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3 Major Reasons To Use A Fee-Only Financial Experts There are three different kinds of financial advisors: the commission broker who sells an item for a commission, the fee-based consultant who offers investment management for a percentage of the assets invested, and the fee only financial planner who offers a comprehensive financial plan for an hourly fee. Here, we will talk about five main reasons why you may choose a fee only financial planner over the other types of financial advisors: 1. Fee-only means no bias. One of the major reasons people choose fee-only financial planners over other consultants is the fact that they aren't compensated based on the investments they recommend. Fee-only financial planners are only paid out by their clients, thus there's no bias when making investment suggestions. They get paid the same whether they recommend an index fund or an annuity or a range of stocks and bonds. 2. Help with pension planning, budgeting, taxation and even more. Most commission brokers and investment managers just provide investment advice, leaving you to struggle through planning for retirement on your own. Fee-only financial planners can assist you with all of your financial questions including are you saving sufficient for retirement, do you still require life insurance, how can you reduce your taxes, and much more. 3. Only the advice you require, when you need it. With fee-based consultants, you pay an annual fee for them to manage your portfolio. With fee only financial planners, you just pay for suggestions when you need it. While most of the people like to check in with their financial planners once a year to make sure they're still on track to meet their objectives, it's totally up to you how much time you wish to spend with your financial planner. You can meet with your financial planner 3 times a year or once every three months, it's your choice. A Few Significant Facts That You Must Know About Social Security Spouse Benefits When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits Social Security Death Benefits Can Really Help Financially After A Spouse Or Other Loved One Has Passed Away Qualifying relatives of individuals who have passed away can receive assistance from social security death benefits. The payments provided vary and depend on a number of things such as the payments that have been made to social security as well as the relationship of the relative to the individual. Discover Tips On How To Apply For Social Security If you areapproaching retirement, you are probably already looking into how to apply for Social Security benefits. Generally, you can apply once you are within 120 days of your 62nd birthday. There are several things you should know to make the application process as smooth as possible. Social Security Benefits: A Helpful Discussion On Terms To Get The Benefit & Ways To Get After A Family Member's Death The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well? Some Key Exceptional Roth IRA Withdrawal Rules That Might Assist You To Take Money Out Of Roth IRA Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply. How Are Financial Planners Paid? Which Kind Of Financial Advisor Is Perfect For Me? There are many different types of financial planners. Not only are financial advisors compensated differently, but the services they provide vary quite a bit as well. Here is a quick summary of the different types of financial advisors and how they can help you. Social Security Eligibility Rules: What Are The Requirements For A Homemaker To Qualify For Social Security? When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first. |
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