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It might be a good idea to hire a retirement adviser if you're within 10 years of retiring. Above all, look for a retirement adviser who is a fiduciary. Retirement advisors have extensive knowledge of investment markets, workplace retirement plans, pensions, and Social Security. There are three main types of financial advisors:Traditional financial advisors: Advisors that can provide personalized advice and product recommendations based on a client's needs and goals. They are also dShould I Hire a Retirement Adviser?

As a certified financial planner, I can't stress this enough: It's never too late to put your money to work for you. An IRA is an especially good move if you've changed jobs and your new employer doesn't have a retirement plan. The Federal Reserve reports that 25% of non-retired Americans don't have retirement savings or a pension. Fund your HSAPeople are quick to tell you to max out your retirement savings. Just because you don't plan to get sick doesn't mean it won't happen to you.

Persons: they've, It's, —, there's, it's, you've Organizations: Service, Federal Reserve

Americans who work with a financial adviser are more optimistic about their financial situation, despite believing a recession is imminent, according to a CFP Board survey. It's nearly impossible to recession-proof your money, but a good financial planner or investment adviser can help you protect it. AdvertisementThere's a lot of upside to working with a financial adviser, especially if you're worried about what the future holds. Seventy-eight percent of people who have a financial adviser report feeling optimistic about their personal or household financial situation. AdvertisementAt the end of the day, it's nearly impossible to recession-proof your money, but a good financial planner or investment adviser can help you protect it.

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Personal finance blogger Carmen Perez had $48,000 worth of student loans when she graduated in 2009. Three steps helped her tackle that debt: writing out everything she owed, choosing a method to tackle debt, and making sure to pay each month. In her journey to pay off her student loans, she found three steps that helped her to go from feeling overwhelmed to debt-free. Write out what you owe"I think the biggest advice is just to get organized around your student loans. By starting with these three steps, student loans can feel less overwhelming, more manageable, and be paid off sooner.

Automatically putting money in a high-yield savings account, increasing your retirement contribution, and opening a brokerage account can all boost your wealth. By making smart choices with even small amounts of money you have today, you'll set yourself up for big changes over the long term. Big wins — like getting a raise — are wonderful, but small wins — like choosing the right investment or savings account — are even better, because you have total control. Even though interest rates are down compared to early 2019, a high-yield savings account can still help you earn up to 20 times more on your cash than a traditional savings account. Now, just opening a new savings account won't make you rich.

Why I chose a certified financial plannerA certified financial planner, or CFP, helps clients make sense of their money and establish long- and short-term financial goals. I found my certified financial planner, Jared, through my parents, but a quick Google search can yield plenty of options for those on the hunt. Why going to a financial planner was absolutely worth itIn total, I paid $300 for my CFP, which included two in-person sessions. Besides providing me with a complete financial plan, Jared was also available by phone or email if I had any lingering questions. If you're looking for ways to save more, or establish better spending habits, a financial planner is definitely for you.

Wondering what the difference is between banks and credit unions? For example, many credit unions offer high-yield savings account rates at or near 2%, while most banks' savings rates hover well below that. Not all credit unions are federally insuredIn addition, not all credit unions are insured like banks. Federal credit unions are insured by the National Credit Union Administration, but some smaller credit unions are privately insured, which means they might not be backed by the US government and may not cover member deposits like federally-insured credit unions do. Can be difficult to joinIf you're interested in becoming a member of a credit union, keep in mind that credit unions can take a little more effort to join.

I'm a financial planner, and I always ask new clients the same question: Do you have financial statements? AdvertisementAs a financial planner, there's one question I always ask when meeting with a new client: Do you have financial statements? The first financial statement is a balance sheet, also called the statement of financial position, which lists your assets, liabilities, and net worth. What to include in your income statementNext up we have the income statement, also known as the statement of cash flows. AdvertisementThe bottom lineIn very general and simplistic terms, achieving any level of financial success can be broken down based on these two financial statements.

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My husband and I have made some mistakes with money in the past, including racking up $30,000 of credit card debt. No matter how hard we tried, it seemed like we couldn't make a dent in the credit card balance. He encouraged us to open up two more credit card accounts. The CFP wisely suggested we check our current credit cards to see which had the highest interest, and move accordingly. In an ideal world, we would have paid off the credit cards sooner so we wouldn't throw money away on interest.

A trust fund shelters a person's assets from probate and allows them to choose how and when their assets are distributed to their heirs. Depending on the type of trust fund, one or more of these parties may be responsible for paying income taxes and/or estate taxes. A revocable trust can be altered throughout the grantor's life, while an irrevocable trust cannot. In some revocable trusts, a single person can act as the grantor, beneficiary, and trustee during their lifetime. If the income beneficiary is a charity, the trust will receive an income tax deduction.

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Define early retirementRetiring early doesn't have to mean never earning a paycheck again — unless you want it to. The first step on the path to early retirement is figuring out exactly what that phrase means to you. Depending on how much you spend, you'll generally aim for one of three categories of early retirement: FIRE, leanFIRE, and fatFIRE. Max out your retirement accountsThere's at least one common strategy present in nearly every story about financial independence and early retirement: early and frequent savings. You may find you hate the unstructured days of early retirement — would you go back to work?

Instead of scrambling to time the market, it's smarter to focus on the things you can control, writes financial planner Eric Roberge in an article published by Kiplinger. Which is a shame, considering it's so easy to avoid: Stay in your seat," Roberge writes. Cut down your expenses"If you're truly scared of a recession, pull out your budget and start trimming costs now," Roberge writes. Pay off your high-interest debtIf you do have high-interest debt, now is the perfect time to "start attacking it aggressively," Roberge writes. It's a good time to focus on developing job-related skills and polishing your résumé to make sure you're prepared for whatever comes your way, Roberge writes.

Persons: Eric Roberge, Roberge, —, Kiplinger, Lauren Anastasio, there's Organizations: MetLife, Kiplinger, Service, APR

Though some studies indicate that couples who combine finances are happier, many younger couples are opting to keep things separate. Here are eight reasons why couples should consider combining finances, and why this idea isn't as old-fashioned as you may think. The average interest rate for a savings account is 0.09% APY, though there are many online banks with savings programs that have a much higher interest rate. Communicate more up front about your financial goals and values with your current partner to make sure you're both on the same page." Combining finances from the beginning and having regular check-ins about your finances can prevent the surprises that lead to conflict.

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A high credit score makes it easier to move through the world, but according to one financial planner, there are other indicators of long-term financial health that could be more important. According to certified financial planner Brandon Renfro, there are indicators of financial health that are, at critical times, much more important than a credit score. "A better indication of financial health than a credit score," he says, "is your ability to weather a setback." Ability to navigate a job loss"A high credit score will do little to help you in the case of a job loss," says Renfro. Again, a good credit score won't do as much for you in that situation.

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To retire early and live comfortably on investment income from a taxable investment account, you need millions. Although many early retirees continue to earn money after leaving their 9-to-5, these figures represent the minimum investment balance you would need to leave work and never turn back. It depends on several factors, including your lifestyle and how your money is invested, but generally you'll need millions. To figure out how much money someone would need to have invested when they retire in order to live comfortably on investment income until age 90, we consulted Brian Fry, a certified financial planner and the founder of Safe Landing Financial. Below, check out how much you need to invest the day you retire at 25, 35, 45, 55, or 65, if your target annual income is $100,000 or $65,000.

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AdvertisementIf you think you have to be a millionaire to benefit from a financial planner, think again. Even if you're not making the big bucks, a financial planner can help you achieve your short- and long-term financial goals. According to Grant Bledsoe, certified financial planner and owner of Three Oaks Capital Management, financial planning has changed over the years. AdvertisementWith a skilled financial planner by your side, you can navigate the major transactions of your life with ease. Ready to hire a financial planner?

Persons: —, Grant Bledsoe, It's, Bledsoe, you'll, Don't Organizations: Service, Oaks Capital Management

☆ How military members can avoid predatory lenders
▼ + stars: | 2019-07-04 | by ( Michelle Fox | Michelle Fox Is A Digital Producer For Cnbc. | ) www.nbcnews.com time to read: +5 min

After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability. Unscrupulous auto lenders and credit card companies have also been known to target members of the military. The government has moved to crack down on predatory lending, enacting the Military Lending Act in 2006. Not only does predatory lending cause undue financial stress, it can also negatively impact a soldier’s military readiness, said Falcone. Predatory lenders like to prey on young military members because they’re often inexperienced with money, have little to no credit and are usually very excited to spend that first paycheck.-Tara Falcone FOUNDER OF REISUP4.

☆ Military spouse turned financial planner on creating wealth
▼ + stars: | 2019-06-17 | by ( Aj Horch | ) www.nbcnews.com time to read: +3 min

Transitioning from a civilian life to military life can be difficult, especially as a spouse. But former hedge fund analyst and wife to an officer in the U.S. Navy, Tara Falcone says spouses of service members do have options when it comes to creating wealth. Control your investment planYou don’t have to have a career to generate wealth for your family. While the Spousal IRA is not reserved solely for military spouses, the high unemployment rate among military spouses — as high as 24% in recent years — makes it popular. While the amount of money in the fund can vary, most financial experts recommend at least six months of living expenses.

“That was a massive expense.”In fact,service members and their spouses ranked financial stress as their greatest concern, even over deployment, according to Blue Star Families’ annual military family lifestyle survey. As a result, about half of service members and their spouses of service members say they rely on the gig economy to stay afloat, the NFCC found. You can keep on top of the many benefits the military offers, as well as whatever financial education it makes available, through Military OneSourceor other channels. For its part, the NFCC offers financial education and credit counseling through its member agencies. Institutions such as USAA also regularly work with current and former service members and offer a range of banking and insurance products.

Setting yourself up for financial success means answering the easy money questions, as well as dealing with the harder ones. There are five essential financial questions you need to be able to answer to make sure you're on the right track. Everybody has money questions — but finding good financial advice is tough. Especially when you don't have anyone to answer your money questions. Most money questions tend to be very personal and specific.

Persons: Sarah Jacobs, —, I've, you've, weren't, it's, you'll, Lauren Lyons Cole Organizations: Service, CFP, Business Locations: New York City, that's

Lauren Lyons Cole is a financial planner in New York CityWhen she first meets a client, she asks them two questions seemingly unrelated to money: "What is your favorite Starbucks drink order?" But before we get into the financial minutiae, I ask two questions that have nothing to do with money, yet tell me more than a pile of bank statements ever could. What is your favorite Starbucks drink order? I ask many more questions during the meeting to get an accurate perspective on a client's approach to spending. But more often than not, the Starbucks question holds true.

With the costs of attending college higher than ever, it's important to start saving fpr college as early as possible. Pros Check mark icon A check mark. Includes specific recommendations on how much to save for 529 plan while simultaneously offering advice on other accounts Check mark icon A check mark. Fortunately, one of the smartest ways to get ahead of the game and reduce the debt load post-college is available to anyone: Invest in a 529 college savings plan. What's more, a full 30% of college savings dollars are now held in 529s, compared to 22% of total dollars saved in traditional savings accounts.

☆ Wealth manager: Buying a home is 'usually a terrible investment'—here's why
▼ + stars: | 2019-04-18 | by ( Kathleen Elkins | ) www.cnbc.com time to read: +2 min

That's because, at the end of the day, owning a home takes money out of your pocket: "You're paying property taxes, you're paying maintenance, you're paying insurance. Peter Mallouk, certified financial plannerSay you live in Brooklyn, New York, and pay $2,500 a month to rent. If you buy your own place, you might pay $5,000 a month between your mortgage, taxes and other maintenance costs, Mallouk gives as an example. (Other financial experts estimate that, thanks to home ownership costs, buying could cost you about 40% more than renting.) Try to project whether or not buying makes sense for you, and ask yourself whether you're better off renting and putting the money that you'd save into investments such as mutual funds.

Wealth is elusive in Silicon Valley, and one software engineer told Mercury News how he determines whether someone is wealthy: Do they have to work to live? To be sure, the financial markers to be considered middle class in Silicon Valley and Bay Area cities are higher than other parts of the US. Costs don't let up the closer you get to the heart of Silicon Valley. Silicon Valley is on the brink of millionaire mania, The New York Times' Nellie Bowles reported. Ultimately there isn't one net worth or income figure that symbolizes wealth in Silicon Valley, Dietz told Mercury News: "Wealth isn't necessarily a number.

If saving for retirement is the last thing on your mind, it shouldn't be. Even if you have $0 saved at the moment, the key is to start saving something — anything. Here, a certified financial planner (CFP) shares seven tips to make saving for retirement easier. AdvertisementWhether you seek out a certified financial planner (CFP) or use a device like NerdWallet's retirement calculator, the idea is the same: Start saving something. "Surprisingly, the first step to saving for retirement is to simply start saving," he told Business Insider in an email.

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