San Antonio and Austin are great places to start a family, and this exciting time can be made so much more enjoyable by developing a strong financial plan before getting married or having a baby. If you’re planning on starting a family you should work with a financial advisor in San Antonio to develop a sound financial plan ahead of time. Beginning a family presents new challenges in budgeting, planning for the future, and protecting your loved ones. Your new family will want to work with an independent financial planner to consider things like insurance and saving for college. For more on the benefits of working with an Independent Fee-only Planner click here.
This is a good rule of thumb in planning for the future. Most financial planners and asset managers can tell you that the best time to start your retirement planning is right now – regardless of your age. The earlier you begin saving for retirement, the better chance you give yourself of reaching your goals in retirement and possibly setting and reaching other exciting goals as time goes on.
When your employment situation changes, you need to decide what to do with the employer retirement plan you have been saving in. Whether it’s a SIMPLE IRA, a 401k, 403b, ORP or other type plan, you should evaluate your current investments and decide what to do with it. A 401(k) rollover is a common way to maintain control of your money and ensure access to a wide variety of investment decisions. A Rollover IRA is usually a low cost option, and your financial advisor can help you evaluate your choices. The important thing is to address this decision promptly so that you know what is going on with your retirement savings. See more on reasons to rollover your 401(k).
Large asset purchases and sales can require complex planning and it’s important to consider the financial ramifications of each decision, whether you are buying or selling. Working with a financial advisor can help to lay these factors out and make an informed decision. Soliciting the help of a fee-based financial planner is a great way to simplify your decision. Why do we say pick one in San Antonio? Working with a local advisor is just easier on you and allows for regular face-to-face contact with your advisor. In this stage of your home or business ownership , simplicity is key.
When considering a large purchase, you are faced with decisions about how to fund the purchase, what you can afford to pay, and how to structure any loans. In addition, you want to make sure that you are buying in a way that meets with your overall plan for your money, and your financial adviser can help you work towards staying on the right track. Possible insurance needs should be considered as well, and costs of insurance should be part of the overall evaluation of costs of your purchase. Considering these things ahead of time might save you money, as well.
When selling an asset, it is important to determine several things beforehand. You will want to work with an advisor to evaluate potential tax consequences, possible ways to minimize taxes, and what you will do with the proceeds of your sale. If you are selling a business to fund your retirement, it’s especially important to have a plan for how to save that money and work towards making it last.
Although not pleasant, it is important to remember that sometimes life throws changes at us that we cannot control. Going through life changes like death, divorce, illness or unemployment can present an individual or family with some major money related challenges. Working with a financial consultant to weather the rough times can help take some of the confusion out of these hardships and allow you to focus on more personal matters.
How do you plan for what lies ahead on your financial horizon, and keep track of it all?
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