Do I need Financial Planning

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GENERAL FINANCIAL PLANNING TOPICS
1. I have all of my financial goals and objectives written out and clearly defined: No- do not have a plan Yes- I have an existing Financial Plan.
2. In general, I am confident that I’m “on-track” to achieve all of my financial goals: No Maybe / Most of them Yes
3. In general, I feel confident that I’m knowledgeable enough to address my Financial Planning objectives with a high degree of competency: No Maybe or Most of them Yes
4. I have enough time to research the relevant Financial Planning topics, rules, tax laws, and make sense of them: No There are specific items I need to review with an expert Yes
5. I feel confident that I can sort through all of the various Financial Planning issues and address each concern from a comprehensive viewpoint : No Yes
RETIREMENT PLANNING QUESTIONS
1. In general, I am confident that I’m “on-track” for retirement : No Pretty sure / I think so Yes
2. I have a clear idea of what I want my retirement to be like: No Partial Yes
3. I have a good idea of how much income I will need during retirement based on my spending habits and future expenses during retirement time : No Yes
4. I’m confident that I will have enough retirement income (inflation adjusted) to live comfortably throughout retirement: No Yes
5. I feel comfortable that my current savings level combined with my expected rate of return will accrue to the amount necessary for retirement: No Yes
6. I have run projections for my retirement based on my current asset allocation, risk level, income sources, pensions, social security, life expectancy, income needs, etc : No Some- not sure if they are accurate Yes
ESTATE PLANNING
1. I have worked with an Estate Planning Attorney in the last 5 years and completed the legal documents that are required to accomplish my desired estate planning objectives: No Not recently- needs to be reviewed Yes
2. I have identified and properly registered all my beneficiary designations in order to assure my assets pass to the correct people : No Not Sure- needs review Yes
3. I have a good understanding of how “estate taxes” are applied and have done the proper tax planning needed to assure the most efficient transfer of assets: No Yes
4. I’m confident that my heirs will have a clear understanding of my wishes at the time of my death and have made the necessary arrangements to accomplish those wishes : No Yes
5. I have a systematic method of reviewing my estate planning to assure that changes in the tax code, estate planning laws and my assets are always in-line with my wishes and objectives : No Yes
INSURANCE PROTECTION
1. I feel confident that I am fully insured for a premature death or a long-term disability (loss of income) at the most cost efficient rate and for the proper time frames: No Yes
2. I have identified how much net monthly income my family or heirs would need in the event of my premature death or long-term disability (loss of income): No Yes
3. I have researched the potential need for insurance in my “older ages” in the event I need Long Term Care and the potential impact on my estate plan : No Yes
4. I have reviewed my auto and home (property and casualty) coverage in the last 2 years to make sure that the coverage levels are sufficient and that I’m paying a competitive rate: No Yes
5. I’m confident that all of my liabilities (personal and business) are fully insured at a competitive rate and at the proper levels: No Yes
6. I have reviewed my employer’s insurance benefits and researched the best way to coordinate those benefits with my personal insurance needs and policies: No Yes
INVESTMENTS
1. In general, I feel confident that I have the time and knowledge to invest my money wisely: No Yes
2. I have a target asset allocation model that I follow for each investment objective: No Yes
3. I feel confident that the level of risk I am taking with my current investments is appropriate for my time horizon and investment goals: No Yes
4. I track my investment returns on a consistent basis and feel confident that I’m achieving the best rate of return possible for my targeted risk level: No Yes
5. I have the tools and research available to analyze my portfolios and determine the best investment options to achieve my objectives: No Yes
6. I understand how to systematically rebalance and maintain my portfolios on a regular basis in an effort to potentially increase returns and lower risk: No Yes
EMPLOYER BENEFITS
1. In general, I feel confident that I’m taking full advantage of the benefits that my employer offers me: No Maybe, or Most of them Yes
2. I understand how my employer sponsored group insurance benefits work and feel confident that I’m enrolled at the proper levels to accomplish my financial goals: No Yes
3. I feel confident that I am taking full advantage of my employer’s retirement plans, pensions, matching or profit sharing contributions and other payroll deduction options: No Yes
4. At open enrollment time, I read all the materials thoroughly and research the changes and new options that my employer might make available to me: No Yes
5. I do a periodic review of my benefit plans, payroll withholdings and other employer related incentives to assure that I’m taking advantage of all potential tax saving programs: No Yes
EDUCATION PLANNING
1. I know how much my children (or grandchildren) will need to spend on their education : No Yes
2. I feel confident that I am "on-track" to save enough to cover my education savings goals for each child : No Yes
3. I have a good understanding of how much I SHOULD save based on my income, my child's desired (or likely) school choice and the loans or grants my child may be eligible for: No Yes
4. I understand the differences between the various education savings vehicles that are available and how those should be used based on my education savings goals: No Yes
5. I feel confident that I can save for my children's education while balancing my other financial planning goals in a tax efficient manner: No Yes
CASH and DEBT MANAGEMENT
1. I use a system (i.e. Quicken, Excel, MINT) to track where and how I spend my money so that I can analyze my budget and spending tracking: No Yes
2. I feel confident that I am getting the best yield possible on my savings, checking, money market and CDs to help increase my cash flow: No Yes
3. I feel confident that I have my unsecured debt, mortgages, HELOCs and other debt structured in the most efficient way possible in order to coordinate with my other financial planning objectives: No Yes
4. I am confident that my debt is structured in the most TAX efficient way possible: No Yes
5. I am paying off my debt at the correct pace and at the lowest "net cost" in order to assist me in achieving my financial planning objectives: No Yes
TAX PLANNING
1. In general, I am confident that I am taking advantage of every possible tax incentive, tax deduction, and tax shelter available to me: No Yes
2. I work with a tax professional (accountant or CPA) each year to prepare my return and/or to consult with me on tax planning strategies: No Yes
3. I am confident that I am taking advantage of all possible tax deductible (or tax free) retirement accounts, education savings accounts and other investment vehicles: No Yes
4. I take the time to understand my tax return, tax withholding, tax deductions, tax credits, and tax preferred instruments: No Yes