Why do we always ask you the same questions when we meet or talk on the phone for that matter?  “Has anything changed in your life or do you expect any changes in the coming months?”

It all comes back to your financial plan.

A financial plan is only as good as the information and assumptions that went into it. Looking at projections that are 30 years out is a little like looking at a hill on the horizon and attempting to judge its height. Over my numerous years of working in the financial services industry, I have seen an incredible shift in people’s attitudes toward financial planning. One and done might have been an appropriate slogan for how financial plans were done at one time. I would also say that preparing a retirement plan for someone already retired would have been a job reserved for a boring rainy day. Not anymore!

For a number of reasons we believe ongoing financial planning is as important if not more important after you retire as it is before. Let me outline a few reasons why:

• We are living longer and thus the time over which our projections were originally made can be 30 plus years. A lot can change in one year… let alone 30 years.
• Economic assumptions and variables can and will change just ask anyone who bought their first home in the 80s or 90s and took out a mortgage with an interest rate in the double digits.
• Tax laws affecting rates, and the treatment of various sources of income are constantly evolving.
• The composition of your income, to the extent we can change it can and likely should change to take advantage of being as tax efficient as possible. Notice I said tax efficient and not minimizing taxes. In some cases it may be better to pay a little more tax today in an effort to create a lower tax rate on assets at the time of your death.
• Personal changes can and will occur during your retirement years. Everything from divorce, disability, grandchildren and death of a partner can significantly change your retirement plans and need to be evaluated for their impact on your goals and objectives and thus your financial plan.

Our goal is to ensure all our clients have an up to date financial plan that is reflective your current situation. So when I ask, any changes in your life? Please take the above into account and let us know what’s on your mind. The end result will be a better overall plan that ties into your goals and objectives in life.