The Importance of Setting Savings Goals

From weight loss to finances, the key to meeting your goals is a clear vision of what you want to accomplish, along with realistic expectations to achieve them. This also holds true for building your savings.

Whether your desire is a sizable nest egg for retirement, setting aside money for future generations or funding for a child’s college education, it is important to know what your ultimate goal is and how to reach it.

Properly managing your savings means considering what could impact your holdings and overall net worth. Managing your money often necessitates support from more than just a financial advisor and may mean engaging other specialists such as a certified public accountant, an estate or tax attorney and possibly an insurance specialist, among others.   

There are other major considerations to keep in mind, such as estate planning and retirement –both the lifestyle you plan to live, as well as the likelihood that you will eventually incur unpredictable healthcare expense. If you are a business owner, additional considerations include what your long-term plans for that business are and how you will continue to derive income from it, especially if it represents the bulk of your wealth.

With business ownership, succession planning is important when it comes to wealth management, particularly if you are hoping to keep a business within the family. Not only do heirs need to be part of your long-term plans and know how their own financial lives will be impacted by your decisions, but if they will ultimately inherit the business, they need to proper training to take it over.

Having a plan is crucial for managing and growing your savings, and it can provide you peace of mind.

            Here are a few things to consider in your plans:

  • Wealth management is a long-term and ongoing process, so you cannot forget it when making plans. You should review your holdings annually to ensure that any changes in your life situation, such as marriage, divorce or the birth of a grandchild, are adequately reflected in possible changes in your investment portfolio or will.
  • Planning for retirement should include everything from where you want to live to the activities you are looking to pursue once you retire. Having a clear image of the lifestyle you hope to live will make it easier to ensure you can actually turn it into reality.
  • Taxes play a major role in the value of your overall estate, particularly when leaving your estate to loved ones. Don’t underestimate the importance of a tax attorney, since there may be steps you can take now to minimize taxes to the government once you are gone.

Divorce rates within the U.S. remain high. You may want to consider taking steps to protect any assets you plan to pass down to children or grandchildren within trusts that will ensure those assets are not lost if your heirs divorce.

Back to Blog

Recent Posts

    Filter Posts by Topics

      Allpoint It’s your money after all. Find a surcharge-free ATM
      Return To Top
      En Español BACK TO TOP