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6 Ways A Financial Advisor Can Improve Your Future Blog Feature

By: America's Credit Union on March 16th, 2022

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6 Ways A Financial Advisor Can Improve Your Future

Investing & Retirement | Budgeting | Savings Plan

When focused on accumulating wealth, it’s not uncommon to lose track of the reason for our hard work. Growing bank accounts provide a feeling of increased financial stability. But accumulating these resources is not necessarily a goal in and of itself. Money remains vital but is only a tool used for achieving our goals. Turning those resources into a fulfilling future requires the professional skills of a trustworthy financial advisor.



Working With A Financial Advisor Offers Many Benefits


Although plenty of planners can provide estimates about potential wealth growth, money for money’s sake is not the only goal. Achieving your ideal quality of life in retirement is the true purpose of enlisting help. A financial advisor who understands real-life needs and pressures offers a more holistic vision. These are six ways an experienced financial advisor helps everyday people put their portfolio to work for a better future.


1. Guided Retirement Planning

Planning for a relaxing retirement has never been more important or challenging. In 2020, upwards of 10.6 million people 65 and older had not fully retired. Of that number, 26.6 percent of people 65-74 and 8.9 percent of those 75 and older remained in the workforce, according to the Bureau of Labor Statistics. The goal of enjoying your golden years can only be achieved by advanced planning and deftly guided retirement. These are options a financial advisor can leverage on your behalf.

  • Pension Rollovers: This strategy transfers funds from an employer-driven retirement package to an IRA. It allows you to maintain the tax-deferred benefits associated with your assets and avoid penalties.
  • Long Term Care Insurance: Americans are living longer, and there’s a 60 percent chance one spouse will reach 90 years old. That means your portfolio would need to account for upwards of 30 years of retirement resources. Experienced financial advisors typically advocate for long-term health coverage to ensure decades of quality care.
  • Life Insurance: Too many people fail to secure adequate life insurance coverage for their spouses. On the surface, the lump sum payout seems more than sufficient. A financial advisor generally presents couples with hard numbers that prompt them to increase life insurance policies. For example, more than 810,000 Americans reside in assisted living facilities. And 70 percent of our valued elders require assisted living housing at some point.

The goal of retirement planning is not to get you to 65 years old with a pile of cash. It’s to develop a financial plan that keeps you comfortable long after you punch out for the last time.


2: Planning for Future Education

Turning 65 does not necessarily mean people are done learning. A percentage of retirees take the opportunity to go back to school. Some embrace the excitement of college, and others want to complete a degree they put on hold because life got in the way. It’s also not uncommon to create a financial plan that ensures your children and grandchildren will be able to pay for the rising cost of tuition. A financial advisor helps family members cover all their bases, including future educational components.

3. Preparing for the Unexpected

The last few years taught everyday people to expect the unexpected. The health and safety crisis changed the way we lived. It also demonstrated that economic upheaval is something we all need to consider. A financial advisor who saw, first-hand, how disruptions can impact retirement assets understands how to be better prepared. Experienced professionals provide diligent solutions that include the following.

  • Strategies to create guaranteed lifetime income.
  • Account for rising inflation rates.
  • Minimize market declines risks.
  • Engage supplemental health care resources.
  • Offset any income gaps.

Although no one can predict the future, the last few years gave us all a glimpse of potential adversity. A savvy financial advisor can help you be better positioned going forward.


4. Saving Money While Navigating Taxes

While we all need to pay our fair share of taxes, there’s no reason to pay extra. The complexity of the tax codes often results in working families paying too much. One of the key benefits a financial advisor provides involves improved tax efficiency. By paying only what you owe, more money can be included in your retirement planning.


5. Creating A Customized Plan

Investment firms are full of one-size-fits-all retirement programs that do not maximize your quality of life potential. A one-on-one consultation with a financial advisor identifies your unique portfolio and long-term goals. Positive steps can be taken to eliminate wasteful practices and get the most out of your hard-earned money.

The professional rapport you develop with a financial advisor continues long after an initial plan has been implemented. Estate planners, accountants, tax attorneys, and other expert’s resources can be tapped while you are in the workforce and throughout your well-deserved retirement.

6. Expert Tips Navigating An Uncertain Market

Diligent financial advisors provide expert investment advice based on hard numbers. Professionals who navigate sometimes volatile markets learn to keep their emotions in check. They make intelligent decisions based on fact-based projections and historical data. Leaning on the expert advice of people who have learned to stay calm under pressure proves invaluable. The only emotion people planning their retirement need to experience is optimism their golden years will be rewarding.


We Can Help


The 4 Points Planning program offered by America's Credit Union, is designed exclusively for our members and offers retirement, insurance, investment, and legacy programs designed to help you and your family through a lifetime of financial planning needs.

If you haven’t started planning for your future, would like to set up an appointment, or for more information, contact Scott W. McKay, CFP®, ChFEBC™,  CERTIFIED FINANCIAL PLANNER, by phone at 214-390-9505, or email him today! 

Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory Services offered through Securities America Advisors, Inc. 4Points Planning and Securities America are not affiliated. Insurance products issued through many fine carriers. Securities America and its representatives do not provide tax or legal advice, therefore it is important to coordinate with your tax or legal advisor regarding your specific situation. GOFCU is not endorsing or guaranteeing the products, information or recommendations provided. Not insured by NCUA.


Membership in America’s Credit Union is open to anyone who lives or works in Dallas, Rockwall or Collin Counties, Texas, and their family members. Employees of select employers may also be eligible. See our Membership page for details.

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