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What to Expect After Hiring a Financial Advisor?

Smart decisions are the backbone of a financially secure life. No matter how old you are, you can make the most of your income, tax strategy, and retirement planning. By working with a Fresno financial advisor, you’ll get critical information that boosts your finances both now and years into the future. 


Thoughtful Retirement Income Strategies

While you’re taught to save a part of your income from a young age, it can be difficult to do so in practice. About half of adults aged 55 to 66 have no personal retirement savings, according to the US Census. And with life expectancies reaching the early 90s, it’s never too late to get started on a retirement strategy.

Everything you save now can be used later as income during your retirement. You may also get benefits from the government through Social Security. Another option is to add an annuity, which is a contract from an insurance company that allows you to withdraw income later. A financial advisor can walk you through all of your options for retirement so you can live the quality of life you’re expecting.

Prioritization of Financial Independence

Your financial advisor is there to help you understand your costs and expenses so you can maintain financial independence throughout all stages of your life, from the height of your career to your retirement. Financial advisors will have information about the expenses you need to think about when you’re preparing for your retirement. For instance, a retired couple is expected to spend $300,000 on healthcare.

Smart Approach to Tax Planning

When you take a proactive approach to your taxes, you can plan strategies that will minimize your tax expenses for years to come. A Fresno financial advisor will understand the laws in your state to find ways to pay your taxes in the most cost-effective manner or defer taxes when it would benefit you.

For instance, certain accounts like your IRA will give you the option to pay taxes now or pay taxes later. Your advisor can work with you to create a plan based on your future plans to determine how you will handle your taxes.

Asset Protection Guidance from a Fresno Financial Advisor

Investing is a great way to increase your capital so you have enough to support your later years, but the market is never 100% stable. It’s a good idea to work with a financial advisor who can help you protect your assets through diversification strategies that will survive downturns in the economy.

Help with Legacy Planning

An important part of your financial planning is considering who will receive your assets. For instance, you will have to choose beneficiaries for your properties and investment accounts, like your Individual Retirement Account. Hiring a financial advisor ensures that you will have the proper guidance to think about legacy planning that could potentially reduce your taxes.

Whether you’re 25 or 52, the steps you take now will help you maintain your financial independence for years to come. Give yourself the future you deserve by being proactive now.

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