Many people have misconceptions about financial planning that hold them back from meeting with an advisor. Perhaps they feel that they are too busy, they have had negative experiences with advisors in the past, or they feel that they know enough to do it themselves.
Whatever the reason, consider this: Americans with a long-term financial plan are more than twice as likely to feel “very confident” about reaching their financial goals*. Meeting with a planner can guarantee a financial plan that ensures peace of mind now and financial stability in the future.
This being said, here are four common misconceptions people have about financial planning that may prevent them from enjoying the benefits of this service.
Nearing retirement brings many questions and not all of them involve when to visit the grandkids or how to plan for that trip to Hawaii. Instead, many of them are centered around finances. Specifically, many future retirees are wondering about Social Security.
Although the Social Security program focuses on providing financial support for retirees, Social Security-based decisions often bring more stress and confusion than peace of mind. Nevertheless, education is a tried-and-true antidote for confusion. As you plan for retirement, consider asking these questions to get the most out of Social Security.
You’ve probably heard it before: the very first aspect of financial security is having an adequate emergency fund.
Having proper cash reserves can solve a multitude of life’s expected problems, whether your transmission blew up while leaving for your family’s cross-country road trip or your job got the axe in the latest round of layoffs. But how much should you keep in reserve for emergencies? And where’s the best place to put that money in the meantime?