What comes to mind when you think of a financial advisor? There are a number of things that people don’t always think about when it comes to what Nathan does as a financial advisor. Are you doing all of these things with your advisor?
Tax planning is something that your financial advisor can help with. This is different than tax prep. If you’re wanting to fund a bigger purchase, where will that come from? If you want to leave money behind as an inheritance, how can you do that tax efficiently? Talking with your advisor first could save you a lot of money along the way.
When you are funding your 401(k), you might want to talk with your advisor about the best fund to use to see how it fits in your overall plan. You have to really look at what is best for your situation, and what you’re trying to accomplish. As you near retirement, you might want help determining the best time to take Social Security. Remember that what your friend did is not always the best thing for you. Find the right strategy for you.
Working with an advisor is not just about having them pick the right stocks to invest in. When you get closer to retirement, you want a holistic advisor who can look at all of your different tools and resources to achieve your financial goals. A good advisor tells their clients what they need, including when it’s okay to spend their money and enjoy it.
Nathan also helps clients determine the best Medicare option for them. There are a lot of different plans, and it can get confusing. You’ve got to start it at the right time and chose the right plan for you. Another big decision is what to do about a pension. Making sure you choose the right retirement option is crucial. Once you make that decision on your pension, you can’t change it.
Finally, while Nathan is not an attorney, he can help with estate planning. Some of this begins with a conversation about what might be needed before reaching out to an attorney. Another piece of this is making sure the beneficiaries are set up correctly and tax efficiently.
Listen to the entire episode or skip ahead to hear more about a particular quote.
0:50 – What kinds of things does Nathan do as a financial advisor?
2:12 – Tax planning, not tax prep.
4:07 – Need advice on your 401(k) strategy?
5:33 – When should you start your Social Security?
7:49 – It’s not just about which stock to pick.
9:31 – Do advisors help with Medicare options?
11:44 – Can you get help with your pension?
13:14 – Do advisors help with estate planning?
A Point Of Wisdom:
You have to really look at what is best for your situation, what you’re trying to accomplish.