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Your Financial Life Cycle

Even if you’ve used a financial plan starting with your first job, there’s a good chance life has thrown you a few curveballs since then. Marriage, divorce, death, job loss, career change, caring for a child or other family member, and getting ready for retirement are events that shape your life and affect your financial situation. It’s important to work with an experienced financial advisor who understands your situation and can help you get back on track. The Okun Financial Group is here to advise you throughout your life to maximize your financial future.

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">Personal Life Events</span>

Personal Life Events

Your personal life has a direct impact on your financial situation. For example, marriage can help both of you build significant wealth when you combine two incomes into one household. But the same relationship can put a strain on your finances when children arrive and one partner stays home to care for them. Incidentally, divorce usually hurts both partners financially and requires a brand-new start. Medical expenses and the death of a partner or family member can cause a financial crisis. 

Throughout these personal life events, your financial advisors at Okun Financial Group are here to support you. There may be times when you have to put your retirement contributions on hold. Maybe you need to reevaluate your goals and recalculate your retirement age to reach other financial goals, such as paying off debt and supporting your children’s college education.

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">Starting or Selling a Business</span>

Starting or Selling a Business

Starting or selling a business can be a worthwhile endeavor. As your financial advisors, we’re here to help you transition from employee to business owner. The new role may require you to rethink your insurance and tax strategy, but you’ll also have more complex investment options available to you. Owning a business does not mean you should stop contributing towards your retirement accounts. 

When you’re ready to sell your business, financial advice is even more important. What will you do with the proceeds of the sale? Our financial advisors can help you turn your business sale into a short- or long-term investment plan for your future, especially if you consider the proceeds from the sale of your business your primary source of retirement income.

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">Transitioning into Retirement</span>

Transitioning into Retirement

Life includes constant change during your working years, but even more so when you’re transitioning into retirement. We help you overcome the financial challenges you face by creating an income distribution strategy designed to provide you with a reliable income source without outliving your nest egg. 

It’s vital to use a distribution strategy instead of withdrawing money from your retirement savings whenever you want. This helps you be more strategic about your taxes, increasing your net income and your investments can continue to appreciate while you enjoy the retired lifestyle you worked so hard for.

FAQs about Your Financial Life Cycle

When Is It Time to Update My Financial Plan?

We recommend reviewing your financial plan annually and whenever there’s a change in your life’s situation. We’ll consult with you during your divorce proceedings to advise you about your assets. We can also help you create a new financial plan after losing a loved one, divorce, or career change

How Can a Financial Advisor Help Me with My Goals?

Our financial advisors use a comprehensive approach to financial planning. You may hyper-focus on saving for retirement, but we won’t forget your insurance and tax plan to protect your wealth. Our financial advisors will work with you to create a financial plan that allows you to pursue your unique goals and make adjustments as needed. We’ll be your greatest cheerleader and accountability coach while providing you with the resources and expertise you need to make informed financial decisions for yourself.

When Can I Sell My Business or Retire from My Job?

How soon you can sell your business or retire from your job depends on multiple factors. We’ll talk about your other sources of income, your expected expenses in retirement, and your ideal retirement age. Then we’ll create a plan to help you retire when you want and live the lifestyle you want without worrying about money.

We’re Here to Support Your Financial Goals

You will conquer many roadblocks in life, but any of them can be an opportunity for you to pivot and pursue your financial goals. Our financial advisors are here to help you navigate financial challenges and create a financial plan that works for you. Contact us today to work on your financial goals.

Contact Us

Kathie H. Okun, CLU, ChFC, LUTCF

President / Wealth Advisor
Investment Advisor Representative of Lincoln Financial Advisors Corp.

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