Waterbury Financial Advisor

A Waterbury financial advisor can foresee your financial needs as a retiree even when you're in your 20s and 30s. As a younger adult, your obligations to your job and family may seem to take priority over a distant future. However, a CT advisor will tell you that the sooner you start to plan for your senior years, the fewer sacrifices you'll have to make in the short term.

Improvements in medical care and personal health maintenance have resulted in longer life expectancies. A 35-year-old may now expect to live longer and require more funds for the years after he or she stops working. If you hope to retire by age 65, your Waterbury financial advisor will develop a plan to allow you to maintain your financial independence during the decades when you're no longer employed.

In the historic industrial city of Waterbury, CT, once known as the "brass capital of the world," people are accustomed to working hard for a living. The costs of inflation make it difficult to devote your income to anything other than immediate expenses. An experienced Waterbury financial advisor can show how to improve your financial health by shaving dollars off of your budget. Your Connecticut financing advisor may suggest that you contribute these funds to an investment vehicle or use the money to reduce high-interest debt.

Fundamentals of Your Savings Plan

After you've plotted your course for the future -- including major life goals such as parenthood, buying a home in Waterbury and giving your children a college education -- you and your Waterbury financial advisor can formulate strategies for saving. If your employer offers a 401k plan, you should take advantage of this opportunity. Over the years, your employer in Waterbury may match a percentage of the money you contribute, and your smart financial investment may grow exponentially.

If you're self-employed or you prefer the financial flexibility of an individual account, investing in an IRA may be more suited to your needs. With this plan, you can contribute a portion of your income before taxes to a fund that bears interest. Taxes on your earnings are deferred until you collect your distributions. A Connecticut advisor can clarify the tax status of these accounts and estimate any penalties you may incur for early withdrawal.

With a Roth IRA, your contributions are deducted after taxes. If you have a high earning potential in your current career and you expect to remain actively employed for a number of years, this type of account may work to your advantage. When you're ready to collect your distributions, you will have already fulfilled your tax obligations. This approach will lessen your financial burden when you're a retiree living on a lower income in Connecticut. Ask a Waterbury financial advisor about the benefits of this arrangement.

These defined contribution plans can form the foundation of the strategy you develop with a Waterbury financial advisor. In addition to these opportunities, your Waterbury employer may offer a pension program. However, pension plans are becoming increasingly rare. Certain state or federal employers may still offer pensions, which provide regular payments to vested employees after they've retired.

As any experienced advisor can tell you, your Social Security benefits may cover only your most basic needs as a senior citizen. These payments may not allow you to maintain your current standard of living in CT. A Waterbury advisor can provide valuable projections of the income you'll require to live comfortably after you're no longer working.

Estimating Your Retirement Needs

With a Waterbury financial advisor, you can calculate how much money you'll need to bridge the gap between your Social Security distributions and the amount you need to fulfill your objectives for retiring. If you decide to travel, purchase a smaller home or move from Connecticut to a milder climate, you may need a larger nest egg than you once anticipated. A Waterbury advisor specializes in predicting the costs of inflation and medical care and how they'll affect your financial agenda.

Chronic health concerns or setbacks on your route to independence may increase the funds you need after you've concluded your career. When planning for the near or distant future, your Waterbury financial advisor will recommend that you always include a cushion for contingencies. A whole life insurance policy that includes a cash value component can serve as a backup fund if you have unexpected medical expenses when you're no longer covered by your employer's health insurance.

The earlier you start preparing for your independent life as an older adult, the more your money will grow. If you're just beginning to save in your 40s or 50s, there's still time to build a reserve that will allow you to live comfortably. Consult a Waterbury financial advisor about designing an accelerated time table to help you meet your goals.

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