"Every journey always begins with a first step."

At Financial Planning Solutions, Inc., we believe that success is a journey, not a destination. We truly care about helping you achieve your financial dreams.

If you are retired or about to retire, about to receive an inheritance, starting a business, starting a family, sorting out a life transition, or confronted with a long term care issue, we take the time to get to know your needs and goals, establish a plan of action, and ensure that you keep on track. Our specialty is making sure that you meet your financial goals and stay in line with your values. Today more than ever, life can be complex and without a plan it can be extremely difficult to reach one's goals.

Our process utilizes a holistic, big-picture approach, providing the highest level of service along your path to financial peace of mind.

First things first. The best financial plan isn't worth the paper it's written on if it's not implemented.

Imagine hiring an architect to design plans to build your dream house. You sit down together and list all the things you want. How many bedrooms. How many bathrooms. Do you want granite countertops in your new custom cherry kitchen? You then realize that you have only so much money to spend on this dream house and you have to prioritize things. Well, you see the final plan and it looks great. However, for some reason you decide to just put it on a shelf and leave it there. Your dream house never gets built. Will Rogers once said, "Even if you're on the right track, you'll get run over if you just sit there."

Well, a financial plan is no different. Without implementing the plan, you probably won't get what you want.

A financial plan is basically a roadmap to show you where you are today and based on your goals and desires,it will show you how to get where you want to go. Your personal plan starts off with a detailed analysis of your current financial position, including your net worth and cash flow and provides you with the tools necessary to take control of your financial future. Financial Planning Solutions, Inc. will helps you prioritize your goals and suggest strategies to put these goals and desires within your reach.

Depending on your needs, your plan may be comprehensive in nature (covering all aspects of the financial planning process), or focus on one or two specific financial planning objectives (modular planning).

Here is what consists of a well designed Financial Plan:

Retirement Planning

 Whether you are nearing retirement, twenty years away from retirement or already retired, we start by analyzing your current retirement plans. This includes things like your 401(k), 403(b), regular IRA's, Roth IRA's, TSA's, etc. We then determine how much money you will need/want in retirement. Based on strategic questions that have been developed over the years, we are then able to determine what investments are right for you based on your personal desires and risk tolerance. This is a very unique process as no two people are the same. If you are married or have a partner, we also coordinate your investments with each other to avoid any overlap.

Income Tax Planning

Taxes, Taxes, Taxes. Arthur Godfey once said, "I'm proud to be an American and pay taxes in the United States. The thing is, I could be just as proud for half the money"

Most people I speak to feel the same way. By reviewing your tax returns and investments, we are able to provide you with strategies that may save you money in taxes. Utilizing Tax Credits, Tax Deductions and Tax Efficient investing strategies, most people can effectively lower their tax burden.

 Insurance Planning

I remember going through the Insurance Courses for the CFP program at Boston University and thinking, "Could anything be more boring than this?" Well, boring or not, Insurance Planning is a very important aspect in the financial planning process. We analyze your current insurance including Life Insurance, Disability Insurance, Health Insurance, Long Term Care Insurance, Auto Insurance and Homeowners Insurance. Many times money can be saved here if one has the wrong type of insurance or the wrong coverage for their needs.

 Estate Planning

Some people think that Estate Planning is only for the very wealthy. Nothing could be further from the truth. Estate Planning is simply making sure that your wishes are carried out in the event of a disability or death. This includes some very low cost documents that without, could have a disastrous effect on yourself or loved ones. If you do not currently have a knowledgeable Estate Planning attorney, we will be happy to provide you with some names of very qualified attorneys that specialize in this area. We will work along side your lawyer to make sure the job gets done right.

Investment Planning

First thing we want to determine is if your investments suitable for you based on your time horizon, goals and your risk tolerance and tax implications. We will review your current portfolio and determine what is best going forward.

 College Planning

The cost of college is outrageous. A good private school can cost upwards of $50,000 a year. We will help you sort through the myriad of choices to help fund this important goal. What's the best savings vehicle to use? Is it better to save in the child's name or the parents? The new 529 plans have some great benefits but there are some pitfalls. We have to look at your individual situation to see which strategy is best for you.

Long Term Care Planning

The average cost of a nursing home in Massachussetts is approximately $90,000 a year in the greater Boston area. The average national average stay if one requires long-term care in a nursing home is about three years. It doesn't take a rocket scientist to see that one could go through some serious money. Financial Planning Solutions, Inc. specializes in this area. Our goal is to protect your assets if possible. Most long term care that is needed, is custodial care. Regular health insurance does not help much in this area. Neither does Medicare. Medicaid (welfare) will pay toward these costs but you have to be basically poor to qualify. In fact, if you are single, you cannot have more than $2,000 in countable assets. This does not include your home or your car. However, with the new guidlelines, your home could be at risk. Most people are shocked when they learn their house will not go to their children upon their death. We can help tremendously in this area. Please keep in mind that these laws are very complex and the sooner you plan the better.

Divorce Planning

Financial Planning Solutions, Inc. can work with you and your divorce attorney or mediator to help you with your cash flow needs and determine which asstets are in YOUR best interests to keep. We also make sure you are aware of who is listed as your beneficiaries on your retirement plans and life insurance.

 To Summarize...

The financial management process at Financial Planning Solutions, Inc. begins with an in-depth evaluation of your current financial situation. Once we've established your overall objectives, we'll focus on your specific goals.

With changing economic conditions and market swings, we advocate investing sensibly over the long term and maintaining an adequate level of insurance coverage. We work with you side by side so that you're confident in and comfortable with the financial suggestions we make.