Personal Financial Planning
Consider every aspect of your financial life
Financial planning is more than just numbers on a page. It's an opportunity to realize your dreams, look forward to a great retirement, provide security for your family, leave a meaningful legacy and much more.
A simple conversation is all it takes to begin developing a strong financial plan. Working with your BB&T Wealth advisor, your Financial Planning Strategist will conduct an in-depth analysis of your financial circumstances and offer integrated solutions tailored to support your unique goals and aspirations.
We begin by listening to you and considering key questions such as:
- Am I on track to reach my goals?
- When can I retire?
- How much money do I need to ensure that I can live the life I want in retirement?
- How do I protect myself and/or my family in the event of the unexpected?
- Can I spend my money on the things that truly matter to me?
- What sort of legacy do I want to leave for my family?
We provide recommendations in the following areas where applicable:
- Net worth and cash flow
- Equity compensation and benefits analysis
- Investment planning
- Estate and gift planning
- Income tax planning
- Charitable planning
- Retirement planning and benefits review
- Risk management and asset protection
The following benefits result from thorough financial planning:
- Future needs – Future financial needs become transparent and understood
- Adequate time – Time to arrange for any needed financing reasonably in advance, and avoiding the unnecessary panic of arranging the financing
- Assurance – Assurance that your goals are properly managed and within a realistic framework
- Financial control – Protection against and reducing the impact of an unforeseen financial crisis
- Reducing taxes – Reducing taxes by allocating income and assets more effectively
- Investing in a profitable portfolio – Simplifies the ability to increase cash flow and make good investment decisions when allocating financial assets
- Outline a healthy financial future – By estimating retirement income and expenses, you can begin to determine the amount needed to save to meet retirement goals
Simplify your increasingly complex financial life
As your responsibilities increase, so do the intricacies of your financial needs. Peace of mind comes from knowing a dedicated team of professionals is working together to keep you on the right path—your path.
Our four-step approach begins with in-depth conversations and results in an integrated action plan that grows and matures as your financial needs and objectives change.
Step 1: Assess your needs
We invest the time up front to fully understand your current situation, goals for the future, the people and causes you care about, and how you want to use your assets.
Step 2: Structure your plan
Based on the information you share, we review your goals, resources, priorities and areas of focus to create a highly customized, fully integrated financial strategy as distinctive as you.
Step 3: Assemble your team
You're supported by a dedicated team of BB&T specialists representing each area of financial expertise. Each member brings specialized knowledge and insights to optimize resources and enhance outcomes.
Step 4: Monitor your results
As part of our long-term commitment to you, we continuously monitor your plan's performance, recommend adjustments as needed, and meet with you on a regular basis.
Ready to take the next step?
Choose a time for an advisor to call you.
Speak with an advisor.
BB&T Perspectives shares financial, leadership and lifestyle perspectives with the hopes of enhancing our clients' lives. Learn more about the financial planning topics our Wealth experts are discussing.
Social Security Claiming Strategies
For years, wealthy clients have discounted or even minimized the benefits of Social Security in their long-term financial plans. Social Security and the timing of claiming benefits can significantly impact a client's financial lifestyle in retirement.
Financing College – A Primer
College expenses and associated debt are becoming a more prominent concern for families of all income levels. There are still many options for financing college education.
How should I plan for retirement income?
Proper financial planning can help you meet your retirement goals.
Step 1: Determine how much retirement income you’ll need
If you plan to maintain your current lifestyle once you retire, you'll need 60% to 90% of your pre-retirement income. Other things you'll want to consider include:
- Retirement goals – Do your goals include travel or starting a new hobby? If so, consider the costs associated with these new ventures.
- Healthcare – With age comes increased risk of health issues. Plan for both expected and unexpected events, as well as rising medical costs.
- Longevity – Today's retirees are living longer. Consider that your retirement could last 30 years or more.
- Inflation rates – Inflation rates of 3% to 4% could lead to prices doubling within two decades.
- Market volatility –There are no guarantees when it comes to financial performance. Consult your financial advisor to make sure your retirement portfolio can withstand the ups and downs of the market.
- Unforeseen expenses – Build in extra savings for unanticipated financial circumstances.
Step 2: Identify existing sources of income
There are a number of ways to accumulate wealth before retirement. Some of the most common include:
- Traditional and Roth IRAs
- Workplace retirement plans (401(k)s and 403(b)s)
- Pension payments
- Savings and money market accounts
- CDs (Certificates of Deposit)
- Treasury bills
- Social Security payments
- Stocks, bonds and mutual funds
- Real estate investments
Ideally, you'll want numerous and diverse sources of income, an income-producing cash reserve (CDs, treasury bills, savings accounts and money market accounts), and long-term investment sources (stocks, bonds, mutual funds, and real estate) from which you withdraw dividends and interest.
Step 3: Add supplemental income to your retirement portfolio
Though there are a number of ways to supplement your income, there are three methods that can be particularly useful for Wealth clients.
Annuities are kinds of income insurance. An immediate annuity requires a lump-sum premium and, like a pension, provides an appointed monthly payment. Deferred annuities allow you to invest over time and then withdraw your gains in a lump sum or guaranteed percentage payments.
Charitable remainder trusts
Charitable remainder trusts allow you to donate assets such as securities, businesses or real estate (not including the home you live in) to a charity upon your death, while receiving an annual income from a set percentage of the donation, such as 5%, while you're living.
There are numerous other benefits to charitable remainder trusts. You can record the trust as a charitable deduction on your income taxes, use it to defer or potentially eliminate capital gains taxes on the donated assets, and you can allow it to reduce your overall estate tax.
Asset transfers are another creative way to supplement your income. Transfers, such as Grantor Retained Annuity Trusts (GRATs), allow you to receive income from your estate. With a GRAT, the grantor, rather than the beneficiary, receives full benefits from the transfer. To achieve this, you’ll want to set up a limited term that you're most likely to outlive. For example, if you expect to have a 30-year retirement, you could set up a 20-year GRAT. If you don't outlive it, the money will return to your estate. A family trust allows you to transfer assets but is designed to benefit your beneficiary upon your death.
The bottom line
Planning retirement income can be complex. After determining how much you’ll need, identify possible sources of income and find other ways to supplement it. Then, with the appropriate investing strategy, you’ll be on your way to a positive income situation in retirement.
Your BB&T Wealth advisor will help you create a comprehensive, strategic plan to integrate and coordinate your banking, credit, investments, risk management, and trust and estate planning services.
Retirement and investing
Bring your short- and long-term financial goals into focus with customized planning and investment strategies as well as self-directed services.
Learn how to protect your wealth with insurance options that suit your needs.
Trust and estate planning
Understand your options for building and protecting your legacy with estate planning, charitable gifting and trust services.
Business transition planning
Prepare for the next phase of your life with a solid plan that allows for a smooth and successful transition of your business.