Best Financial Advisors in Syracuse

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.
  

• When can you withdraw from your IRA in Syracuse?

  You can start making withdrawals from your individual retirement accounts (IRAs) at any time in Syracuse. However, if you start withdrawing before the age of 59½, you will be subjected to a 10 percent tax penalty. Additionally, there are some exceptions to the 10 percent early-withdrawal penalty, which include the death of the IRA owner, disability, medical insurance, first home purchase, and substantially equal periodic payments (SEPPs).

• What is the difference between a traditional IRA and a Roth IRA in Syracuse?

  The main difference between a traditional individual retirement account (IRA) and a Roth IRA in Syracuse, New York is that a traditional IRA enables you to contribute a portion of pre-tax dollars, while a Roth IRA allows you to contribute post-tax dollars. In addition, a traditional IRA can help you increase your money tax-free, whereas, with a Roth IRA, your money increases tax-deferred.

• When should you start taking annual RMDs from your traditional IRA in Syracuse?

  You generally have to start taking annual required minimum distributions (RMDs) from your traditional IRA, or other retirement plan accounts, in Syracuse, New York from the age of 73. You can take your first RMD by April 1 of the year after you turn 73 years old. Thereafter, you can take an RMD by December 31 every year.

• How to protect your disabled child with estate planning in Syracuse?

  One of the most common ways to protect your disabled child through estate planning in Syracuse, New York is to take advantage of government benefit programs for their healthcare and other necessities, such as the Supplemental Security Income (SSI) and Medicaid benefits. You can also set up a supplemental needs trust for your child, also known as a special needs trust, which acts as a source of maintenance or support.

• When can you start getting social security benefits in Syracuse?

  You can start receiving your social security retirement benefits in Syracuse, New York at the age of 62. However, it is recommended that you delay getting your benefits until you reach your full retirement age or the age of 70, so that you can take advantage of the full benefits you are entitled to. If you start receiving your social security benefits early, your benefits are expected to be reduced every month before your full retirement age.

• 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.