Planning Tools

You may feel comfortable selecting stocks in which to invest, but do you know the keys to effective financial planning and asset allocation?

We’ve provided a few basic planning tools below, so you can learn a little more about investing and explore a few of the planning tools Sommers Financial uses to help clients achieve their goals.

Sommers Financial Planning Tools
We developed the following planning tools using Microsoft Excel.

Roth IRA Calculator
This one-page form displays the benefits of compound interest and tax-free growth that are available when you invest in a Roth IRA.
   

Retirement Calculator
(SEP, Traditional IRA, 401(k), 403(b), SIMPLE)
This one-page form demonstrates the benefits of qualified retirement accounts.
   

529 College Savings Plan & Coverdell Education Savings Account Calculator
This one-page form illustrates the tax benefits of College Savings and Education Savings Accounts and helps determine if you are saving enough for your child's (or grandchild's) education.

 
   

Tax Accrual Worksheet for the Self-Employed
(Income taxes … ugh; SEP IRA … yeah!)
This Tax Accrual Worksheet will show you estimated tax savings from utilizing a SEP IRA. A SEP also provides the long-term tax-deferred growth that the Retirement Calculator above demonstrates. This tool will also calculate an estimated monthly income tax accrual to complement your estimated quarterly tax payments — to help prepare for April 15th and assist in averting "tax-due" shock.
   

Create a Household Budget
This form will help you determine how much you spend each month, and how much you are able to save. Often, after going through this exercise, clients see areas in which they can reduce spending and increase their investment in the future. This worksheet also helps to determine what level of income you will need in retirement to maintain your current standard of living.
   

What is your net worth?
Enter your assets and liabilities on this easy-to-use form to determine your net worth.