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Top 5 Times to Speak to a Financial Advisor (And Avoid an Unnecessary Bankruptcy)

Written by Bruce Feinstein, Esq. on . Posted in Bankruptcy Blog

Top 5 Times to Speak to a Financial Advisor (And Avoid an Unnecessary Bankruptcy)

Working with a financial advisor sounds like something saved for millionaires – but that couldn’t be farther from the truth. A financial planner can help you save money and make sound investments over the course of your life.

In this post, our office shares our top five times to speak with a financial advisor. Working with a financial expert during these important times can help make your money work harder for you, and help you dodge an unnecessary bankruptcy filing.

#1: When you Get Your First Job

This milestone often marks the first time you can realistically start saving for retirement, and it’s an essential time to get into the habit of smart saving. A financial advisor can give you tips on how to take advantage of your employer’s benefits, such as a 401k match or a bonus structure. It’s common for this first meeting to be an initial consultation; you don’t have to meet every year. And is a great time to learn about the best available investment options.

#2 When You’re Getting Ready to Retire

Retirement planning is an area where good financial planners can offer so much strong expertise. The key is to meet with one well before your expected retirement date. Meeting with a financial advisor several years before retiring is key to getting the best strategies. This allows you to make any adjustments to your saving ratios and retirement accounts ahead of time, so you can shift seamlessly into this next phase of your life.

#3 When You Get a Large Sum of Money

This next recommendation isn’t one that can be planned for in advance, but it’s no less important. Receiving a large sum of money is an imperative time to meet with a financial advisor, for both emotional and fiscal reasons. You may get a lump sum of money in an inheritance or pay raise. But many people waste the opportunity to make this bonus of cash grow and work for them. Poor financial decisions, especially ones made hastily, can make people lose not just their financial gain, but also their other finances. The expertise of a financial planner can help you learn how much of the money you can save, invest, and use in the right away.

#4 When You Need to Care for Aging Parents and Family

Taking on the care of a family member creates a lot of complicated questions and financial implications. Do you keep parents in their homes instead of a retirement facility? Or do you hire a home health aid? According to Genworth Financial, the average yearly cost of keeping a loved one in an assisted living facility in New York is $49,653. That number rises to $131,853 annually for a nursing home. A financial planner can help you and your family prepare for this added expense and find the best solution based on your financial standing.

#5 When You’re Writing Your Will

Our last recommendation for working with a financial advisor is during estate planning. It’s not fun to think about when happens after your die, but it’s very important for your family and the future of your wealth. When you are getting ready to pass on your money, a professional can help you minimize estate taxes and plan ahead for any final expenses so the burden is not passed on to your family.

If you are considering filing for Chapter 11 personal bankruptcy in Queens, New York, Contact the Law Offices of Bruce Feinstein, Esq. today for a Free Consultation.

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