Romancing Your Financial Strategy – Why TLC May Be Needed

Published on Thu, 02/13/2014 - 15:53

With another Valentine’s Day upon us, millions are preparing to shower their significant other with flowers, candy and jewelry. It’s the most romantic holiday of the year. It’s also big business. According to the National Retail Federation, Americans are expected to spend $17.3 billion on Valentine’s this year. That’s a lot of lovin’!

Unfortunately, there’s one relationship too many of us neglect: the one we have with our finances.

Even the best relationships can have serious problems if taken for granted. And according to these statistics, there are a lot of rocky finances out there:

  • 46% of Americans have less than $10,000 saved for retirement. (Employment Benefit Research Institute)
  • 40% of baby boomers now plan to work until they die. (AARP)
  • 36% of Americans say they don’t contribute anything at all to their savings. [CNBC]
  • 87% of adults say they are not confident about having money for a comfortable retirement. (

The U.S. Department of Commerce Bureau of Economic Analysis also reports that Americans’ personal saving rate was 3.9 percent in December 2013, down from 4.3 percent in November.

And retirement isn’t the only thing that can put you in the financial doghouse. If you’re putting kids through college, you know it isn’t cheap. According to College Board’s Trends in Higher Education, a year at an in-state public college for the 2013–2014 academic year averages more than $18,000. Go out of state and the cost jumps to more than $31,000. A private school can run $40,000 or more a year.

Financial planning for businesses is even more complicated.

If you run a business, your financial relationships require extra attention. You’ve got payroll, inventory, supplies, utilities, and risk management to deal with ... not to mention succession planning. Have you stopped to think what would happen to your business if something happened to you? Owner disabilities and fatalities take out thousands of promising businesses every year. 

Is it time to give your financial strategy some TLC?

If you’re ready to renew your financial focus, Heffernan is here to help. We’re a full-service financial advisory services firm offering comprehensive solutions for individuals, corporations, and foundations. See us for expert retirement planning, estate and financial planning, education planning, and risk management services.

We can assist with a wide range of products and services to safeguard and grow your assets, including:  

  • Annuities
  • Life and disability insurance
  • Estate planning
  • Wealth transfer and charitable gifting strategies
  • Retirement planning
  • Business succession planning and buy/sell agreements
  • Business overhead expense and key person insurance
  • Deferred compensation and executive bonus plans

With Heffernan by your side, financial bliss IS possible. Contact us today to learn more.