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Planning for the Financial Aspects of Retirement, Essay Example

Pages: 1

Words: 394

Essay

A financial action plan is a written down plan indicating the strategies and considerations used to manage money to achieve goals and secure a financial future. The plan is guided by considerations of the time value of money, taxation, life insurance, investments, and credit. The first step entails conducting in-depth research about fiscal austerity. The baseline data that will inform the financial plan entail;

  • Personal information
  • Financial goals
  • Debt elimination strategy
  • Investment plan
  • Insurance
  • Income tax strategies

The time value of money is critical in making decisions on insurance, investment, financial goals, and taxation strategies. Time value of money is based on the concept that the value of money now is worth more than it will be. Therefore, the financial action plan will be guided by the time value of money concept. Debt elimination will be critically considered in the financial action plan. A debt reduction strategy will focus on paying off high-interest debt before investments (Fevurly 223).

Aggressive and conservative approaches inform investment decisions. With that in mind, a retirement plan will be included in the financial plan. Developing an IRA is valuable in the context of addressing taxation. The Roth IRA will be considered because the earnings will grow tax-free. Under the budget, increasing contributions is important so that the future retirement funds will be more. In terms of insurance, it is important to assess whether you are underinsured or overinsured. The type of insurance taken should reflect the current income margins. Finally, investment in real estate should be considered. More importantly, it is critical to leave a legacy for beneficiaries. Ensuring assets are protected from taxes and probate is important.

Works Cited

Fevurly, Keith R. “Planning for the Financial Aspects of Retirement.” Plan Your Financial Future, 2013, pp. 221-244.

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