Riverside Financial Advisor

A Riverside financial advisor can be helpful to anyone who would like advice on how to secure their economic future. Perhaps you are planning parenthood and would like to know if your financial security is strong enough to have several children and put them through a college education in Riverside, CA. Maybe you are a Riverside, California small business owner and would like some help from an advisor with business finances or maybe you are a retiree who has considered going back to work and would like to know the financial affect your new income will have on your social security. Whatever your financial question, a Riverside financial advisor can help.

Saving for College

College is an important step toward the future in today's society but the reality is universities are expensive and a California financial advisor will tell you that costs are likely to rise even higher as your child reaches university age. We all hope that our children will be academic superstars and will receive a full ride scholarship to the school of their choice, but the likely hood of that is not realistic. The best way to save education funds is to start saving early. There are many savings plans available in Riverside, California. One is the 529 program.

The 529 plan is a program which is administered by the state to help parents save for college. The state usually administers it through an advisor who will work with the parents to develop the portfolio of their choice based on the time they have to save and the amount of money that is needed. There are minimum contributions required and there are caps to the amount you can save for each dependent. Talk you a Riverside financial advisor to determine if this program is the right one for you.

Another type of college savings option is the Coverdell ESA. Put into effect in 1997 as an education IRA it has recently been renamed Coverdell ESA by Congress. In this program, you can contribute up to a certain amount of funds per child each year after taxes. The earnings are tax deferred and in some cases can be tax free if utilized for approved education expenses. The monies must be used for education by the time the child reaches the age of 30 or must be cashed out or moved to another family member. This program is excellent for those in Riverside who have multiple children, and would like the flexibility of investing the money in the way they choose. There are income limits for this plan so discuss financial eligibility with a Riverside financial advisor.

No matter which college investment plan you choose it is wise to begin early and continue to increase the amounts you save as you can. Discuss your needs with a Riverside financial advisor to determine which plan is the right one for you. If your child is among one of those who is an academic genius and receives that full ride scholarship, you can always talk to an advisor about moving the money to another investment option or give it to the child to provide them a head start on their own financial future in Riverside.

Saving for Retirement

There are many ways to save for retirement. As in college education savings, a Riverside financial advisor will tell you it is important to begin saving as early as possible. Retirement savings are now more important than ever as people are living longer and even healthier lives than ever before. While that is a positive thing, it can also mean that you need to save more so that your money will last as long as you do. With the cost of living, and medical costs increasing in Riverside you can see why it is important to have an advisor develop a plan that can work for you long after you retire.

You can begin retirement savings by utilizing the 401k plan through an employer. 401k plans are investment plans that an employer sets up for employees to contribute into using pre-tax dollars from their salaries. Some employers will even match all or a percentage of the money contributed. If an employer offers a matching option, any advisor will tell you it is a good idea to contribute at least that much if possible.

There are many more types of retirement funds to choose from. Talk to a Riverside financial advisor about the options of a Roth IRA, mutual funds, or variable annuities as well to decide which option is the best one for you.

A Riverside financial advisor can help you with everything from buying a home to planning for retirement. No matter whether you are a college student or a retiree you will undoubtedly find the advice from a Riverside financial advisor invaluable as your financial needs change.

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