No matter what your dreams are for your future, you probably need money to attain them. A financial adviser can help you save your money by recommending strategies that are in line with your risk tolerance and your goals.
Many parents save money to pay for their children’s college tuition. By starting while the children are young and taking advantage of state-sponsored 529 plans, you can save the money your children need to attend the college of their choice while enjoying the tax savings you’ll receive from your state just for using the 529 plan. You will get a tax credit for contributing to the account and your child will not have to pay taxes on the funds as long as they use the money for educational expenses.
Whether or not you have children who you would like to send to college, you should also dedicate some of your savings to your own retirement. By using finance advising services in NYC, you can get the assistance you need in choosing the best retirement savings vehicles for your situation. Your financial adviser may suggest a traditional or Roth IRA if you are employed or a Simple IRA if you are self-employed.
Financial Advising Services in NYC can also help you get out of debt. By employing debt reduction strategies, a financial adviser can help you reduce the amount that you owe creditors so you can begin saving toward your future goals. You can learn the difference between good and bad debt and lower your overall monthly payments.
Financial advisers are very knowledgeable in tax laws and can help you arrange your assets in a tax-advantaged manner. Whether you want to hold some of your assets in a trust for your heirs or save money on your annual tax bill, Finance Advising Services in NYC can explain how you can you the tax laws to your advantage. If you have inherited an IRA or other assets, a financial adviser may be able to help you reduce the taxes you owe on your new assets so you can keep more of what your loved one left to you.
