Financial Road Map Leads to a Lifestyle Pleasing Retirement

Financial Road Map Leads to a Lifestyle Pleasing Retirement

Lucas resident, Jeff Cummins is a certified financial planner and partner with Spectrum Financial Group. He became a certified financial planner in 2002. He was a CPA with PricewaterhouseCoopers from 2000 – 01.

When he first meets with clients he helps them understand where they want to go in regards to goals and lifestyle. He asks questions such as ‘Where are you headed (financially) if you keep doing what you are doing?’ Quite often the answer to that question is ‘I don’t know.’ They discuss how much they need to have in their savings account to live a lifestyle of their liking. They discuss how inflation will affect that number. They discuss what kind of longevity is in their family history. He points out that some people live to the age of 95. If they retire at 65, they need to have a thirty year bucket of money in their savings account.

He said that people arrive in his office hoping they can retire; he said sometimes that answer is yes, but sometimes changes need to be made. He said most people are not in as good of shape as they thought they were and many people say they should have created a better plan a long time ago. Cummins is there to help make a financial road map for his clients’ future. 
He said many people express the notion that they do not feel organized and they just don’t know if they are saving enough. Cummins creates customized road maps including such things, if requested, as inheritance and cost of college. Each client is given access to real time numbers in easy to read charts showing where their money is at all times. Clients can manipulate which time period is shown in order to see if they are matching their spending goals. There is a function which projects if they continue spending at this rate then their money will run out at this point. With the help of the individualized spending charts, which details where clients need to reduce spending to reach certain goals, they are able to see their goals attained and possibly reach an earlier retirement.

He said the worst financial plans he has seen people have are relying on inheritance, relying on family members to bail them out if they struggle financially and those who are too focused on putting all their money into paying down low interest debts.

Cummins enjoys seeing the excitement his clients feel when they push through the hard part of making lifestyle changes in order to reach their financial goals. Because he is a CPA, as well as a certified financial planner, he provides more tax planning than a typical insurance person is able to give. He said, “We are truly doing comprehensive financial planning and helping them save more.” He said he loves what he does. He helps people make material changes in their lives. He helps them take control over where they are headed and they don’t have to rely on hope.

The Cummins family has lived in Lucas for five years.

You can contact Jeff Cummins at jcummins@financialguide.com or call him at 972 455-4360 (o) or 972 489-2842 (c). Spectrum Financial Group is located at 5080 Spectrum Drive, Suite 902W, Addison, 75001.

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