Cambridge Financial Advisor

A Cambridge financial advisor understands the ups and downs of today's economy and can help you ride through its fluctuations. Rather than advising you to invest in the latest financial trends, an experienced advisor steers you toward time-honored strategies for increasing your wealth. Saving your money rather than spending every penny is a guaranteed way to increase your wealth, no matter what turns the country's economy takes.

Living in Cambridge, MA is an exciting experience, both culturally and financially. The city is home to Harvard University, one of the country's most prestigious Ivy League schools, and the Massachusetts Institute of Technology. Cambridge is an intellectually rich, diverse environment to start your career, plan for parenthood and raise your family. Meet with a Cambridge financial advisor to discuss your plans for financing your children's college education, buying a home and retiring comfortably in Massachusetts.

Retirement Savings Options in MA

Many Cambridge residents seek out the help of a Cambridge financial advisor when they begin to think about retirement. Whether you're 25 years old or 50 years old when you take the first steps in planning for your senior years, a qualified advisor can make the process easier. It's never too early or too late to consult a Massachusetts financial advisor about setting aside funds for the future.

If you're a younger adult who's just launching a career in Cambridge, participating in your employer's 401k program is an excellent way to learn good savings habits and start accumulating a reserve for the years when you're no longer working. These tax-deferred programs can reduce your taxable income while you're employed. When your contributions are automatically deducted from your paycheck, you won't have the temptation to spend all of your income each month.

Your Cambridge financial advisor may recommend that you try to contribute at least 10 percent of your pre-tax income to this program. Many employers match your contributions up to a certain percentage. If you're self-employed, or you don't have the option to participate in a 401k plan, an IRA provides similar tax advantages. With a Roth IRA, you contribute a percentage of your income after taxes are deducted, which means that you should owe no taxes on your distributions when you're eligible to begin making withdrawals.

Ambitious young professionals with an appetite for risk like to diversify their portfolios in MA. A Cambridge financial advisor who has certification in securities and an extensive background in investing can help you make prudent choices on the market. While investing in volatile stocks may not be the most secure way to save for your senior years, you can earn profitable returns if you have guidance from the right advisor, an understanding of the stock market and a little luck.

Cambridge Educational Savings Plans

Building an adequate fund to cover a child's educational needs is another popular reason for hiring a financial advisor in Cambridge. With so many academic options to choose from in the area, many parents begin saving for tuition and related costs when their children are in grade school. The costs of tuition are rising so quickly that it may seem impossible to match your college savings plan to the rate of inflation.

Ask a Cambridge financial advisor about 529 plans, educational savings vehicles that allow your savings to keep up with the costs of higher education. Prepaid tuition programs are guaranteed by state governments, so that when your child is ready to start college, your funds will cover his or her tuition expenses. Although most 529 plans apply to state institutions, participants can generally convert their plans to apply to private colleges and universities. An advisor can help you project your child's academic costs so that you'll know what to expect in the years to come.

Some parents are hesitant to save too much money for academic expenses because they're concerned that having extra funds available will reduce their child's chances of qualifying for financial aid. To avoid having large federal loans to repay, your Cambridge financial advisor may encourage you to save as much as you can. The more you can contribute to your son or daughter's education, the less of a financial burden he or she will have to carry after graduation.

Watching children grow and prosper is one of the greatest joys of a parent's life, especially when you know that your loved ones have a secure future. Work with a Cambridge financial advisor to make sure that you've covered all the bases in protecting your family. Having adequate life insurance, homeowner's insurance and substantial emergency fund will ensure that your family's standard of living won't suffer due to a financial crisis. Use this website to find a Cambridge financial advisor who can show you how to maximize your resources and secure your family's well-being in Massachusetts.

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