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DIY Retirement Guides

1. Emergency Fund Evaluation and Savings

  1. Assess the status of your emergency fund to ensure you're adequately prepared for unexpected financial challenges. Refer to our guide below:

    1. What Issues Should I Consider When Establishing And Maintaining My Emergency Fund?​

  2. If you haven't reached your emergency fund goal yet, it's time to kickstart your savings efforts. Utilize the handy Emergency Savings Calculator to determine the ideal size of your emergency fund based on your unique financial situation and needs.​

    1. ​​Emergency Savings Calculator

  3. If you're on track with your retirement savings and seeking further opportunities to enhance your financial security.

    1. Access Flourish Cash, a high yielding savings account for cash.
      • Learn more about Flourish Cash.​
      • Flourish Cash Phone Number: (833) 808 - 5700

2. Assess Your Retirement Savings Strategy

  1. Begin by using the Retirement Planner For Household Calculator to gain insights into your current retirement savings status and determine whether adjustments are needed.

    1. Retirement Planner for Household

  2. If you find that you're falling short of your retirement savings goals and seeking further opportunities to enhance your financial security, refer to our comprehensive guides below.​

    1. ​​​​Where Should My Next Dollar Go?

    2. What Accounts Should I Consider If I Want To Save More?

  3. Additionally, check out these helpful guides:
    1. ​Should I Contribute To My Roth 401(k)?​​​​
    2. Should I Contribute To My Roth IRA Vs. My Traditional IRA?
    3. Can I Make A Deductible IRA Contribution?
    4. Should I Roll Over My Dormant Traditional 401(k)?

3. Optimize Your Investment Strategy

  1. What Issues Should I Consider When Reviewing My Investments?

  2. Consider Utilizing Target Date Funds in Your Employer 401(k)/403(b): Target date funds offered in your employer-sponsored 401(k) plan are considered a prudent investment option, aligning with your retirement timeline for those that do not want to be hands on in the investment allocation of their portfolio.

  3. Diversify Investments Based on Goals: For goals outside of retirement, such as saving for a home down payment or funding a child's education, diversify investments according to the specific time horizon and risk tolerance associated with each objective. For example, a shorter-term goal like a down payment may warrant a more conservative allocation, while a longer-term goal like education funding may allow for greater exposure to growth-oriented assets.

  4. Utilize the Asset Allocation Calculator: Use the Assign a Target Asset Allocation to Your Account calculator below to determine the appropriate asset allocation for non-retirement goals. This calculator considers your financial goals, time horizon, and risk tolerance, providing guidance on constructing a well-balanced investment portfolio tailored to each specific objective.

    1. Risk Tolerance Calculator​ for Asset Allocation

  5. Assess Risk Tolerance for Each Goal: Evaluate your risk tolerance in the context of each financial goal to ensure alignment with your comfort level and capacity for risk. For instance, if you're saving for a major purchase in the near future, prioritize stability and liquidity to minimize the impact of market volatility.​

  6. Monitor and Adjust Regularly: Continuously monitor your investment allocations for non-retirement goals and make adjustments as needed based on changing circumstances, market conditions, and progress toward your objectives. Regular reviews help maintain alignment with your evolving financial situation and goals.

4. Debt and Budget Management

  1. Dive into Dave Ramsey's renowned book, The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness, to kickstart your journey toward financial freedom. This comprehensive guide offers actionable strategies and proven principles to help you achieve financial fitness.

    1. Access the book here​

  2. Explore our collection of helpful guides tailored to debt and budget management:

    1. Should I Pay Off My Debt(s)?

    2. What Issues Should I Consider When Paying Off My Student Loans?

    3. Am I Eligible For An IDR Plan For My Federal Student Loans?

5. Navigating Taxes

  1. Explore these helpful guides to better understand your tax situation.

    1. What Documents Do I Need To Collect For Filing My 2024 Tax Return?​

    2. As Someone Who Is Working, What Issues Should I Consider When Reviewing My Tax Return?

    3. Important Numbers

  2. Calculators

    1. 1040 Tax Calculator: Use this 1040 tax calculator to help estimate your tax bill for the current tax year's rates and rules.

    2. U.S. Easy Tax Estimator: Easy Tax Estimator is one of the quickest forms to calculate your tax bill.

6. Insurance Planning Insights

  1. Assess Your Insurance Needs: Insurance requirements vary based on individual circumstances. For young professionals, especially those starting families or married, exploring Term Life Insurance and Disability Insurance is crucial. Remember, insurance is a safety net, not an investment. Consider the financial impact on your loved ones if an unforeseen event occurs. Ask yourself: Would my family cope financially if something happened to me? Could they afford mortgage payments, car expenses, outstanding student loans, or daycare? Evaluate the time it would take for a surviving spouse to find employment or pursue further education to support the family.

  2. Review Employer and Social Security Benefits: Begin by reviewing your employer-provided benefits to understand any existing life insurance or disability coverage. Additionally, don't overlook Social Security benefits. Access your work history on ssa.gov to assess additional insurance coverage provided by Social Security.

    1. Login to view your Social Security Benefits here ​

  3. Utilize Insurance Calculators: Determine the appropriate coverage amounts using online calculators:

    1. Life Insurance Calculator: Estimate the amount of term life insurance suitable for your needs.

    2. Disability Insurance Calculator: Calculate the required disability insurance coverage to safeguard against expenses in case of illness or injury.

  4. Assess Shortfalls and Explore Options: After assessing your needs, compare them against existing employer and Social Security benefits. If there's a shortfall, consider enhancing coverage. Use our firm's resources to explore term and disability insurance coverage options:

    1. Request a Term Insurance Quote

    2. Request a Disability Insurance Quote

  5. Educational Resources: Gain further insights into insurance planning with the following guides:

    1. What Issues Should I Consider When Purchasing Disability Insurance?

    2. What Issues Should I Consider When Reviewing My Existing Life Insurance Policy?

    3. What Issues Should I Consider When Purchasing A Life Insurance Policy?

    4. What Issues Should I Consider When Reviewing My Property And Casualty Insurance Policies?

7. Estate Planning Essentials

  1. Importance of Estate Planning: Estate planning is crucial for everyone, especially for those with spouses or families. Having appropriate documents in place ensures your wishes are carried out effectively.

  2. Utilize Trust&Will: Trust&Will offers an affordable and convenient way to establish estate planning documents. By using the link below, you can access their services and receive a 10% discount on estate planning documents:

    1. Click here to receive 10% off your Estate planning documents at Trust&Will.

    2. Estate Planning Framework: Find out what information is needed prior to starting your estate plan with Trust&Will.

  3. Educational Guides:

    1. What Issues Should I Consider When Creating My Estate Plan?
    2. What Issues Should I Consider When Reviewing My Beneficiaries?
    3. What Issues Should I Consider When Reviewing My Estate Planning Documents?
    4. What Issues Should I Consider Before I Update My Estate Plan?

Other Guides and Resources

  1. Getting Started Financially

    1. What Issues Should I Consider When Starting Out Financially?

    2. What Issues Should I Consider With My Employer-Provided Benefits?

      1. 403(b)/457/401(k) Savings Calculator: A 403(b)/457/401(k) can be one of your best tools for creating a secure retirement. Use this calculator to see why this is a retirement savings plan you cannot afford to pass up.

    3. Pay Stub Review

      1. Retirement Contribution Effects on Your Paycheck Calculator: Use this calculator to see how increasing your contributions to a 401(k), 403(b) or 457 plan can affect your paycheck as well as your retirement.

  2. Housing and Real Estate

    1. Should I Pay Off My Mortgage?

    2. Should I Consider Refinancing My Mortgage?

      1. Should I Refinance Calculator: Use this calculator to see how much interest you can save by refinancing your mortgage!

    3. What Issues Should I Consider When Buying A Home?

      1. Mortgage Qualifier Calculator: Can you buy your dream home? Find out just how much you can afford!

      2. Home Rent vs. Buy Calculator: Are you better off buying your home, or should you continue to rent?

    4. What Issues Should I Consider When Selling My Home?

  3. Life Events

    1. What Issues Should I Consider When Starting A New Job?

    2. What Issues Should I Consider If I Get A Promotion Or Raise At Work?

    3. What Issues Should I Consider When Having (Or Adopting) A Child?

    4. What Issues Should I Consider To Fund My Child’s College Education?

      1. College Savings Calculator: Use this calculator to help develop or fine tune your education savings plan.

NOTE: We are not affiliated with or receive any compensation from Flourish Cash or Trust & Will. They are just great options that we offer to our clients. If you end up exploring any insurance options with our links, we would be compensated if a policy was put in place but again, please explore all options including your employer as we just wanted to provide the option for convenience purposes.

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