Personal Financial Planning

Building a successful financial plan can be puzzling. As we construct a plan, we find that our financial lives have many pieces to it.

Pieces of the Puzzle

Some of the financial issues that each of us can expect to face during life include:

  • Cash Management: More than just balancing the checkbook, cash management includes preparing a budget, using credit wisely, saving for emergencies and keeping income taxes as low as possible.
  • Risk Management: The risk of loss of life, earnings and property must be factored into your plans. Life insurance can be used for family protection. Disability insurance can protect against the loss of a person’s ability to earn a living. Health insurance not only protects us against financial ruin, but a good plan can also help us maintain a healthy lifestyle. Property and casualty insurance can protect our worldly goods against accidents and acts of God.
  • Accumulation Goals: We all need to save money for some reason. College planning is a common goal for families with children. Buying a home and building an investment portfolio are two other typical accumulation goals.
  • Retirement: Retirement planning requires serious long term commitment to insure that our later years are as comfortable and worry-free as possible.
  • Estate Planning: Recognizing that death is inevitable and planning for the orderly transfer of our assets to our heirs is what estate planning is about.

Click to know more about the topics below.


The Need for Life Insurance.

If you were to die today, would your family and loved ones be able to go on knowing that they are
financially secure?

If your answer to this question is No, then life insurance is a viable solution for you.

Be prepared for any expensive, unintended, even tragic consequences by planning ahead to make sure
your family and loved ones will be financially secure.

Work with a financial planner to make sure you are prepared for the unexpected. If you
are not financially sound, a life insurance policy can give you and your love ones peace of mind
knowing that:

  • Your family can stay in their same home and their living expenses will be taken care off
  • Your kids will still be able to go to college
  • Upfront lump-sum needs for immediate cash is met
  • Estate settlement cost for probate, attorney’s fee, death taxes don’t deplete inheritance


The Need for Health Insurance

Even the healthiest among us need some medical care, and more and more employers are not providing health insurance to their employees. Regular physician and dental visits are a normal part of maintaining good health, in addition, growing older are other reasons medical care is necessary.

To that end, Planning Needs Financial Group financial planners work with our individual clients to ensure that they have the healthcare coverage that they need.

We have access to a wide range of carriers and can find the best insurance coverage to suit your budget and your individual needs.

There are three broad sources of health insurance:

  • Individually owned policies: The individual or family purchases a health policy directly from an insurance company or health maintenance organization. Individual health policies can be relatively expensive compared to group health insurance.
  • Group health insurance: Group health insurance is typically provided through an employer or another related group such as a professional association. The premiums for group health policies tend to be less than those for individually owned policies.
  • Government programs: For that age 65 and older, Medicare provides a base level of health insurance. Medicaid provides health care for the impoverished. The federal government has a number of programs to provide medical care to active duty and former military service members. Some states have individual programs to provide health insurance to low-income individuals and families.

The Choice Is Yours

While health insurance may be expensive, trying to pay medical costs out of your own pocket, or not seeking medical help when needed, can be much more expensive.

Contact one of our experienced Financial Planners today
for a free health insurance quote.



Why You Need Disability Insurance?

Many people believe that their biggest asset is their home. For most of us, our biggest asset is the ability to work and earn an income. Not being able to work – due to a job loss or a disability taking away the ability to work – is often financially devastating.

How likely is it that you will become disabled? According to one study, 30% of all Americans between the ages of 35 and 65 suffered a disability lasting at least 90 days.1 The risk of disability is real.

The question is, can you afford not to be covered or maximize your coverage potential?

Your Best Solution – Individual Disability Income Insurance

For many, the real solution to the disability problem is individual disability income insurance. Although individual policies may cost you more, as long as you pay the premiums the benefits are not taxable. Plus, an individual policy allows you to tailor its terms to fit your own needs.

Why Individual Disability Income Insurance is Your Best Solution

You Can’t Count on Social Security

Even if you do qualify for disability benefits from Social Security. The Social Security definition of “disability” is so strict that over 60% of initial claims are rejected. Obviously, something else beyond Social Security is needed.

Employer Funded Group Disability Insurance Puts You at Risk

Employer-sponsored disability policies seldom provide you with more than 60 % of your monthly salary. Many policies set a monthly maximum benefit that may be far less than what some people earn. Income taxes can also be an issue; if the employer is paying the full cost of the coverage, disability benefits are fully taxable.

How We Can Help?

Our premier certified financial planner can help you get individual Disability Insurance that is tailored to your needs that will help you support you and your family.

Company Strength: We work with only the most financially sound companies to make sure you will be protected.

Definition of Disability: We look for a policy that defines disability in the broadest terms possible to make sure we are maximizing every opportunity for you to get the most coverage

Elimination period: Get a policy that will start working for you in the minimal amount of time from your disability.

Benefit period: Get short-term or long-term disability coverage, we make sure the plans suit your needs.

Inflation protection: Get a policy that adjusts with inflation, so you are maintaining your lifestyle

Contact our Disability Specialist Today, to discuss the best options for you!
Don’t Risk Not Being Covered!


Secure the care you will need in the future and gain peace of mind by planning ahead with a long-term care insurance policy. A Long-term care insurance policy provides an individual with access to services such as health, personal care, and social care to chronic and disabled persons.

A long-term care insurance policy allows you to:

  • Take control of your life by being able to access the quality care you need when you need it.
  • Determine the degree of care you will need and avoid financial hardship.
  • Protect your family and yourself, from financial ruin as a result of medical issues in the future.
  • Protect your assets from having to sign it over in order to qualify for Medicare as a result of a debilitating illness or condition

Contact a Planning Needs Financial Group, financial planner today, for a free consultation to determine if investing in a long-term care insurance policy is right for you.


Gain control over your healthcare expenses by setting up a Health Savings Account (HSA). The decision on how you spend your money on your health is in your hands. A Health Savings Account is a tax-favored account set up exclusively to pay certain medical expenses of the account owner, spouse and dependents.

A Health Savings Account comes with the following stipulations:

  • Health Insurance coverage must be provided under a high-deductible health plan.
  • Qualified contributions by the account owner are deductible from gross income and growth inside the account is not taxed.
  • Distributions to pay for qualified medical expenses are received income tax-free.
  • Funds not used during one year can be held over and used to pay qualified medical expenses in alter year even if no further contributions are permitted.

Similar to an Individual Retirement Account (IRA) or Archer Medical Savings Account (Archer MSA), an HSA is owned by an individual and is thus portable. If an individual changes employers, the HSA moves with the individual and does not stay with the former employer even though that employer may have contributed to the HSA .

To learn more about the benefits of a Health Savings Account and to find out if this option is right for you, contact Planning Needs Financial Group to speak with one of our experienced Financial Planning professionals.



Why Plan For Retirement?

With a longer projected life span, more than ever it is important to plan for retirement in order for you to maintain the quality of life that you currently enjoy. During retirement planning there are several factors that need to be taken into consideration, such as ill health, the need to provide income, travel, returning to school, volunteer work, the pursuit of favorite hobbies or sports and the list goes on.

Developing a successful retirement plan involves carefully considering a wide range of issues and potential problems. Finding solutions to these questions and concerns usually requires both personal education and the guidance of knowledgeable individuals from many professional disciplines. The key is to begin planning as early as possible. Planning Needs financial professionals have experience in helping clients, developing the right retirement plan for their needs. Contact us today for a Free Consultation.

Here are some of the key issues that are faced when planning for retirement.

Paying for Retirement:

  • Outliving accumulated personal savings
  • Social Security Benefits and income from employer-sponsored retirement plans provide only a portion of the total income required
  • With insufficient income retiree may be forced to continue working or face a reduced standard of living

Health Care:

  • The Federal Government Medicare program is considered to only be a foundation
  • Often a Medigap policy is needed
  • Healthcare planning should consider a proxy, someone to make medical decisions when an individual is temporarily incapacitated.

Estate Planning:

  • Retirement planning must consider what happens to an individual’s assets when retirement is over and not only ensure that all assets are transferred to individuals and organizations chosen by the owner but that they are done so with the least amount of tax


  • The question does not only include the size and type of home (condo, house, assisted living, shared housing) but also its location. Completely paying a home loan can reduce monthly income needs. A reverse mortgage can provide additional income


  • Being accustomed to a busy work lifestyle can cause it to be difficult to enjoy the freedom of retirement. Planning ahead can make this transition easier

With proper planning, these needs can be met, and the professional planners at Planning Needs can help you establish the right retirement plan. Contact us today for a FREE Consultation and get on the right path to achieving your retirement goals today.


The cost of college education continues to rise each year. The key to ensuring that your child has the chance at higher education is planning as early as possible by speaking with a certified personal financial planner. At Planning Needs Financial Group we work with our clients to ensure that these goals are realized. We encourage our clients to take these key steps that now make it easier to reach the goal of covering the rising cost of college tuition:

  • Start a savings program: start by estimating the cost of college. Once the cost is known the need savings can be calculated.
  • Consider tax-advantaged approaches: 529 Prepaid Tuition Plans, 529 Higher Education Savings Plans, Coverdell Savings Accounts, and cash value life insurance all have important tax advantages.
  • If there’s a shortage: If personal savings will not be enough, the family can plan for the need to apply for financial aid or begin the search for scholarship funds.

With Planning Needs Financial Group, saving for college can be easier than ever. To learn more about planning for college, Contact Planning Needs Financial Group Today!

Steps to Achieving Financial Security

Solving financial problems in today’s world takes work. There are two basic steps involved:

  • Step 1: Choose Your Financial Planning Team: In our complex, ever-changing world, expert help is needed. Trained specialist such as an attorney, CPA, insurance professional, investment adviser and financial planner are generally members of your team.
  • Step 2: Develop Your Plan: With the help of your team you can develop a systematic, integrated plan for dealing with each of these issues. This is called financial planning.

You can choose to ignore these problems until it is too late. Or, you can take steps to put your puzzle together to achieve financial security. The most important step is the first one. Give us a call today to speak with a Maryland financial advisor.