Reasons to Get Professional Help when it comes to Financial planning.

Manage complexity.?

Financial affairs become more complex as you get older. By the time retirement comes into view, you probably have a mortgage, and perhaps other debt for your car, credit cards etc. If you are trying to catch up on retirement savings, there are questions to answer about investment vehicles and contribution rates. You might be balancing your own needs against those of adult children who need your help paying for their education or other financial needs.

Manage the transition to retirement.

Planning for retirement is straightforward when you are young. The key task is to save as much as possible — the so-called accumulation phase. But the transition to retirement presents some complex issues. What are the results of working longer or retiring earlier? When should you file for Medicare? What type of Medicare coverage should you select? How about long-term care insurance?

Manage the retirement years.

In retirement, the aim is to ensure you will have adequate income and to manage resources safely and efficiently. A number of complex questions can arise. Which savings accounts to tap first? What is a safe withdrawal rate? How to plan to minimize tax burdens? If you have a pension, should you accept a lump-sum distribution, or take payments as a monthly annuity? How will you react during ups and downs of the stock market, and will you need advice on managing through bear markets?

Protect against cognitive decline risk.

Our ability to manage our finances declines with age. This situation leaves older people vulnerable to financial fraud and abuse.

Peace of mind.

If you do not have a formal plan for retirement, you are flying blind.?A planner will build a model of your household finances that projects your odds of success and can provide valuable what-if scenarios as you think through retirement options.?Do you have sufficient assets set aside to handle a long-term care needed? Perhaps you would like to make a midlife career change that will reduce or grow your compensation — how will that affect the plan? What happens if you become self-employed, and need to adjust your financial affairs?

Contact me for assistance at [email protected].