Signs that It’s Time to Hire a Financial Advisor
Investors have more access to information these days than ever before. One of the key advances for retail investors includes buying and selling securities at a low cost, a diversion from exchange-traded funds (ETFs) and mutual funds, in a number of markets and more articles and online tools that you will ever need. It is pretty much easy to see why many investors think they need to seek the help of a financial advisor.
However, the fact still remains that a significant number of baby boomers are concerned about their retirement planning and are mot confident in their ability to get a consistent income during their retirement years. In this post, we will be covering important points that will help you decipher the most common signs that you need a financial advisor.
You Get a Tax Refund Each Year
Many people fear filling taxes because of the time required to organize expenses, pay the tax bill and collect receipts. The one phrase that you will often hear from people who go through this process every year is “I will get back my money, at least.” While being refunded your hard-earned money looks like a good thing, it actually reflects poor planning.
The U.S doesn’t pay any interest on overpaid taxes. Although this money would then be sitting in your investment or bank account earning a small rate of return, the IRS uses your tax money interest-free until you get a refund. To maximize your tax money, a financial advisor will help you to pay closer attention how much you should be paying and how much owe.
You Don’t Have a Down Markets Strategy
You probably remember the housing bubble of 2008 and the tech bubble of 2000. Many people almost lost their shirts in both markets. However, although many people have learned so much about diversification, a significant number of them will make the same mistakes. History has shown us that a significant down market occurs every 5 to 7 years. With that said, an expert in wealth management can help you to adopt the right strategy that will protect your capital for retirement.
You Are Not Sure If the Money You Are Saving Is Enough
Retirement usually becomes the main focus of baby boomers at about the age of 55. Because many people realize that they only have only a few years before they reach their retirement years, they start planning. However, many people often don’t know what kind of planning to do. One of the best decisions to take in such a case is to find a certified financial planner. They will help you to create a retirement and financial plan for you. The plan will mainly focus on your current tax rates, life expectancy, expenses, annual return and almost everything you need to do to understand where you are at the moment, where you are heading and if you will make it.
These are just but a few tell-tale signs that you should get wealth management help from an expert. Make sure that you are working with a skilled and experienced financial advisor. Click the link to get more information.