Update Your Financial Strategy in the New Year!


Update Your Financial Strategy in the New Year!

By Kyle Mostransky, LUTCF®, CLTC
Posted on December 27, 2016

We all know January as a time for fresh starts, new goals, and renewed motivation. New Year’s resolutions usually lead people to purchase gym memberships, pledge to read more, or spend more time with family and friends, but have you thought about making your finances a priority in 2017? 

This is the perfect time of year to focus on your financial situation and get on track with your financial strategy for 2017.

Why Do You Need a Financial Strategy?

Why do we create strategies for our lives? Normally, it’s so we have something to aim for, something to keep in the forefront of our minds as we work towards our goals. A financial strategy incorporates immediate and long-term goals to transition you from where you are today to where you want to be in the days to come. If you don’t plan, it’s like you are shooting at a target blindfolded. Having a strategy will help you get on track for your retirement so you can focus on today instead of worrying about tomorrow.

A Strategy to Increase Wealth

Did you know that while approximately 96% of pre-retirees and 89% of retirees are concerned about their financial future, only 50% meet with a financial professional to discuss their situation?1 Meeting with a professional doesn’t only give you confidence and peace of mind, it provides real results! The data presented in an HSBC study on the future of retirement shows us that those who created a financial strategy amassed nearly 250% more retirement savings than those without a strategy.2 Are you convinced yet?

Take Care of the Details

Furthermore, having a professional on your financial support team means that you also have someone to take care of details that might go overlooked, such as tax issues, health care, or estate planning. Financial professionals work as your quarterback, making sure every piece of your strategy is in place and every person involved is working together to make your goals a reality. You may think you don’t have enough money to benefit from having a financial professional, but those who plan for their financial future are more prepared for their retirement, and this is true regardless of what you make[3]

So, what does a financial strategy include?

Your Financial Strategy

Do you know what a financial strategy entails? It involves much more than just investing in an IRA. When we sit down to assess your individual needs, here are some questions we will answer:

  • Are you on track for retirement?
  • Could you benefit from estate planning?
  • Do you have a charitable giving strategy in place?
  • Do you have adequate insurance coverage?
  • Is there too much risk in your portfolio?
  • Are you paying too much in fees?
  • Have you considered succession planning for your business?
  • Are there easy ways to reach your goals faster?

We look at the whole picture to ensure that your financial health is top notch. Don’t be part of the majority who worries about their financial future, but instead, make 2017 the year that your finances thrive. Your first step to a secure financial future is to make a strategy. If you know that you need to take control of your finances, make an appointment now by calling 631-425-9383 or emailing kyle@mostranskyfinancial.com.

[1] https://www.soa.org/Files/Research/research-2014-retire-survey-findings.pdf

[2] http://www.hsbc.com/~/media/HSBC-com/about-hsbc/structure-and-network/retirement/pdfs/130905-life-after-work.ashx?WT.ac=HGHQ_FR_nr1.2_On

[3] https://www.cfp.net/docs/news-events---research-facts-figures/2012_household_financial_planning_survey.pdf?sfvrsn=2

About Kyle

Kyle Mostransky is the founder of Mostransky & Associates with more than a decade of experience providing retirement planning and insurance services. He specializes in helping successful business owners, families, and individuals grow, protect, and distribute their financial resources in a manner that’s in alignment with their objectives and values. Passionate about education and understanding the life insurance industry, he is a Life Underwriter Training Council Fellow (LUTCF®) and holds the Certified Long-Term Care designation (CLTC®). Based in Huntington, New York, Kyle serves clients throughout the greater New York City metropolitan area and across the country. To learn more, connect with Kyle on LinkedIn or visit www.mostranskyfinancial.com.