Making cents

The road to retirement can be a long one, but having a working financial plan is key to success.



As 2012 draws to a close, many take this opportunity to talk with a financial professional. Perhaps it’s part of a New Year’s resolution. Maybe it is just time to re-evaluate your financial security.

No matter the reason, Tulsa financial professionals are ready to assist in promoting personal financial success.

“Financial planners have the knowledge to ask the right questions and the expertise to go through the planning process to help you determine if your goals are reasonable and what would be optimal strategies,” says Robert A. McCormick, executive vice president and chief operating officer of The Trust Co. of Oklahoma. 

“Since the future is unknowable, it is not the plan itself that is always important but the planning process, so that one can understand the key issues that mean the difference between success and failure.”

Financial planning is beneficial at any age, but those beginning their careers can benefit from learning principles such as contributing to a company’s matching 401(k), learning about risks and returns involved with investments or understanding debt management.

“If they commit to learning about the principles early, then they will be in a better position to expand their planning with a planner when their financial decisions become more complicated,” says Harvie Roe, president of AmeriTrust Investment Advisors, Inc. “It is never too late to plan, but starting early and building a base will provide more flexibility later in life.”

All ages, backgrounds and income levels can benefit from talking with a financial professional, but a person must be committed and disciplined to live out the plan before success can be attained, says Gene Bishop, president of The Family Wealth Consortium, LLC, and president of the Financial Planning Association of Tulsa.

“The main objective of a financial plan is to achieve or maintain financial security,” Bishop adds. “The earlier one begins a financial plan, the better.”

But as some are just now thinking of their financial future, others are nearing retirement, hoping their nest egg won’t crack too soon.

“There are many tools out there today that help you stress-test your retirement goals,” says Corey L. Redington, assistant vice president and retirement plan analyst with The Trust Co. of Oklahoma. “These tools calculate your chances of successful retirement based on market returns ranging from the ’80s bull market to the Great Depression.

“In a weak employment environment like today, you want to know your chances before you retire, since working longer has the greatest impact on your chance of success.”

While every financial situation is different, the materials needed to discuss a person’s financial future are the same.

“The more a financial planner knows about you, the more realistic the plan will be,” McCormick says.

Tulsa financial professionals recommend you bring these seven items to your next financial planning appointment:

  • Current and expected income figures 
  • Records for debt, and savings and checking accounts 
  • Health and life insurance policies
  • Will and/or trust documents
  • Retirement account statements
  • Timeline desired for retirement, taking into consideration age, income, health issues,
  • family dynamics and charity goals
  • Most current tax return

Before meeting with a financial professional, it also is beneficial to set goals with your spouse or significant other. Roe says several things should be considered and planned before the appointment with a professional:

  • Each person should express their explicit goals and the timeframe in which they’d like to see each accomplished.
  • Discuss the critical issues that may be faced now or later, such as paying for children’s college, saving for retirement or downsizing the home.
  • Consider each person’s health as any large, non-reimbursable expenses may affect a person’s lifestyle, which is defined as the sum of all annual expenses, including taxes.

So, you’ve set the time and date, done some research and gathered your materials. Now what? Good financial planners are sure to have their own questions and topics they discuss with a new client, McCormick says. These may include: What is your true financial situation? How will your personal life affect retirement? Is the time horizon attainable?

It’s also important you ask the financial professional plenty of questions during your first meeting. Here are some suggestions on what to ask before hiring him or her:

  • How are you compensated? Is your pay based on a percentage of assets managed, an hourly fee or a commission-based arrangement?
  • What is your background and experience?
  • Who are some references I can contact about your services?
  • Will you collect compensation from third parties such as mutual funds? If so, how much?

Even if a financial planner is not truly needed, Roe suggests every adult, no matter age or income, do the following to ensure some peace of mind:

  • Get in the habit of saving via company 401(k) plans and/or through an IRA or Roth IRA.
  • Consider executing basic estate documents that may include a will, durable power of attorney and a directive to physicians, regardless of level of assets. Each state has a plan to distribute an estate if someone does not choose to prepare their own plan. By completing these documents, a person knows their estate will be transitioned as instructed.
Edit ModuleShow Tags

Archive »You Might Like

Spirited season

The annual Cascia Christmas Walk readies for the holiday season with plenty of décor and more.
Edit Module

Add your comment:

 

Get the best in arts, entertainment and more straight to your inbox.

Join our email list

Edit ModuleShow Tags

August 2019

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Senior Star Round-Up - August 18 - Cain's Ballroom - 2 to 5 p.m. The annual Senior Star Round-Up is Sunday, August 18, at the Cain's Ballroom, 423 N. Main Street in Tulsa. This popular...

Cost: $10

Where:
Cain's Ballroom
423 N. Main St.
Tulsa, OK
View map »


Sponsor: Senior Star Living
Telephone: (918) 664-9000
Contact Name: Emily Fox

More information

BROKEN ARROW COMMUNITY PLAYHOUSE Presents “The Wizard of Oz” (R.S.C.1987) By L. Frank Baum With Music and Lyrics by Harold Arlen and E. Y. Harburg Background Music by...

Cost: $22-$25

Where:
Broken Arrow Community Playhouse
1800 S Main St
Broken Arrow, OK  Broken Arrow
View map »


Sponsor: Broken Arrow Community Playhouse
Telephone: 918-258-0077
Contact Name: 74012
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

You're invited to our new store Grand Opening Celebration in Broken Arrow, August 21st for an all day event! As you know, this year marks our 30 year anniversary of serving business minded...

Cost: Free

Where:
Stow's Office Furniture
3604 S Elm Place
Broken Arrow, OK  74011
View map »

More information

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

Sign up now for the Tulsa Area United Way's 9th Annual Golf Scramble – a local tradition that pairs an enjoyable morning of golf with helping your community.

Cost: $400 per team

Where:
LaFortune Park Golf Course
5501 S Yale Avenue
Tulsa, OK  74135
View map »

More information

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

  The biggest sporting event in history for Broken Arrow is set to happen on Friday, August 23rd. The event will take place outside in Downtown Broken Arrow near the intersection of...

Cost: $52.00

Where:
Downtown Broken Arrow
The intersection of Commercial and Main streets
Broken Arrow, OK
View map »


Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

Wings, Wheels & Wishes is a fly-in, car and bike show benefitting the Make-A-Wish Foundation of Oklahoma in loving memory of Collinsville Wish Kid, Bill Campbell. Our event features vintage...

Cost: Free to the public

Where:
Airman Acres Airport
12600 N. 73rd E. Ave.
Collinsville, OK  74021
View map »


Telephone: 918-510-3423
Contact Name: Cindi Conner
Website »

More information

  Our 17th Annual CimTel Classic 5K is August 24, 2019! The registration begins at 6:30am and the race begins at 8am at Cleveland High School 600 N Gilbert Cleveland, OK. The entry fee is $25 for...

Cost: 25.00

Where:
Cleveland High School
600 N Gilbert
Cleveland, OK  74020
View map »


Sponsor: CimTel
Contact Name: Allee Pearson
Website »

More information

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Maker Faire Tulsa is an award-winning, family-friendly event celebrating technology, education, science, arts, crafts, engineering, food, sustainability, and making of all kinds. The 7th...

Cost: Free

Where:
Central Park Hall at Expo Square
1701 S Sandusky Ave
Tulsa, OK  74112
View map »


Sponsor: Fab Lab Tulsa
Telephone: 918-779-6025
Contact Name: Nathan Pritchett
Website »

More information

Maker Faire Tulsa is an award-winning, family-friendly event celebrating technology, education, science, arts, crafts, engineering, food, sustainability, and making of all kinds. In 2019, Fab Lab...

Cost: FREE

Where:
Central Park Hall @ Expo Square
4145 East 21st Street
Tulsa, OK  74114
View map »

More information

Bobby O’s Slices + Pies, located in the Meadow Gold District along Route 66, will host a day of meal deals, merchandise giveaways, and kids activities for their Back-to-School Bash. The...

Cost: Free

Where:
Bobby O's
1502 E. 11th St.
Tulsa, OK  74120
View map »


Sponsor: Bobby O's
Telephone: 918-586-2455
Website »

More information

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

America’s LARGEST interactive comedy murder mystery dinner show is now playing at the Hilton Garden Inn Tulsa Broken Arrow! At The Dinner Detective, you’ll tackle a challenging crime while you...

Cost: 59.95

Where:
Hilton Garden Inn Tulsa- Broken Arrow
420 W Albany St.
Broken Arrow, OK  74012
View map »


Telephone: 866-496-0535
Contact Name: The Dinner Detective
Website »

More information

DIVAS JUMP THE POND - THE BRITISH INVASION!! DIVAS 4 H.O.P.E. features live music from Tulsa’s diverse local artists along with cocktails, dinner, and one-of-a-kind live and silent auction...

Cost: $15,000 - $250

Where:
Assembly Hall - Cox Business Center
100 Civic Center
Tulsa, OK  74103
View map »


Sponsor: Health Outreach Prevention Education, Inc.
Telephone: 918-688-5022
Contact Name: Kathy L Williams
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...
Edit ModuleEdit ModuleShow Tags
Edit ModuleShow Tags

What's New


3.02: Getting Schooled — Dr. Deborah Gist

A conversation with Dr. Deborah Gist, superintendent of Tulsa Public Schools, about the new school year and managing one of the state's largest public school districts with low funding.

Comments

Oklahoma's Best-Sellers: Aug. 18

Based on total number of book sales at Magic City Books, Best of Books in Edmond, Brace Books and More in Ponca City, and Full Circle Bookstore in Oklahoma City.

Comments

How do you create affordable housing for all Tulsans?

Q&A with Becky Gligo, City of Tulsa's first housing policy director

Comments

Video: Onifade's Cookie Co.

Comments: 1

3:01: Higher Education - Dr. Leigh Goodson

Dr. Leigh Goodson, president and CEO of Tulsa Community College, on TCC's 50th anniversary, the Tulsa Achieves program and the importance of going to college in 2019.

Comments