Your Financial Roadmap: The Path to Your Future

Many of our clients in West Michigan and surrounding areas ask us the first step in financial planning. The first step in personal financial planning is preparing your financial roadmap. At Jacobs Financial Services, we approach retirement planning with a three-step methodology:

  1. Discover - Let yourself imagine your ideal retirement.
  2. Evaluate - Examine your current finances and future needs.
  3. Plan - Create a customized plan for getting you the retirement of your dreams.

Since you wouldn't consider setting off on a long trip without a map, GPS, or itinerary, it stands to reason that you should have some direction for something as critical as your financial future.

Preparing Your Financial Roadmap: What to Consider

As we work on your roadmap, we'll ask you to consider the following:

  • Where do you see yourself in the next 10-30 years? 
  • Your life expectancy. With good healthcare and a healthy lifestyle, you should plan to live a long life into your 90s or longer.
  • What you can contribute to your plan now to cover current and future expenses. 
  • Be prepared with a list of all your assets, including current accounts, retirement plans, and home equity.
  • The cost to maintain your current and future lifestyle. 
  • Are your current assets adequate to fund your future lifestyle? 
  • When do you expect to start relying on your assets to cover living expenses?
  • What is your level of risk tolerance? Are you at the right risk level based on your time to retirement and the economic outlook?
  • What other income will you have in retirement? Will you have pension payments, dividends, Social Security, or other forms of income?
  • Do you have an estate plan? This is not only important to ensure your assets are distributed per your wishes, but it can reduce taxes and ensure your health and care needs are met.
  • Do you have an emergency fund set aside for unforeseen events? Consider what you would need if you have a home emergency, long illness or injury, or job loss. 

As we talk through the answers to these questions, a view of your current fiscal health will emerge, as will a clear vision of your goals and the steps necessary to get you there. Remember that a financial roadmap is a living thing. Like your route on a trip, situations can emerge, requiring slight adjustments. We recommend reviewing your roadmap at least annually to ensure we consider any new developments and plan accordingly. 

Schedule a meeting with one of our advisors today to get started working on your retirement roadmap. Our team of qualified financial advisors is here to help our clients in West Michigan and surrounding areas achieve the retirement of their dreams.


Ready to Take The Next Step?

For more information about any of our products and services, schedule a meeting today or register to attend a seminar.

Or give us a call at 616.622.4654.