Nils Larsen, a financial manager, knows that many people are unsure how to approach retirement. Younger people often have no idea how much they need to save, how to wisely save or invest, or even what their retirement needs may be. A financial manager can sit down with you at any age and help you prepare for retirement. Here are a few of the various ways that they can help.
How a Financial Manager Can Help You Determine Your Retirement Needs
Nils Larsen says that one of the first ways that a financial manager can help you prepare for retirement is by helping you determine what your retirement needs may be. Retirement needs can vary based on your lifestyle and what your goals are for the future. Someone who already owns a house and plans to have that house paid off by the time they retire may need different amounts of money compared to someone who wants to travel the world when they retire. A financial planner will listen to your goals and help you create a plan to achieve those goals.
How Financial Managers Account for Inflation
Nils Larsen knows that accounting for inflation can be challenging. Items today cost a lot more than they did one, two, or even three decades ago. Since inflation is not consistent, it can be hard to determine how to account for inflation in your retirement planning and to know how far a dollar will go by the time you retire. Financial planners can use averages to help you determine approximately how much you will need to live comfortably when you retire, while also accounting for potential inflation.
How a Financial Manager Explains Taxes to You
The final way that a financial manager can help you is by helping you understand tax rules, laws, and implications as you plan for retirement. You can reduce your tax liability by investing in certain ways, but, if you pull the money out too soon, you may have to pay taxes on your gains. A financial manager can help you to understand different investment tools and the best way to maximize those tools for tax savings.
Nils Larsen can help you determine what your retirement needs are, help you account for inflation, and help you understand how taxes will work based on different saving and investing methods. It is always recommended that you start planning and saving for your retirement as soon as possible. If you haven’t already done so, now is a great time to start. Reach out to Mr. Larsen today to get started planning for your future retirement goals.