Sample Strategic Planning Contents

1. Sample Mission Statement Contents

  • We hope to maintain our current standard of living throughout both our lives.
  • We hope to maintain our  desired standard of living throughout both our lives, recognizing that it will likely decline with age.
  • We don't want to be a burden to our children.
  • We are willing to take some risk with our standard of living to improve the odds of leaving our children a larger inheritance.
  • We plan to pay for our children's education as far as they are willing to pursue it, but we have no fixed plan for a bequeath.
  • We are not willing to accept more risk to our standard of living than is unavoidable to improve our standard of living or terminal wealth. Our standard of living is our priority.
  • We want to take a trip abroad every year until our mid-70’s.
  • We wish to donate all of our wealth to charity before we die.
  • We are unwilling to lose more than 15% of our retirement savings in a bear market.
  • We wish to transfer our estate tax-efficiently.
  • We want to plan for someone to manage our finances when we are no longer able to do so.
  • We want to age in place and leave our home to our heirs.
  • We wish to use home equity to fund retirement if necessary, rather than leave the home to our heirs.

2. Sample Economic (External Environment) Analysis

  •  Current and projected interest rates
  •  Current market valuations
  •  Current tax law for elders
  •  Inflation expectations
  • Historically high annuity payouts
  • Tax reductions
  • Low market valuations
  • Low interest rates for debt
  • Labor demand for elders
  • Recession/Depression
  • War
  • Political upheaval
  • Historically low annuity payouts
  • Political threats to Social Security benefits
  • Tax increases
  • High market valuations
  • Sequence of returns risk
  • Longevity
  • High uninsured health care costs
  • Fraud, identity theft
  • High interest rates for debt
  • Housing problems

3. Sample Household (Internal) Analysis Contents

Financial Resources
  • Savings
  • Pensions
  • Annuities
  • Social Security benefits
  • Insurance
  • Rental property income
  • Traditional IRA account savings
  • Roth IRA account savings
  • Taxable investment accounts
  • Home equity
  • Other real estate equity
  • Over-saved for retirement
  • Good health
  • Profession not highly limited by age or health, possible part-time employment
  • Family longevity
  • No family history of elder dementia
  • Personal financial expertise
  • No children or grandchildren likely to need financial support
  • Family to provide elder care
  • Living in low cost-of-living city or freedom to relocate to one
  • Fixed rate mortgage
  • Savings in a Roth account
  • Under-saved for retirement
  • Poor health
  • Family longevity
  • Profession highly limited by age or health, unlikely part-time employment
  • No personal financial expertise
  • Family history of elder dementia
  • Children or grandchildren likely to need financial support
  • No family to provide elder care
  • Living in high cost-of-living city with limited freedom to relocate to one
  • Debt (especially consumer debt)
  • Adjustable rate mortgage with balloon
  • Savings are in taxable accounts

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