At Beacon Financial Strategies, we believe that all financial decisions should be made within the context of a financial plan.
We find it hard to imagine how some advisors can make investment recommendations without understanding a client’s tax, insurance, estate, or other relevant financial-related issues.
As a firm, we consider ourselves to be a financial planning firm first and foremost. The following are common financial planning issues that we address with our clients:
Retirement Feasibility Analysis
Am I saving enough for retirement? Should I fund an IRA or a Roth IRA? How much should I contribute to my employer retirement plan? Can I afford my current lifestyle in retirement? At what age can I retire?
You can find more information related to this service in our video “What is A Retirement Feasibility Analysis?”
Investment and Portfolio Allocation Analysis
Will my portfolio achieve my investment objectives? Am I taking too much risk in my portfolio? Is my portfolio adequately diversified?
Tax Preparation and Planning
Do I need to withhold more taxes on my paycheck? Should I contribute more to my 401(k) plan? Are there any opportunities to reduce my income taxes?
This video discusses in more detail the benefits our clients derive through the extensive use of tax planning in our practice.
Cash Flow & Debt Analysis
Do I have an adequate emergency fund? Can I afford to save more or should I redirect my savings to more efficient savings alternatives? What debts should I pay down first? Should I refinance my mortgage?
How much do I need to save for my children’s college education? Should I invest in a 529 Plan? What types of college savings plans are available to me? Once my kids are in college, what types of tax benefits will I receive?
Portfolio Sustainability Analysis
How long will my portfolio last? Does my investment objective fit my income needs? Can I increase portfolio withdrawals? What is a safe withdrawal rate?
Retirement Distribution Planning
Which account should I take distributions from first? How can I minimize the tax impact when retirement distributions begin? Should I consider a Roth conversion?
Insurance Needs and Asset Protection Planning
Do I have enough life insurance and what type is best for me? Is my disability income insurance adequate? Is it time to consider long term care insurance?
Managing Executive Stock Options
What is the tax and investment impact of the exercise of incentive and non-qualified stocks options? Should I think about selling stock in my employer stock purchase plan? What is the tax impact of my restricted stock units?
Estate Planning and Coordination
Is my estate plan still viable? Should I make changes to my estate documents? Are my beneficiary designations appropriate, given my estate planning objectives? What is the best way to make charitable bequests?
Assisted Living/Independant Living Feasibility Analysis
Can I afford to move into an assisted living facility? Which of the financing or buy-in options are most appropriate?
Pension and Social Security Planning
Which pension alternative should I choose? Should I begin taking my Social Security retirement benefit now or at a later date?