Financial Transition Planning

Financial Transition PlanningFinancial transitions may be caused by loss of a spouse, divorce, inheritance, retirement, career change, insurance settlement or via signing a significant employment or sales contract — be it in business, technology, sports, or music. Regardless of the reason, what all these have in common is that transitions involve a cessation of an individual’s previous mode of living and ends with a new start of some sort.

In between is the Transition. Transition equals change. Whenever life changes, money changes and whenever money changes, life changes. When life changes quickly there is usually a great deal of added stress and upheaval, leaving one with a sense of being uncomfortable, anxious, unprepared, and unsettled.

If you’d like to get a Second Opinion about your current financial plan, contact us using our Online Contact Form, or give us a call: (503) 291-1313.

The major issue for women facing a financial transition may be learning about all the different options for saving, investing, or taking retirement income in a tax-advantaged way. Often women have not actively or continuously participated in the investment decisions and are nearly paralyzed by the overwhelming amount of information thrown at them… if they even seek professional advice. Many women don’t even know where to begin to find that advice or to obtain a reputable financial professional’s name. They want to be educated, without being condescended to. They want to be listened to, they want to make informed choices.

It doesn’t help the situation that so many people, including stockbrokers & insurance agents, can hold themselves out as and call themselves “financial advisors” …some states don’t have any education or licensing requirements whatsoever! For that reason, we recommend seeking out a CERTIFIED FINANCIAL PLANNER™ (CFP©). CFP’s have completed additional specialized study, passed a rigorous exam and are held to a fiduciary standard (meaning that they must do what is best for the client) by the National Certified Financial Planner Board, as well as are required to maintain a certain number of continuing education hours each year.

During a financial transition, most people focus primarily on the money because it is concrete and obviously needs to be addressed. The real challenges during transitions are physical, psychological and social. Stress increases and may cause changes in sleep patterns, resulting in fatigue. Some people may think &/or act irrationally. One’s sense of self can change, either positively or negatively. Sometimes, there may be a social sea-change because the status quo (marriage) is gone, due to death or divorce. Newly single women, in particular, are sometimes cast adrift in established social circles populated by couples.

Established patterns disappear and the range of new possibilities is unclear. When you settle into your new lifestyle pattern after your transition you’ll either be in a financially and emotionally secure place or one filled with obstacles, anxiety or perhaps ongoing physical and/or financial problems.

If you are interested in getting a Second Opinion about your current financial plan, call us at (503) 291-1313, or use our Online Contact Form to schedule a complimentary, no obligation introductory meeting.

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© 2015 Chuck Jones & Associates, Inc., 7110 SW Fir Loop, Suite 240, Portland OR 97223-8025 (503) 291-1313. CERTIFIED FINANCIAL PLANNER™ are
certification marks owned by the CERTIFIED FINANCIAL PLANNER™ Board of Standards, Inc. These marks are awarded to individuals who successfully complete
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