NAMIC-Virginia welcomed Cheri Green, CFP, SVP / Private Banker, from Old Point National Bank again with her team for our final session of our three part series “Make Money Moves”. The focus today was developing Tactics for Wealth Growth and Preservation. We discussed strategies for building and maintaining our wealth for the future. Alan Witt Jr, LPL Financial Advisor from Old Point Investment Services, delivered an engaging presentation on Fortifying Your Financial Future.

Setting goals now and factoring in inflation changes using the tools provided in the presentation will help you along the way to retirement stability. Utilizing 401k programs, IRAs, and Stocks are some savings options available to reach your retirement dreams. It’s only natural to feel nervous or unprepared for the future when nobody knows exactly what it holds, but being prepared and well informed can alleviate your fears and concerns.

Be sure to consider any other financial goals you may have while calculating what you will need for retirement. Do you have children heading to college? Do you foresee being a caretaker for a loved one? Planning ahead can take away stress associated with any unexpected expenses and still allow you live comfortably for many years after leaving your job.

So what is your magic savings number? Alan provided a helpful worksheet to assist in answering that question. Once you’ve determined what that will be and how you will plan to save for it, don’t forget to think about estate planning. This piece is just as important. Drafting a will and determining how your assets will be distributed amongst loved ones and/or charities will remove the unnecessary strains of probate hearings.

Finally, Cynthia Kuncl, SVP, Director of Private Banking from Old Point National Bank, wrapped up the series with a recap. The previous sessions had us thinking with  A Six Figure Mindset and taught us how to Save Our Coins.

A big thank you again to Old Point National Bank for partnering with NAMIC-Virginia on the Make Money Moves 3 part series.

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