Business owners are some of the busiest people I know. They often start early and work late, juggling phone calls, emails, employees, projects and finances. Sometimes the only time that business owners get to sit and look at our personal big picture is when we finally go on vacation. During vacation, we sit down, enjoy the sunshine, spend time with our family, and see sites we want to experience. Whether it’s the mountains, the beach, or sightseeing; we get to enjoy the life we’re aspiring to build.

During vacation I find myself inspired to retire someday and spend more time doing things I love. If you are like me, it’s compelling to dream about our big picture financial plan; the steps that will get us there. We imagine that retirement will include lots of fun travel, time spent at hobbies, and visiting our successfully educated, well-employed, grown up children.

Like me, maybe you find yourself asking. Am I on track? Am I balancing savings for retirement, growing my business, and setting aside money for the projects, and goals along the way? Will my income in retirement be enough so that I can spend time on hobbies, travel and fun instead of clipping coupons and house repairs? What other incremental changes can I make if I need to save more? Is my dream of retiring at 62, 65, or 67 realistic? Will my accounts grow large enough? If I help my kids pay for college am I shortchanging my retirement? How do I make sure I never run out of money?  

These are the questions that a good financial planner can help to answer. It will help you see clearly how all your financial actions during your lifetime of work will translate into a withdrawal strategy that may need to last 25 or 30 years. It will help you determine which accounts to call on during early retirement and which ones later. It will help you determine when to use your Roth account to your best advantage. A financial plan will help determine whether your dream of staying in your current house, adding a vacation home, or moving can be achieved.

A thorough financial plan delves into all your financial arenas. It will include thinking about and aligning your assets for your estate plan. It will look at your employer/employee benefits and make sure that they serve you. It will answer the question of how much insurance you need and what kinds. A great plan also calculates the probability of your asset allocation reaching your needed net worth. A financial plan is a living document which can help you adjust the course as your situation changes.

Do you need to hire a financial planner to do this? The answer is yes, but admittedly I am biased. I became a financial planner because the complex spreadsheets I was building for my family wouldn’t give me all the answers. Nowadays the quick online web calculators also fail to build a complete picture. As a business owner there is yet another layer added to your financial picture. The success of your business can rapidly add to your financial picture; a serious downturn alternatively requires nimbly juggling your finances. A good financial planner has the experience, tools, training and techniques to help you reach all your financial goals.

Okay, don’t spend all your vacation pondering your financial life. Resolve to give me a call when you get back; then go back to enjoying the beach, the mountains, your family and the sights.

Merra Lee Moffitt, Certified Financial Planner, is a Senior Partner at Good Life Financial Group, Wyomissing. She loves to travel and has already visited 32 countries. She loves helping other people get to vacation regularly and that you get to the places of your dreams.  It’s part of her financial planning process. Call, click or contact at 610.628.2055, www.Welcome2TheGoodLife.com/MerraLee and merralee.moffitt@lpl.com.