Many people make the mistake of waiting too long to save for retirement. Others don’t plan for putting their children through college or buying their child a new car.
Here are 4 financial planning tools to help you plan appropriately for your family’s future.
1. Social security benefits
This calculator from the Social Security Administration will help you estimate how much social security you will receive when you retire. Of course for most of us social security alone will not be enough to fund our desired retirement lifestyle.
2. Income from your retirement accounts
The United States Department of Labor has designed a lifetime income calculator that estimates the payments you will receive from your personal retirement accounts, such as 401(k) plans. Income most of us will need to supplement our social security benefits calculated above.
3. Life insurance needs
There are several reasons why people choose life insurance. One of the top reasons is to supplement their spouse’s income upon their early passing. Life insurance can be used to pay off any debts and cover funeral expenses while allowing you to sustain your current lifestyle. The non-profit Life Happens as a life insurance needs calculator here.
4. The cost of raising a child
Kids are expensive! This tool from the US Department of Agriculture allows parents to estimate the annual cost of raising their children. The tool breaks down the cost of housing, food, transportation, clothing, education and health care.
These tools are designed to help you kick-start your financial planning but they are only a start. To really take control of your financial future you need to talk to a qualified financial planner and insurance agent.
John B Wright can help you put in place the insurance you need to secure your financial future. Contact us here to get started.
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