Major Life Changes:
Job changes: The Bureau of Labor Statistics say people born between 1957 and 1964 held an average of 11.7 jobs from 18 to 48. That means 11.7 401(k)s from previous employers to address. 11.7 new 401K plans to read through and understand options. 11.7 compensation changes and benefits packages to decipher, and the list goes on. A financial consultant can provide guidance and advice on managing and maximizing your employee benefits throughout job changes to ensure you are making the most of your investments and retirement accounts.
Growing your family: This includes marriage, kids, and home upgrades. Whether you’re combining finances with your significant other or planning to spend roughly $13,000 a year on raising a child (not including education costs), seeking professional advice makes sense. By reviewing your current situation and understanding your goals, a personal financial advisor will ensure you are making the right choices for your family’s future.
Sudden windfall: In the next 30-40 years, Accenture reports that $30 trillion in assets will pass from baby boomers to their heirs. The tax considerations alone involved with an inheritance are reason to speak with an advisor. In addition, planning for your future now suddenly looks very different for you and/or your family.
Company buy-out: If you are one of the 30 million small business owners in the U.S. or have an equity stake in a company, you might be in a position to sell or be bought out. This liquidation event would warrant having a conversation with a competent advisor to discuss your ongoing asset allocation, income needs, and tax planning.
Most people need help navigating major life changes. Whether it’s a career change, growing your family, or selling a business, it can be overwhelming handling everything yourself. Furthermore, there may be options available to you that you’re unaware of and not taking advantage of. From guiding you through tax processes to making the right investments after a windfall, a financial planner will handle everything for you so that you have less on your plate.
If you need help leveraging other resources:
We run into this often. You’ve hired an accountant. Maybe you’ve taken steps to create an estate plan with an attorney, but the missing link is a financial advisor to coordinate your planning. Financial planners function as a liaison to your wealth management experience so that you can be sure every aspect of your finances are working together to benefit you as much as possible. Since we take a comprehensive approach to your entire financial health, we’re already familiar with your tax and estate plans so we’re able to discover the best options available to you and facilitate that with your accountant or attorney.
If you are self-employed:
In addition to the complexity of running your business, you have even more options for retirement planning, estate planning, and tax planning. And, that planning isn’t just for you, but also your employees and family. Trying to navigate the complexities of retirement plans, business succession plans, and business structures can quickly become overwhelming. A lack of thorough financial planning can be detrimental to the growth of your business, so the smartest option is to begin planning before it becomes a problem. A financial planner experienced in managing small businesses can navigate each of these topics for you so that you are spending time on what is most important to you— your business.
If any of the above events apply to you, it is advisable to enlist the help of an experienced financial planner to ensure you are continually working towards your goals. With substantial experience and a thorough understanding of your situation, the financial advisors at Financial Independence Advisors will make sure you’re making the right decisions for your future.
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