You may be unsure about hiring a financial advisor to guide you, and we entirely understand. Many people are concerned that a financial planner will only try to sell them items and packages that they do not need. While some may do this, finding a good financial advisor isn’t as hard as you may think. There are several instances when it’s a great idea to hire some help when it comes to your finances. After all, you can search up and down the internet for advice, but those pieces of information may not be applicable to your specific financial situation. It can be very helpful to get personalized advice.
You Should Hire a Financial Planner When…
Retirement is on the Horizon
If you aren’t sure whether or not you are ready financially to retire, this can pose a huge problem! You also need to know when and how to file for Social Security, as well as the best ways to spread out your retirement savings to make your money last as long as possible.
These issues all directly affect how you will live your life during retirement, and all of them are hard to answer without a thorough understanding of your finances. This is where it might be helpful to think of a financial planner as a strategist—someone who can assist you with making a plan as you move closer to retirement. Most people who are getting ready for retirement could benefit from at least a consultation with a planner who specializes in retirement planning. We at Kennedy Financial & Insurance Services are happy to be that resource for you.
You’ve Begun Preparing for a Family
Both getting married and having children cause a lot of change when it comes to finances. You and your spouse will likely choose to join finances, and one of you will likely be providing insurance for the whole family. If a child is to come into the mix, it’s important to think about new costs like life insurance, college savings, and estate planning. Young families tend to have a lot of financial concerns, and it can be helpful to have some guidance. A good financial advisor can help you figure out your priorities when it comes to paying for your children’s future and health!
You Have a High Income
It’s excellent that you are taking home a high income, but high earners should consider a financial planner to make sure that they are saving and spending in the right places. After all, a good planner may be able to help you find tax breaks you didn’t know were available to you. They may also be able to suggest good tax-saving strategies and decisions during the year so you can feel prepared for the following tax season. Contact our team to ask about some of the tax breaks you may be eligible for.
You are Self-Employed
Taxes can become a little challenging when you are self-employed, so we’ve found that many people who are in business for themselves have some concerns when it’s time to declare the income they earned. Also, planning for retirement changes entirely when you are self-employed! If you own your own business, you will also need to account for your employees’ income and needs. Consider finding a financial planner who has experience working with self-employed people and knows just how to help you get the most out of your business.
You Have a High Net Worth
These folks have unique financial concerns and demands that include understanding large balances that may be spread across different accounts, as well as very intricate and complicated estate planning documents. When it comes to handling a large amount of money, particularly when estate planning, you will want to have a good financial advisor on your side to ensure that every dollar is accounted for. These situations can lead to family disputes when the estate planning results are not clear!
Your Needs are Unique
Some people have financial questions and concerns that others do not necessarily have. For example, if you have a child with special needs or medical concerns, you will need to strategize differently. If you have a large amount of student loan debt, you will also want to explore the ideal way to repay your loans. If you have a unique financial planning situation, it’s time to talk to a planner who can help!
If any of the above situations apply to you, it’s time to contact the professionals at Kennedy Financial & Insurance Services. We look forward to assisting you as you plan for your financial future. We offer services that range from life insurance policies to retirement planning and financial advising. Reach out to us today to learn more about how we may be able to assist you. We proudly serve residents of Calabasas, Northridge, Woodland Hills, and the surrounding areas as they work toward financial security and confidence.