens.

So what goes into Financial Planning?


Financial Statement Preparation


Budget:

A statement that estimates your financial resources and expenditures for a given period

Cash Flow Statement:

A statement that summarizes your cash inflows and outflows for a given period 

Net Worth Statement:

A statement of your assets and liabilities

Strategies and Techniques:

Optimize your short- and mid-term cash flow, assets, and liabilities

Insurance Planning & Risk Management

Insurance Needs Analysis:

For disability, life, health, long-term care, property, and liability

Choose A Strategy:

Utilize some or all of the four primary risk management techniques available to you

Explain Factors That Affect Premiums:

Recommend appropriate methods for reducing your household insurance costs

Identify Strategies And Techniques:

Manage financial exposure due to personal risk


Employee Benefits Planning


Maximize Your Retirement Plan:

We help you understand and develop strategies to maximize your employer provided plan

Health Insurance Options:

Understand all the costs and benefits associated with the different types of plans

Employee Assistance Plans:

Weigh the benefits of what you have and potential utilization

FSA And HSA Plans:

We walk through the potential options and benefits

Employee Stock Option Plan:

We help you optimize and understand your options


Investment Planning


Investment Plan:

We develop a plan that is best for you and your needs, which addresses the following questions: 

What are your goals?

When do you need to reach those goals?

How much do you need to invest now or incrementally, as time goes by?

What is your investment style preference?

How Much risk are you comfortable taking?

How often do you want to adjust your plan?


Income Tax Planning


Family Net Worth:

We implement strategies and techniques to maximize present value of after-tax net worth


Minimize Tax Liability And Maximize After-Tax Returns:

We recommend actions for you and your dependents consistent with IRS Code with a tax conscious decisions

CPA And Tax Attorney:

We work closely with your CPA, or tax attorney, to identify and structure transactions that will minimize you and your tax burden across your life cycle


Education Planning


Private School and College:

We identify strategies and techniques to pay for Private School and College

Affordable Options:

Who create a plan of affordable options for College

Save And Invest For Education:

We develop strategies to best save and invest for education

Scholarships + Assistance And Loans:

We walk through various options for scholarships, assistance, and loans


Retirement Planning


Retirement Income Planning:

We develop strategies to coordinate income and make that retirement income last

Estate Plan:

We make sure your estate plan is able to implement your wishes

Health Care Needs:

We consider and prepare for health care needs and costs

Early Retirement:

We explore opportunities for potentially early retirement

Charitable Giving:

We consider opportunities to donate to charities

Tax Efficiency:

We develop tax efficient strategies so you make the most out of retirement

Social Security And Medicare:

We help understand and choose your best strategies for Social Security and Medicare


Estate Planning


Preservation and Distribution:

We implement strategies and techniques for preservation and distribution of accumulated assets

Beneficiary Designation:

We properly designate beneficiaries on all of your accounts so that your money goes where it is supposed to

Coordinate With Attorney:

We coordinate with your current attorney or direct you to one you are comfortable with to implement critical documents such as:

Estate Planning Documents:


Last Will and Testament

Durable Power of Attorney

Health Care Proxy

Living Will


If you are a Baby Boomer, born between the years 1946-1964, and you believe Modern Wealth could help you, please schedule an Intro Call!

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