An investment plan, amongst other things, can help you establish where you stand financially, how you should invest, and how and from where you should generate retirement income.
But it can go further than that. An investment plan can help establish what your family’s income needs are, and help you ensure they are provided for.
3 Estate Planning Features of an Investment Plan
An investment plan can help you do the following:
1) Map Out Your and Your Spouse’s Retirement Income Needs
By establishing your spending needs in retirement as well as your spouses, and inputting them into an investment plan, you can keep track of how your assets stack up against your long-term income needs.
2) Leaving Assets to Heirs: Map Them Out
You may be in a position where you have more than enough to retire, and you can designate certain accounts and assets as ones you want to earmark for your heirs or for an entity, like a charity. Those accounts should be considered as part of the overall investment plan, but since their goals are different than your retirement assets, they may need to be managed differently. An investment plan can help you establish how you should invest.
3) Make Estate Planning a Family Affair
Encourage your family members to take part in discussions with your financial advisor. Establishing these relationships with your financial advisor can help from a continuity and longevity standpoint, to ensure the plan is executed consistently over your lifetime and the life of your family. This can also make things easier for your family should something happen to you.
WrapManager Can Help You Build a Comprehensive Investment Plan
At WrapManager, we create and regularly update investment plans for our clients to chart their retirement and to stay aware of how on track they are to reaching their financial goals.
If you want to explore creating an investment plan for yourself and your family, please give us a call today at 1-800-541-7774 to get started, or click here. One of our Wealth Managers would be happy to help you.
