Your Money Matters: Five keys to a rock solid financial plan

In this week’s Your Money Matters our financial expert lays out five steps to make sure your financial plan is rock solid.

Early as you can.

In this weeks your money matters, i talked to our financial expert about 5 steps you can take to make sure your financial plan is rock solid.

One of the first steps a person should take to create a successful financial plan is to make sure you are investing.

"you want an investment plan that is durable in both good times and bad time."-royer however..

Financial expert says it's important to have an income plan to help make up for what you are losing once you stop working.

"when you stop working later on in life and you live in retirement that's like 20 to 30 years of unemployment."

Another step to take is to make sure once you retire you aren't paying unnecessary taxes.

"there are so many ways that you could build a plan and say to your tax person how can i lower my taxes what am i doing right now so that this time next year i can lower my taxes because to many americans are paying unnecessary taxes."

Planning for future health expenses is important especially since people retiring will no longer be covered by their employers insurance.

"you have got to make sure you have a medicare plan and you've got to make sure you have a long term care plan because people are living longer but that doesn't me we are living healthier longer" the fifth key to a solid financial plan is to make sure you have an estate plan or power of attorney.

"tod's which stand for transfer on death pod's stands for pay on death theses are beneficiary listings so that everything your money has a place to go is something happens to you."

Royer says regardlessf how much money you have ... it's important to have an estate plan or power of attorney so your assets don't get tied up in the court system if something happens to you.

West