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This is one of the most common questions that we are asked and one of the most important. There are several different factors that go into deciding how your money should be invested such as your age, your experience with investing, your knowledge of different types of investments, as well as what your goals are. Knowing what your risk tolerance is, is an important first step in deciding how to invest your money. Some individuals are very comfortable with volatility in their accounts, while others are not comfortable with any. It is very important to sit with a qualified financial planner and discuss your personal situation, goals, and dreams because everyone will have a different investment plan unique to themselves.
Reducing taxes is usually one of the top priorities for most of our clients and rightly so. We feel that it is important to not only look at tax reduction today and into the future, but also during retirement and when assets are passed to the next generation. During your life, your career and income path could change many times and with it your taxes change too. We work with you to help ensure that as your life changes, we are guiding you as to the most tax efficient way to save and invest. Although we are not accountants, we feel it is extremely important to stay educated on changes to tax laws that could impact your investment and retirement strategies. We encourage you to introduce us to your CPA or accountant so that we can work hand in hand with them to pursue your goals.
The time to start saving for any goal is today. The earlier you start putting money away for a goal whether it’s retirement, a house, a child’s education, or a vacation, the better off you could be. It's possible that someone who is in their 20’s saving for retirement is able to put away less money every year than someone who is in their 50’s to reach the same goal. With the cost of living rapidly increasing every year, it has become more imperative to start saving as early as possible.
The rising cost of college has many parents worried how they will be able to afford their children’s college education. Even if a student decides to pay on their own and take on student debt, the massive debt they can incur after leaving college can be crippling to their financial future. The biggest factor in saving for college is the pace at which the cost of education is increasing. To save efficiently, we need to position the assets to keep up with college inflation. Another factor that needs to be taken into consideration is how the money will be taxed when it is time to pay for college related expenses. Different types of accounts tax money at different times or not at all depending on what the money is used to pay for. Our qualified financial planners at Summit Financial Advisors can help you decide which account best fits your needs and desires.