Best Financial Advisors in Oakland

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.
  

• How much should a resident in Oakland donate to charitable organizations?

  Recent statistics from the Giving USA Foundation show that, regardless of economic level, people regularly donate 2.5% of their total income to nonprofits. Individual families with annual incomes over $200,000 contributed a higher percentage, 4.5% on average. In comparison to lower-income families, higher-income households typically donate a greater percentage of their income to charity. Nonetheless, supporting charitable institutions in Oakland, regardless of the amount, would lead to the greater good of helping the community.

• How can Oakland students qualify for loan forgiveness?

  To qualify for student loan forgiveness in Oakland, the annual income of the borrower must be less than $125,000 for singles and $250,000 for married individuals. Borrowers can utilize their most recent two years' worth of tax returns to calculate their income. The student's qualification for remission will rely on the earnings of their parents if they are dependent.

• How are your Social Security benefits calculated in Oakland?

  When you become eligible for Social Security payments in Oakland, the amount of your benefit will be based on your top 35 years of indexed salary. Indexing means the SSA considers the shifts in the average pay over time when adjusting your real earnings. However, they will substitute a few of your high-earning years with lower-wage years if you continue working after filing for benefits.

• Should you make long-term investments with money you received as an inheritance in Oakland?

  If you have paid off all of your bills and have enough money in your emergency reserve, then yes, you are advised to utilize your inheritance in Oakland for long-term investments. You can use the funds to buy bonds, stocks, or indexes. Additionally, to build a tax-diversified portfolio and position yourself for future success, consider contributing to a health savings account.

• Should you consult an Oakland wealth planner if you're getting ready for retirement?

  Yes. People frequently visit wealth planners in Oakland about their retirement plans. The wisest course of action is to secure your retirement because switching from a wage to retirement savings only occurs once in a person's lifetime. An advisor can help you decide when to retire fully, when to begin receiving social security benefits, and when to cash out from your IRA.

• 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.