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Financial Planning 101
Tips for young families.

by Staff

Justin Hewins joined CORA Capital Advisors more than five years ago. After graduating from Philadelphia University, Hewins earned both the Chartered Retirement Planning Counselor™ (CRPC®) designation and a CERTIFIED FINANCIAL PLANNER™ (CFP®) certificate. His practice focuses on young families, and he heads CORA’s investment committee.

What is financial planning?
Simply put, financial planning is using the tools you have to achieve your goals, in the most efficient way possible. It is the comprehensive management of the key areas that make up your financial life.

What should I look for in a planner?
The key qualities in a financial planner are independence, objectivity, experience and trust. This foundation allows you to work toward your financial goals with help of a planner that is looking out for your best interest. People toss around the word fiduciary, but it is critical.

How do I know I have enough to retire comfortably?
Transitioning from work to retirement is rarely an easy decision. However, having a comprehensive retirement plan that provides for cash flow needs and accounts for the unexpected will allow you to be confident in your decision.

How do you save for college and retirement?
As a certified financial planner who specializes in young families, I often get this question from clients. And the key is to start now. No one wants to end up with an under-funded retirement after putting kids through college. I suggest working with your advisor to create an appropriate balance of savings between education and retirement early in your financial planning. With market growth, time and tax benefits, even seemingly small contributions can significantly offset the cost of college.

Published (and copyrighted) in Suburban Family Magazine, Volume 11, Issue 11 (February 2021).
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