How to Plan for Tomorrow

This is where our firm differs from other firms. Financial planning does

not mean simply picking a good stock! In this fast-paced world, today is the tomorrow you worried about yesterday, and if you didn't plan properly, it will pass you by. Whether you are a business or an individual, you must start planning now, for tomorrow.


Start by making a list of what you want and prioritize it. Depending on where you are in life today, the list might include:



• Buying a home or a vacation property

• Paying off student loans or other debts

• An education fund for you, your spouse or your children

• Starting or acquiring a business or expanding an existing business

• Acquiring a yacht, motor home or some other big, expensive toy

• Creating a retirement plan and funding it

• Contributing to a 401(k), 403(b), 457, etc.

• Business succession planning

• Asset protection

• Long-term health care and elder care

• Special Needs Trust

• Estate planning to minimize the tax effect on your heirs

• Other ideas you may have



Now you are ready to develop your plan for how you can acquire the things on your list. Yes, picking a good stock and being in the right place at the right time will help, but without a plan you could miss that opportunity. Keep the plan updated and compare your actual results to your projection on a regular basis. Adjust your plan as you go forward and look for ways to improve your plan. Remember, it's your plan, so look for ways to achieve your goals. Don't be discouraged by setbacks and take advantage of every windfall.


For tomorrow to be what you want, you must start today with a plan and work at it. O'Malley & O'Malley, LLP can help you with creating and implementing the plan and monitoring its results.



A Quick Guide to Retirement Planning:

• Day dream a little, fantasize for a few minutes about what you

  want in retirement. How much will it cost? What will you need?


• Give yourself a tax break, look at the Annual Tax Reference Guide

   and pick and choose which plan can help you best. Don't miss out

   on employer matching contributions.


• Don't lilt a finger, set up automatic deductions from your paycheck

  or bank account to fund your chosen plan(s).


• Don't waste time trying to pick an investment; choose a proven,

   reliable investment advisor or mutual fund. There are now many

   targeted retirement age funds available.


• Don't tinker; frequent adjustments, trying to out-guess the market

   can be costly. Pick good investments and check them a couple

   times a year, but be patient , long-term planning produces the best



• Check all of your IRA and employer sponsored retirement plans for

   a designated beneficiary, including secondary beneficiary Generally,

   it should be a person and not your estate or trust.



Equivalent Percent of Interest Income
Tax Free 10% 15% 25% 28% 33% 35% 39.6%
2.0% 2.22% 2.35% 2.67% 2.78% 2.99% 3.08% 3.31%
3.0% 3.33% 3.53% 4.00% 4.17% 4.48% 4.62% 4.97%
4.0% 4.44% 4.71% 5.33% 5.56% 5.97% 6.15% 6.62%
5.0% 5.56% 5.88% 6.67% 6.94% 7.46% 7.69% 8.28%
6.0% 6.67% 7.06% 8.00% 8.33% 8.96% 9.20% 9.93%
7.0% 7.78% 8.24% 9.33% 9.72% 10.44% 10.77% 11.59%

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