Financial services advice can help you even with late stage retirement planning. You may have raised children, already seen some grandchildren, and are now approaching the end of your work life. If you had to focus spending your money long and hard on college education for your kids, buying a home and parenthood you are not alone. The horizon may fill you with stress and uncertainty, but it can be some of the best years of your life.
As they say, when in doubt, just ask. Well, in this case, you may not be certain what to do, or may be stressing that you have not saved enough. Well, then it is time to turn to the professional investment advisor for financial services advice. An advisor can help you not only with traditional investment savings vehicles such as Roth IRA and 401k. They can also help you decide how best to help you navigate your new life stage, which can be made better through good decision making with regard to insurance and tax planning.
For one, long term care insurance is cheaper if you start buying into it when you are in your fifties. It is the insurance that guarantees that you will not lose your assets for your heirs if you should need say assisted living, nursing home arrangements and the like. And, again, the younger you start out buying it, the cheaper it costs over the long term.
Taxes start sprouting new wings, causing new titrations, that require some attention. If you have your money in some investment accounts, you will incur no taxes as long as you wait until 59 1/2 years old. If you take it out of other accounts at that time, you will have to pay taxes, albeit hopefully at a lower tax bracket than when you were working full steam. Financial services advice forums can help you with tax planning, insurance planning and estate planning.
In addition to planning for navigating the new tax, estates and insurance landscapes, you may want to hire a professional to help with financial services advice. Their expertise ensures that the paperwork allowing for transfers, changes and such are followed as they need to be followed. This can save you many headaches, and financial duress later in life.
It is important to consider a few factors when choosing an advisor to provide you with financial services advice. First of all, find out if they are commission, fee only (you pay them by the hour) or a combination of commission and fee-based pay. In addition, be sure to verify their credentials from the professional groups to which they claim to belong.
There are some unscrupulous imposters out there who claim to be credentialed and therefore certified to offer services advice. The Certified Financial Planner Board of Standards and the National Association of Personal Financial Advisors will gladly verify credentials and any corrective actions taken against an individual. These bodies ensure that you are in addition treated fairly, by professionals whose job it is to first and foremost serve you and your best financial interest. This is fiduciary duty.
When you have figured out how best to apply financial services advice to your own new stage of life, it is time to start considering how to apply financial services advice to your family. If you were to die tomorrow, it would be important to make sure that your family would have access to the financial records and financial accounts as needed, and as you intended. This is when perhaps an attorney specializing in estates would be good to hire.
It is safe to say then that the needs you have help determine who is best to hire for the services advice that you need. It is first and foremost important to hire someone with experience dealing with clients who share your needs. In addition, it is important that they have the proper credentials to handle your work, such as a CPA for tax services advice, and an attorney for estate services advice.
When you have found the best person for the job, it is a good idea to keep them in the loop as you may see changes come down the pike. That is another item to seek in a professional who offers you services advice: communication. Make sure that you communicate well and can see yourself sustaining a long term working relationship with the professional who provides your services advice.
Financial services advice is worth the money. This is as long as you do your leg work, to make sure that you have a credentialed, trustworthy professional at your side. You are worth it and have worked so hard to get so far in life. It is now time for you to enjoy it.
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