In the song “When I’m 64” by the Beatles, Paul McCartney sings about a time in the future where “Every summer we can rent a cottage in the Isle of Wight if it’s not too dear. We shall scrimp and save.” Fortunately for Paul, things worked out, and he didn’t have to worry too much about finances when he turned 64. Unfortunately, most of us are not globally recognized celebrities, and the need to save for those things we want in our future can sometimes strike a little closer to home.
Financial planning is vital at every stage of life. When you are young and just starting out, the goal may simply be to cover monthly expenses, get out of debt, and save for the future. As you get older and your financial life becomes more complicated (think of juggling saving for your kids’ education costs while saving for your own retirement), financial plans can grow and change to reflect those priorities. And, like Paul, if you end up in a position where you can cover all of your needs, a financial plan can help you build and protect your estate for your loved ones or leave a lasting legacy for a charity.
The fact is, whether you’re 64, 46, or almost any other age, there are milestones in our lives for which we should be prepared. Here are a few examples -
At age 26
– Adult children may no longer be carried under their parents’ health insurance coverage.
At age 50 – Eligibility begins to make catch-up contributions to retirement accounts (401k, IRA, etc.).
At age 72 – Required minimum distributions from 401k and IRA accounts begin.
Click here for a more comprehensive list of important age-specific milestones.
MoneyGuide Pro
A good financial plan helps protect you and your family from unexpected bumps in the road while preparing you for your retirement years. MoneyGuide Pro is a financial planning tool that helps to capture your wishes, wants, and needs in a single working document in order to create a plan to help you live your best retirement life.
Once we’ve worked together to set up your initial financial plan, MoneyGuide Pro can be accessed through our client portal to provide you a means to create your own scenarios in case your goals, wishes, wants or needs change. And because our lives and financial strategies do change, we’ll be with you at every step along the journey to prepare and adjust accordingly.
MY Snapshot
 | MY Snapshot is a user-friendly display that includes:
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Play Zone
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There are two ways to access these features -
- If you already have a financial plan in place and want access to your Snapshot and the Play Zone, click here to schedule a 30-minute MoneyGuide Pro access meeting.
- If you don’t have a financial plan in place and want to create one, click here to set up a 60-minute Financial Plan Review meeting.
News and Upcoming Events (May and June)
May 9 – Mother’s Day
May 17 – Federal Tax Filing Date Extension
May 31 – Memorial Day
June 15 – Q2 Estimated Taxes Due
June 20 – Father’s Day
June 24 – Next Coffee with Carolanne
June 30 – FAFSA Filing Deadline – last day to apply for federal student aid for 2020-21
Financial Planning Articles of Interest
 | Understanding Inflation |
 | 6 Steps to Determine Your Retirement Deadline |
 | 6 Surprising Retirement Facts No One Tells You About |
Lastly, for the friends that were able to join us for the first “Coffee with Carolanne,” I want to send along a heartfelt thank you. It was really great to see all of you, and I look forward to a time in the near future where we’ll be once again able to meet face-to-face. For those who were interested but unable to attend, please know that we are already setting up the next one and will be communicating the particulars in the coming weeks.
Happy Planning,
Carolanne