5 Reasons to Hire a Fresno Financial Advisor!

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Whether you’ve been diligently saving for retirement for decades or unexpected circumstances forced you to begin saving later than you’d hoped, a Fresno financial advisor can help you make wise choices for your financial future. If you have been handling your finances for decades, you may wonder if you need a financial advisor. However, working with an advisor may allow you to retire wealthier than you thought possible.

5 Reasons to Hire a Fresno Financial Advisor

1. They Will Optimize Your Income Sources

Diversifying your income streams ensures that even if the market is volatile or experiences extreme inflation, you will be prepared. Your advisor can go over the well-known and lesser-known income options available to you in retirement.

While most individuals are familiar with income streams such as investments and Social Security, you may want help setting up an income annuity or permanent life insurance policy. Your advisor can also help you evaluate how much money you should keep liquid as reserve cash for emergencies and how much you can safely invest.

2. They Understand Tax Management

Even if you’ve already retired, you can still use the services of a financial advisor. Accounts are subject to different taxes once you’ve retired, which can drain your savings if you aren’t prepared. The state you retire in will also impact how your retirement income is taxed.

An advisor can help you strategically withdraw money from your accounts to minimize taxation’s damage to your savings and income. They are also familiar with the tax laws that apply to each income source and account in retirement—preventing you from worrying if you are paying the appropriate amount during tax season.

3. They Know Proven Investment Strategies

Working with an advisor can help you make up for the lost time if you are beginning to invest for retirement later than you planned. They will be familiar with the investment strategies needed to help you hit your long-term goals. This knowledge is vital for investors over 50, as investment techniques become more intricate as you near your desired retirement age.

Your Fresno financial advisor will help you position your investment portfolio appropriately for your retirement goals. They can also recommend the best practices for contributing to your retirement plan outside of investing alone.

4. They Provide an Unemotional Opinion

It can be hard not to let emotions play a role in financial decision-making. Unfortunately, the average individual is prone to acting on emotion, whether following the urge to invest in an already overvalued stock because it feels right or selling quickly because of a sudden market dip.

It’s human nature and entirely understandable. Your financial advisor can help provide a different perspective on the market and provide you with the data and analytics you need to make informed decisions, not emotional ones.

5. They Plan for Every Scenario

A quality financial advisor will go over various possibilities with you. Then, they will help you create financial plans for both good and bad scenarios. By looking at your expenses and projected health care costs, your advisor will help you decide when to begin pulling your Social Security benefits and your ideal income amount in retirement.

If you are nearing retirement or already retired, there are multiple ways a financial advisor can assist you in making educated financial decisions. In addition, working with a professional advisor can help you secure a stable retirement. It’s never too late to improve your financial future.

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