Charleston Financial Advisor

A Charleston financial advisor can help you prepare for a truly independent retirement. Although many of us dream of retiring early and leading a flexible, free lifestyle as early as our 50s, the realities of today's economy have a lot of us planning to work past the age of 65. The sooner you consult an advisor about saving and investing for the years when you're no longer working, the more money you'll accumulate over the years.

Strategies for Saving and Investing

To supplement your 401k, IRA or Roth IRA, talk with a Charleston financial advisor about permanent insurance plans that offer a savings and investment component. With whole life, universal or variable life insurance, you have a tax-deferred account incorporated into your life insurance policy. For many retirees, the cash value of a whole life insurance account serves as a supplemental savings fund to cover emergency medical expenses or home repairs. Ask a Charleston insurance advisor about the advantages of never ending life coverage as a financial planning tool.

Annuities are another stable investment option that's becoming popular with young professionals who prefer more secure strategies. Annuities are accounts managed by an insurance company to hold your contributions over the years, earning interest until you're eligible to take deductions. A fixed-rate annuity earns a steady amount of interest that you can rely on even in tough economic times.

Connect with a Charleston financial advisor through this website to begin planning a secure, prosperous future. With a South Carolina advisor to assist you in developing savings strategies, you can accumulate enough wealth to maintain your standard of living after you've concluded your career. Let an SC advisor share the tasks of financial planning so that you can dedicate more of your free time to meeting the responsibilities of your job and parenthood.

A Comfortable SC Retirement

If you enjoy the relaxed, gracious pace of Charleston, SC, you may be planning to spend your retirement years in this harbor city. With the costs of living increasing every year, you will probably need more funds to lead a comfortable life in Charleston than you once anticipated. In addition, residents of South Carolina have a longer life expectancy now, which means that you may need to stretch your savings over a longer period of time.

A Charleston financial advisor who specializes in financial planning has taken several financial planning classes and can help you create a projection of the amount of money you'll need to keep up with your current standards of comfort and security in South Carolina. To make up for any gaps between your expectations and your projected expenses, your Charleston financial advisor may suggest that you increase the percentage of your income that you dedicate to your retirement contribution plans. Your advisor may also recommend that you take more risks in your investments in the hopes of earning greater returns.

A combination of both financial strategies could be your best bet for boosting your reserves. An investment advisor can suggest ways that you can diversity your portfolio to give yourself more earning options. Consider investing in mutual funds, stocks or bonds to expand your possibilities and add to the nest egg you're building. A Charleston financial advisor can help you make informed decisions about how to invest your hard-earned income.

Costs of Health Care in Charleston

When you're a younger, actively employed adult in Charleston, it's easy to meet your health care needs through your employer-sponsored medical benefits. You may need only basic preventive care until you reach your 50s, when many practitioners recommend that you begin having regular diagnostic tests for chronic disease. Because your health is one of your greatest assets, a Charleston financial advisor will tell you that keeping up with your routine physicals and medical tests might be considered an extension of your financial planning strategy.

As you age, finding affordable health care and insurance in Charleston become more challenging. Medicare will pay for many of your basic health care expenses after age 65, but you will probably need a supplemental medical policy to make up for any tests or services that this government-sponsored program doesn't cover. Because your health may not be as stable as you reach your 70s, having an adequate financial reserve to cover unexpected medical costs becomes a necessity.

Work with a Charleston financial advisor to incorporate additional costs of health care into your saving program. Before you reach middle age, buying a home and saving money for your children's college tuition may be your first priorities. However, it's important to make room in your saving plan to set aside funds for your senior years. In order to lay a solid foundation for your future independence, meet with a Charleston financial advisor to develop strategies for maximizing your income in the years while you're still working.

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