Financial Planning

Every event in life brings unique opportunities. We can help you be financially prepared to take advantage of them.

When you work with our team to develop a financial planning roadmap, we’ll apply time-tested strategies, providing expert advice and making recommendations based on where you are today and where you want to be in the future.

And along the way, you’ll have the knowledge and insight to make financial decisions that are right for you and your loved ones, so you can meet each of life’s milestones with confidence.

• Create a Budget
  To reach any financial goal, you need to understand how much is coming in and how much is going out each month by establishing and spending within a budget.

• Getting Your First Job
  Now that you have your first job, you no doubt have big dreams and lofty goals. You need to ensure you can achieve them. By taking the first step now, you’ll be setting yourself up for a lifetime of financial security.

• Getting Married
  If you’re about to be married or are newly married, you probably have big hopes and dreams for your future together. Make sure you’re financially prepared – as a couple – to make your dreams a reality.

• Buying a New Home
  Buying a new home can be one of life’s most gratifying accomplishments. As you prepare to take that big step, make sure you’re ready for the financial commitment. When you approach your decision with confidence, you’ll be free to enjoy this exciting time in your life.

• Welcoming a Child or Grandchild
  Now more than ever, your goal is to protect the financial well-being of your family. As you welcome a new child or grandchild, evaluate your financial plan to ensure it’s designed to meet changing priorities as your family grows.

• Funding a Child’s Education
  If one of your financial goals is to pay for a child’s education, the earlier you create a college savings plan, the better. Not only will you save more, you’ll have more time to ride the ups and downs of the financial markets if you choose to invest your savings.

• Changing Jobs
  If you’re thinking about changing jobs – or are plunging into self-employment – make sure you are financially prepared to transition smoothly. A new position can be an exciting opportunity, but it may also add to the financial demands on you and your family.

• Losing a Job
  Losing a job can take a toll on your ego. But it doesn’t have to take a toll on your financial security. There are steps you can take to lessen the impact of temporary unemployment and protect the financial well-being of yourself and your loved ones.

• Living Comfortably in Retirement
  Now more than ever, planning for your retirement is critical. At Northwestern Mutual, our approach to retirement planning is designed to help you get to – and through – retirement with a greater level of financial confidence, so you can relax knowing you have a road map to achieve your goals.

• Building Wealth
  At Northwestern Mutual, our financial planning process and investment advisory services are designed to help you zero in on what’s most important to you, prioritize your goals and develop strategies to bring your vision for the future to life.

• Accident or Illness
  An accident or illness can change your life in an instant. Of course, most people don’t like to think about the potential ramifications of a disabling disease or traumatic event, but these incidents happen more often than you might think. That’s why protecting your ability to earn an income is important.

• Divorce
  Divorce can be disruptive to you and your family. Eliminate some of the stress of reinventing your life by taking control of your financial planning.

• Loss of a Loved One
  Of all the challenges in life, the loss of a loved one can be one of the most painful experiences you will encounter. By having a financial plan in place to manage the financial consequences of losing a loved one, you can focus on addressing the emotional challenges death may bring.

• Estate Planning
  When you have an estate plan in place, your children or other loved ones won’t be burdened with making tough decisions on your behalf when they’re already dealing with your illness or death.

At the outset, your financial plan may not need to address all of these life events. But over time, as your circumstances and priorities change, we’ll work with you to adjust your plan accordingly.

Retirement Planning

Now more than ever, retirement planning is critical. Gone are the days when pensions and Social Security provided all of the income you needed for retirement. The new reality is that you are responsible for managing your own retirement, and that starts with making sure you're strategic in your planning.

We can help. At Northwestern Mutual, our approach to retirement planning is designed to help you get to—and through—retirement with a greater level of financial confidence, so you can relax knowing you have a road map to achieve your goals.

You'll want to start by considering how much to save for retirement and where to save it. By accumulating as much as you can as soon as you can, you can put time on your side—time to plan, time to weather the ups and downs of the market and time to let your money grow.

And then, as you zero in on retirement, you'll need a different set of strategies to manage risk and make your money last through retirement.

Estate Planning

Most people associate the phrase "estate planning" with having a will – a legal document that names your beneficiaries and spells out who gets what when you die. And while the transfer of your assets is an important part of estate planning, a will or a trust is just one aspect of a broader estate planning strategy to ensure your wishes are known, honored and carried out as efficiently as possible when you're no longer able to articulate them.

We work with a team of estate planning experts at Northwestern Mutual. Together, we can help you develop an estate planning strategy that may include the following:

• A strategy to help reduce or eliminate gift/estate taxes for your heirs
• A plan to protect your estate from mismanagement or from claims of creditors or ex-spouses

In addition to the expertise our team can offer, you'll want to work with an estate-planning attorney to establish:

• Health care directives and a living will that specify the extent to which you want health care professionals to treat you if you become ill or incapacitated.
• Powers of attorney that grant people you trust the legal authority to act on your behalf in case of sudden accident or illness.
• A will or trust to ensure your assets are transferred according to your wishes. And Northwestern Mutual Wealth Management Company can serve as trustee, co-trustee or successor trustee in a wide range of situations.
• The naming of a legal guardian for children under the age of 18.

Life Insurance Planning

You work hard to give your loved ones every advantage. But would your family have the financial resources to maintain its lifestyle if you died?

While nothing can replace you, a life insurance policy can help ensure that your loved ones have the financial security necessary to live out their dreams. Life insurance benefits can help:

• Pay the mortgage or any other debt.
• Maintain your family’s standard of living.
• Keep your children in their current school and fund college.
• Pay for final expenses.
• Leave a legacy.

Life insurance can also be more than a safety net. Depending on the type of life insurance, it can also be the foundation for a sound financial strategy. With permanent life insurance, for example, as you pay premiums, the policy accumulates cash value that grows tax deferred and can become a source of funding you can utilize to help meet your financial goals.*

That’s in contrast to term life insurance, which does not build cash value but is one of the more affordable types of insurance you can buy.

If you’re a business owner, offering life insurance as part of a comprehensive benefits package will help to recruit and retain valuable employees and give them the financial security they need while contributing to the success of your business.

Life insurance can also minimize the financial impact felt by the death of a key contributor to your business. Its proceeds or cash value can be used to cover the potential loss of business or recruit a successor.

*Utilizing cash value through policy loans, surrenders, or cash withdrawals will reduce the death benefit; and may necessitate greater outlay than anticipated and/or result in an unexpected taxable event.

Long-Term Care Planning

Most people hope to enjoy a long and healthy life as long as it’s on their own terms, which likely includes the desire to live as independently as possible. But life doesn’t always happen according to plan.

An unexpected accident, illness or injury can profoundly change your life — sometimes suddenly. And if it does, you may find yourself needing help with the tasks of everyday living.

Long-term care planning may be one of the most important steps you can take to ensure the future financial security of you and your family.

Disability Income Planning

Most people understand the need for health insurance, life insurance, homeowners insurance and car insurance. But what if the unexpected happened and you suddenly weren’t able to earn a living because of illness or injury? Not only would you have the stress of meeting everyday living expenses, you might also have to put other goals, like saving for retirement, on hold.

Disability income insurance can help you protect your most valuable asset – your ability to earn an income.

If your employer offers a comprehensive package of benefits, you may have access to group disability income insurance at work. That’s a great starting point, but most group plans cover only a portion of your income. Could you survive a 40 percent cut in pay? For that reason, you may want to consider supplementing group coverage with individual disability income insurance.

If you’re a business owner, you also need to think about whether your business would be able to continue without you. Disability overhead insurance reimburses certain business expenses, and key person disability insurance helps to minimize the loss of a key contributor due to disability.

Whether you own a business or not, consider disability income insurance a fundamental layer in your plan to secure your financial future.

Charitable Giving

Planning for charitable giving

Now more than ever, people are putting their money where their values are. As part of your financial plan, charitable giving can help support the causes and organizations that are important to you, while maximizing tax efficiencies and defining your legacy.

There are many ways to give back. Our experienced team will work with you and your family to help identify philanthropic goals and develop your charitable giving strategy, which could include some of these options:

Cash: Transfer directly to the charity(ies) of your choice

Stock: Donate shares of stock you own

Other kinds of property: Donate items such as clothing, computers, cars, even life insurance

Donor-Advised Fund: A charitable investment account that offers flexible and efficient ways to manage donating to charities

Private Foundation: A charitable organization funded primarily by a single donor or small group of donors

Charities in your estate planning: Create a legacy of giving by including your favorite charity in your will or trust

Charitable Trusts: Transfer assets out of the estate with the goal of using them for charity

No matter if you’re just starting to craft your philanthropic vision or need help with more complex giving strategies, we have the expertise to help you make an impact.