Best Financial Advisors in Northridge

Frequently Asked Questions

• Introduction

  There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certifications that financial advisors can obtain.
  

  • Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
  • A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
  • A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
  • An investment advisor offers investment advice and recommendations to individuals or organizations.
    

  There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.
  

• What should you do with your RMD if there is a market downturn in Northridge?

  A quick downturn in the stock market can affect your RMD in Northridge. You may delay your withdrawal if this is your first RMD. You can wait until April 1 of the year after you reach your RMD start age. You have the chance to wait for market conditions to improve before making any withdrawals from your account. You can also reinvest or request to transfer your securities to your after-tax brokerage account.

• What are the things you must consider when planning retirement income strategies in Northridge?

  When planning retirement strategies in Northridge, you need to consider several things. You need to determine when you want to retire and what will be the status of your earnings if you continue to work past the age of 62. You also need to know what other income sources you have aside from Social Security benefits. You must asses your business sales proceeds, inheritances, or insurance policies you have over the years.

• When should you start saving for your child's education in Northridge?

  There is no definite right age to start saving for your child's education in Northridge. You must keep in mind that the earlier you start saving, the more money you have when the time your child is already in college. You can apply for a 529 college savings plan that can be used for qualified education expenses, such as books, fees, tuition, and computers.

• If you are the appointed executor in Northridge, what should you do after losing a loved one?

  After losing a loved one in Northridge, your role as an executor is to compile information about the deceased's accounts, properties, and liabilities. You need to notify Social Security and determine what are your benefits as a surviving family member. You also have to locate the deceased's Will and trust, contact the current or former employer, and gather information about his or her digital assets.

• How can you build your wealth and increase retirement savings in Northridge?

  In Northridge, you can build your wealth and increase retirement savings in Northridge by taking tax refunds or annual bonuses and putting them in your retirement account. You must rebalance your portfolio regularly to keep your investments on track. You may also boost your savings through catch-up contributions or maximize tax-advantage retirement plan contributions.

• Are financial advisors worth it?

  Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.