At Ameriprise, we call this the Confident Retirement® approach. It’s all about helping you make informed decisions that can help support the life you want, today and tomorrow. It’s not about complicated spreadsheets or financial jargon. It’s about four simple priorities that help guide your financial journey:
1. Covering the Essentials
Think of this as the “must-haves”: housing, groceries, healthcare, and transportation. Your paycheck likely covers most of these today. But what happens when life throws a curveball? Having a cash cushion and managing debt wisely can go a long way in helping you avoid dipping into your savings when the unexpected happens.
Smart tip: Aim to build a reserve of 3 to 12 months of living expenses. It’s your personal financial safety net.
2. Ensuring Your Lifestyle
This is where your dreams and goals come in: vacations, a kitchen remodel, college tuition for your kids, or simply the freedom to enjoy retirement on your own terms. Planning for these things means aligning your savings and investments with what matters most to you.
Smart tip: Saving automatically through your workplace 401(k) or a set monthly contribution is one of the easiest ways to stay on track. And yes, that employer match? Don’t leave that money on the table.
3. Preparing for the Unexpected
Life doesn’t always go according to plan. That’s why protecting your income and your family is just as important as saving. Disability insurance, health coverage, and life insurance can help you stay on course, even when challenges arise.
Smart tip: Your ability to earn an income is one of your biggest assets. Protect it like you would your home or car.
4. Leaving a Legacy
A legacy doesn’t start when you’re gone. It begins with the impact you make today. Whether it's supporting a cause you care about, funding a child’s education, or making sure your family is taken care of, legacy planning is about putting your values into action.
One key to building a lasting legacy is being intentional about taxes. Having different “buckets” of money — taxable, tax-deferred, and tax-free accounts — can give you more flexibility in retirement and can help reduce the overall tax burden on both you and your heirs. By strategically drawing from these accounts, you can manage your income levels and reduce unnecessary taxes over time.
With thoughtful estate planning, it’s possible to pass more of your assets to the people and causes you care about, and less to taxes. Tools like Roth IRAs, charitable giving strategies, and trusts can all play a role in keeping more of your legacy intact.
Smart tip: Keep your will and beneficiary documents up to date. And if you’ve never created a will or healthcare directive, now’s the time.
So, How Do You Begin?
Start by listing out your goals. Which ones are short-term, like a family trip? Which are longer-term, like retirement or paying for college? Once you know what you’re working toward, it’s easier to plan and stick with it.
Meet the Future with more Confidence
You don’t need to have it all figured out today. But with the right guidance, and a smart strategy for managing your income, protecting your loved ones, and preserving your wealth, you can move forward with clarity and more confidence.
If you're ready to explore how this approach could work for you, let’s talk. Together, we can turn uncertainty into opportunity and your vision into a reality.y.
Together, we can work to keep you on-track toward your financial goals.
Request a consultation to learn more.
Read more articles by Tamara D Schuler