A comprehensive financial plan can help when making big decisions that will impact your finances.
- When can I retire?
- Should I use a windfall to pay off my mortgage early?
- How much do I need to save to retire so I can maintain my lifestyle?
Developing a financial plan can help you evaluate each of your goals as well as compare alternatives. This process takes into consideration tax implications and prioritizing the funding of one goal over another. It is also beneficial to stress-test your plan to help ensure you do not run out of money.
If you are not working with a Financial Planner, you may not be asking yourself all the right questions as well as ensuring you have not overlooked anything.