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Expert Insights

Juggling Financial Goals

Since the birth of my second child, planning a bright future for my family is often on the top of my mind. When I advise clients and their families, our conversations often center around where to start and how to prioritize different goals. There are three main concerns I address working with families:

Financial protection. Offer peace of mind to future generations by ensuring your insurance documents, will and beneficiaries as well as your other estate planning documents are up to date. Thinking about these documents now helps ensure your family is protected in a worst-case scenario.

Retirement. Retirement is likely the most important planning consideration in life, with success requiring preparation and monitoring. Recognizing that families juggle many goals, retirement planning should be a top financial priority as diligent execution and management are critical to ensure you have provided for your own future.

College expenses. College costs are daunting—and growing every year. Looking at college estimates for my six-month old is completely overwhelming, but steps you take today can lay out a path to success. First, you should identify your objectives. Will you cover all costs or only provide some assistance? Have you projected those costs? Success often means planning early and determining your expectations.

Second, have an open and honest conversation about your expectations for your children—sometimes a reality check is needed. Understanding all possible funding sources is important, and the time to include grandparents or other family members in the discussion is now.

When you have a firm grasp of your objectives and funding sources, there are multiple tax-advantaged options available to save for education. Coverdell Education Savings Accounts and 529 plans can provide family members with a convenient vehicle for gifts. Some plans even offer gift vouchers when a contribution is for a birthday or special occasion.

We invite you to contact Busey Wealth Management today for guidance in planning your and your family’s future. Whatever your stage of life, our advisors are here to create a sound plan to help you reach your financial goals. From starting a family to retirement, our professionals are with you each step of the way—contact us today.

 

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Investing involves risk and you may incur a profit or loss regardless of strategy selected. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision. You should discuss any tax or legal matters with the appropriate professional.

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC, and are not insured by bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc. Busey Bank, Busey Wealth Management, and Busey Investment Services are not registered broker/dealers and are independent of Raymond James Financial Services.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Opinions are not necessarily those of Raymond James. The information has been obtained from sources conserved to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete.

Busey Investment Services
201 W. Main St.
Urbana, IL 61801
217.365.4860

 

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