Many people give little thought to financial planning. They perhaps have a life insurance policy and a 401k plan through their employer, and nothing more. When money is tight, it’s easy to be overly concerned about the present, with not much thought to the future. Fortunately, a reputable financial advisor can help you get beyond the basics to make a workable plan to help ensure financial stability for yourself and your family for years to come.

The first financial planning step most advisors will take you through is creating a budget — one that includes savings for retirement. The amount you’ve chosen can be automatically deposited into a savings or investment account. This makes it much easier to make savings a habit, and also helps combat the temptation to spend all of your paycheck. For most people, setting aside at least ten percent of your income will help to build a comfortable cushion for retirement.

However, saving a portion from each paycheck is only part of the process. Cautious use of stocks, bonds and other investments can help to increase your income both before and after retirement. It’s important to remember that Social Security is meant to cover only necessities. Thus, you need to have other resources available to facilitate a comfortable retirement in which you can enjoy the lifestyle you desire.

Good financial advisors can help you consider all the angles to plan for your financial future, including health, life expectancy, probable inflation rates, how investments are likely to perform, and more. Your advisor can also suggest wealth management strategies regarding taxes and interest rates to maximize your income after retirement.

Should you have additional discretionary income you’d like to invest, your advisor might be able to recommend alternative investments. The possibilities for this are almost limitless, including fine art or wine collecting as well as more mundane commodities such as real estate, hedge funds, venture capital and other types of investments. Your financial planner will most likely also recommend purchasing a commercial annuity that will last throughout your life.

Estate planning is also a matter than many financial planners may tackle. While younger families may not have given this much thought yet, addressing estate planning early is important. You will want to ensure that your family will have a financial cushion if something should happen to you. Your advisor will be able to recommend a life insurance policy that is adequate to your family’s needs, and also how you should designate beneficiaries. Furthermore, he or she can recommend methods of minimizing estate taxes.

Novices and experienced investors alike can almost always reap benefits from expert advice regarding long-term financial planning matters. A good financial advisor can suggest various investment ideas that you may not have considered. These professionals are highly useful in devising a clear plan to ensure financial security for both yourself and your family.