Best Financial Advisors in Suffolk

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 is the recommended financial planning approach for mothers in Suffolk in case they outlive their spouse in the future?

  Mothers in Suffolk can prepare for the possibility of outliving their spouses by embracing thorough retirement planning. Key steps involve:

  • Tailoring an investment strategy that aligns with their comfort and future requirements.
  • Securing adequate insurance.
  • Designing a well-structured estate plan.
  • Compiling a detailed asset map.

  Implementing these measures not only offers a clearer financial perspective but also fosters a sense of confidence as they transition into the next life phase.

• What should senior adults in Suffolk consider when planning for long-term care?

  When contemplating long-term care plans, senior adults in Suffolk should thoroughly evaluate their financial resources, such as cash, pension benefits, and physical assets. Acknowledging that lifestyle aspirations differ among seniors, with some preferring to stay at home while others are open to relocating, it's crucial to identify a plan that aligns with personal preferences. Although not health-enhancing, long-term care insurance supports the cost of services for various health or personal needs, thereby preserving the quality of life.

• What is the suggested approach for individuals in Suffolk who have recently acquired an inheritance?

  Heirs in Suffolk should first focus on clearing any outstanding liabilities. Next, it's wise to establish a cash reserve for unforeseen circumstances. Once secure, they should consider bolstering their retirement funds and setting aside money for their children's higher education. Lastly, after responsibly addressing these financial aspects, they can use a part of the inheritance for personal enjoyment, ensuring it doesn't cause financial instability or diminish their newly established emergency fund.

• Why is long-term care planning important in Suffolk, especially for those with elderly parents?

  The importance of long-term care planning in Suffolk is underscored by Virginia's filial responsibility laws and the escalating costs of elderly care. Including long-term care insurance in financial planning and examining Medicaid eligibility can provide individuals with elderly parents a safety net for these anticipated costs. Proactive planning is key to avoiding limited options and increased costs down the line, making the role of a knowledgeable financial advisor invaluable.

• What are the potential concerns for individuals in Suffolk considering starting their Social Security benefits early?

  Individuals in Suffolk who are considering initiating Social Security benefits early should know that it could result in a 25% decrease in their monthly earnings. This choice might also lessen the potential survivor benefits for their spouse. Furthermore, continued employment could offer essential health insurance benefits and allow for additional retirement savings. Choosing to delay until reaching full retirement age, or beyond, could significantly increase the overall amount received from Social Security.

• 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.