A seasoned Ann Arbor financial advisor will involve you in every decision he or she makes in managing your money. Some people avoid consulting with a professional advisor because they're afraid to give up control of their financial lives. The role of an advisor is not to take over your personal affairs, but to apply his or her training and experience to helping you figure out the most effective strategies for reaching -- or even exceeding -- your objectives.
The economy of Ann Arbor centers around the University of Michigan and the high-tech corporations that have been drawn to the city by the opportunities it offers in research and development. If you hope to send your children to college in Ann Arbor, its first-rate university provides numerous academic options, including a medical school. With its intellectual climate and emphasis on technology and research, Ann Arbor also gives you a wealth of alternatives for advancing your career.
Michigan financial planning isn't the exclusive domain of the well-to-do. You can take advantage of the services that an Ann Arbor financial advisor offers at any income level. Although some advisors may only accept clients with a higher net income or net worth, other professionals work with clients who have a modest income and are just beginning to accrue financial assets in MI.
Having an Ann Arbor financial advisor to rely on can relieve the frustration of dealing with budgets, federal and state taxes and investments by yourself. You'll also have an expert on your side who won't let you lose sight of your hopes for the future. As you juggle your bills and responsibilities in the present, a competent professional knows that you need to set priorities and may remind you periodically to focus on your goals for the years ahead.
If you haven't established a retirement account, an Ann Arbor financial advisor can review the benefits of opening a 401k through your employer versus having an individual account that you can carry with you throughout your career. With an IRA, your financial contributions are withdrawn from your income before taxes. If you elect a Roth IRA, your money will be withdrawn after taxes. Your advisor will tell you about the benefits and drawbacks of each program and help you determine which savings plan is right for you.
When you're taking the first steps toward building a stock portfolio, meet with an investment advisor to obtain financial advice. An Ann Arbor financial advisor who understands the market can gauge the financial risks you're willing to take and help you navigate the complexities of investing. Before you've assumed the responsibilities of parenthood, buying a home in Ann Arbor and paying for your children's education, you may not be as concerned about fluctuations in the stock market. As you enter your 40s and 50s, you may be more interested in stable investments and retirement planning.
If you think you don't have enough money left over after bills to set aside a portion of your income, an Ann Arbor financial advisor can show you ways to cut back so that you don't fall short of your goals for independence. In order to maintain or surpass your current standard of living, you'll need to prepare to have a reduced income and increased medical needs in your 60s, 70s and beyond. If you plan to leave Michigan after you retire and settle in another state, you may also need funds for relocation.
In the meantime, you and your family may need to start an emergency fund to cover setbacks along the way. In addition to trimming your budget, an Ann Arbor financial advisor can show you how to save on your taxes so you'll have extra funds to pad your reserves or pay off debts. An advisor who's also a certified public accountant, or CPA, will have specialized training in tax preparation and can advise you on how to maximize deductions and incentives.
You may also be able to reduce your taxes by increasing your donations to charitable organizations. Contributing to charities benefits not only you and your family but the community of Ann Arbor. Talk with your Ann Arbor financial advisor about how you can select qualified organizations and apply your donations to your taxes.
An Ann Arbor financial advisor will tell you that you can't afford not to save money for your senior years. As you set your financial priorities with your family, include an expert in discussions that concern your plans for retiring. With a professional's help, you can develop projections of your future needs. When it's time to withdraw the contributions you made to your accounts during your working life, you'll appreciate the sacrifices you made to secure a relaxed, flexible lifestyle.
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