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Why It’s Critical To Use The Help Of A Certified Financial Planner When Creating Your Family’s Financial Retirement Plan

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There are many ways in which you can plan for your financial retirement. The first step involves actually creating a plan of action that you can follow as a family. This is where the help of a Certified Financial Planner is essential and can help take some of the burden of planning off your shoulders.

What is a Certified Financial Planner (CFP)?

A Certified Financial Planner (CFP) is a financial expert who will help you evaluate your current situation and make recommendations for a well-thought-out plan for the future. With a plan in hand, you will have a better chance of achieving financial success. They will help you assess your long and short-term needs to see where your funds would experience the most significant return with minimal risk.

If you are in the process of developing a financial plan, then you should consider hiring a CFP.

Why Hire a CFP?

A Certified Financial Planner will help you identify your current financial situation and determine what is needed to reach your goals. They will help you create a budget that works for your particular needs and will assist you with creating an investment strategy that fits your personal goals. A CFP will help you develop a plan that includes all aspects of your finances including:

  • Budgeting
  • Investments
  • Retirement planning
  • Estate planning
  • Tax planning and preparation
  • Insurance planning (life, disability, health)

It is important to remember that going with a financial planner or advisor does not eliminate the risks that are an integral part of investing, but it does help you learn to calculate those risks better.

Creating Your Family’s Financial Retirement Plan

Before meeting with a Certified Financial Planner, here are some questions you can ask yourself while in the comfort of your own home. Write down the answers in a notebook and bring them to your first meeting with your CFP. At Pension Solutions Canada, we also have a Free Estate Planning Worksheet you can download and fill out.

Be realistic and write down a list of things you want to achieve financially. If you’re having trouble coming up with goals, here are some things to consider:

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  • What are your current expenses?
  • How much do you spend each month on food, clothing, housing, utilities, transportation and insurance?
  • How much do you owe on all your debts?
  • Do you have any credit card debt or loans?
  • What about mortgage payments?
  • What are your retirement goals? Do you want to buy a house, start a business or travel the country in an RV? Write down the goals that are most important to you.
  • How much would you like saved for emergencies and other short-term goals?
  • When it comes time to pass on, what would you like people to remember about you? Do you want to be known as a generous family that gave to charity, or a family that helped everyone in need? Think about what kind of legacy you want to leave behind besides financial contributions. This could be something as simple as having a beautiful garden for everyone to enjoy. Whatever it is, write it down so that you can work toward achieving it.

Also be sure to check our 20 Questions Checklist Before Retiring and our list of popular resources to help you pre-retirement.

Utilizing the services of a Certified Financial Planner is a smart decision when it comes to the financial health of your family and your retirement. Best of all, the services of Pension Solutions Canada are no cost to you! Call us today at 1-888-554-6661 to get started.

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