Comprehensive Financial Planning In Buffalo Grove, IL

financial planning calendar

No one knows what the future holds. With that in mind, as an individual investor in Buffalo Grove, you should consider creating a comprehensive financial plan for yourself and your family. 

The purpose of a financial plan is to prepare you and your family for any planned or unplanned life events that may occur over time. In other words, it is intended to help you protect and build your wealth as you go through various phases of life. 

This article answers these financial planning questions:

  • Why is it important to identify your financial goals?
  • Should retirement planning in Illinois be a part of your financial plan?
  • Do you have the correct asset allocation strategy in place?
  • What should I do with my 401(k) after I retire? 
  • How much money will I need to retire? 
  • Can a financial advisory firm help me with tax planning and preparation?
  • Should my financial plan include estate and legacy planning?

Why Is It Important To Identify Your Financial Goals?

The first step of creating a comprehensive financial plan starts with setting goals. For example, are you looking to retire early? Or do you want to be able to send your children to college? 

Once you have identified your goals, you can begin to develop a plan for achieving them. This should involve a holistic review of your personal finances, including your income, expenses, savings, and debts. Taking the time to develop comprehensive financial goals allows you to pursue financial independence. 


Connect With the SGL Financial Team—We Specialize in Wealth Management Services for Individuals and Families.


Should Retirement Planning in Illinois Be a Part of My Financial Plan?

When it comes to retirement planning, there is no one-size-fits-all approach. The best retirement plan is the one that meets your individual needs and goals. If you live in Illinois, retirement planning should be a part of your financial plan. There are many factors to consider when retirement planning, including your age, income, retirement savings, and investment portfolio. 

Consider working with a CERTIFIED FINANCIAL PLANNER™ from SGL Financial who can help you navigate the retirement planning process. 

financial planning calendar

Do You Have the Correct Asset Allocation in Place?

Strategic asset allocation is a critical component of financial planning and investment management. Properly allocating assets across different asset classes can help to mitigate risk while still achieving your financial goals. 

There are a number of different asset classes that can be utilized in a portfolio, including stocks, bonds, alternative investments, and cash. It’s important to carefully consider how each asset class will fit into your financial plan, based on your long-term investment management strategy. 

Your investment advisor can provide recommendations to ensure that your assets are properly allocated to pursue your short and long-term financial goals. 


Learn How a CERTIFIED FINANCIAL PLANNER™ From SGL Financial Can Help You Analyze Your Current Asset Allocation Strategy.


What Should I Do With My 401(k) After I Retire?

One of the most common questions we get from 401(k) holders is what to do with their 401(k) after they retire. The answer is not always simple, as there are a number of considerations that need to be taken into account. However, in general, there are two main options you can consider as you near: 401(k) rollover or staying put.

  1. 401(k) Rollover: This involves moving your funds from the existing 401(k) account into another eligible retirement plan, like a Rollover IRA. It’s important to note that any rollover distributions will be reported to the IRS and could be subject to federal income tax withholding requirements.
  2. Another option is to leave your 401(k) with your former employer. This may be a choice if you’re happy with the performance of your 401(k).

Ultimately, there’s no right or wrong answer – it’s all about what makes sense for your individual situation. If you’re not sure what to do, consider talking to a financial planner or retirement planning specialist. These advisory services can help you understand your options and make the best decision for your unique circumstances.

How Much Money Will I Need To Retire?

Reaching retirement is a major milestone in life, and it’s one that comes with a lot of important decisions. There are a series of questions that you should review with your financial planning professional as you start the retirement planning process:

  • How much money will I need to retire comfortably?
  • Will I need to adjust your retirement plans based on inflation?
  • When should I start taking Social Security?
  • Will I need to downsize my home?
  • What happens if I live longer than planned?
  • What happens if I have a major medical event or need extra care as I get older?

Once you have addressed these types of questions in your financial plan, your retirement planning professional can assist you in developing a retirement budget. This may include an income analysis, along with a budget that includes the various expenses you will incur. 

If you have a traditional retirement account(s), such as a 401(k) or IRA, you’ll need to decide how and when to start taking withdrawals. Your fixed income will more than likely include Social Security benefits. 

Managing your investments is another component of understanding what your income needs will be. As you near retirement, or if you have already retired, it’s likely that your investment strategy may change to minimize your risk tolerance. 


SGL Financial Can Help You Develop a Retirement Income Analysis.


Can a Financial Advisory Firm Help Me With Tax Planning and Preparation?money growing from financial planning

Some, but not all, financial advisory firms provide tax planning as part of their products and services. However, not all that provide tax planning also provide tax preparation services.

The ideal situation is working with a financial advisory firm that can also assist you with the preparation and filing of your taxes. The benefit of this type of relationship is that your financial advisor has a complete holistic view of all aspects of your financial situation. From tax deductions and tax credits, the right tax professional can help you reduce your tax liability. 

Should My Financial Plan Include Estate and Legacy Planning?

When it comes to thinking about end-of-life planning, there are many things to take into consideration. Without a plan that designates who receives your assets when you pass, you could forfeit your life’s work with your estate being handed over to Probate courts. 

By including an estate plan within your comprehensive financial plan, you can make sure your wishes are honored. Your estate plan should include these basic documents:

  • Will and trust(s), if applicable
  • Durable power of attorney
  • Beneficiary designations
  • Advance directives for medical decisions

Work with SGL

If you are ready to begin the comprehensive financial planning process, consider connecting with our financial advisors in Buffalo Grove, IL. Schedule your appointment today.