Does anyone ever think about wealth management? Not many people know what it is, or the benefit of it. Basically, wealth management is the use of financial services to get the most from your money. This can involve most any financial services, such as tax optimization and estate planning. If you wonder, "How can I get more from the money I've invested?", then wealth management services may be just the thing for you. To find out if you would benefit from wealth management, talk to an independent financial advisor.
How to Receive Your Pension For a Comfortable Retirement
As many wealth management recipients approach retirement, an important question often comes up: Should I take my pension in a payout, or in monthly payments? There are a few special cases, but generally, you'll get more on your savings by taking your pension in one single payout and re-investing it in another account. Here is why:
- Emergencies: If you've chosen to take monthly payments, there is no option to change to a single payout or "get an advance". Having extra liquidity in an emergency is a valuable consideration for many people, and a deciding part of planning your future.
- Underlying investments: When you have an employer-based pension plan, you typically are not aware of the underlying investments. Many times, the underlying investments don't fit with your risk tolerance. By opting for a single payout and re-investing in a better retirement plan, you can make more from your savings and, most importantly, truly be in control of it.
- Tax Optimization: Though there may be some tax credits missed by choosing the single payout, re-investment into a Roth IRA will yield more tax breaks than taking monthly payments.
An independent financial advisor can help you with these wealth management decisions.
wealth management advisor Kenner LA can be used to your advantage. An independent financial advisor will tell you if you are in need of wealth management services. It is not too early to get the most from your earnings.