We see a number of changes you might make to improve your financial security, but one item is usually beyond your control: your 401(k) plan. Unless you are self-employed, there is practically nothing you can do if your 401(k) has limited investment options, low contribution limits, or tax consequences.
Why is financial planning important? The term financial planning can be used to illustrate many things. It can be a comprehensive plan, focusing on several needs or goals simultaneously, or limited to specific areas such as establishing a budget, or saving for a home, a child’s education, or retirement.
President Obama guaranteed Americans that after health reform became law they could keep their insurance plans and their doctors. It’s clear that this promise cannot be kept. Insurers and physicians are already reshaping their businesses as a result of Mr. Obama’s plan.