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Richland financial planners are an excellent resource for WA couples who want to ensure a secure future both for themselves and their families, or even their future families. Once you start accumulating savings, knowing which areas of your life to invest in first can be difficult without the help of a Washington financial advisor. For example, if you are in your 20s or 30s and plan to raise children in Richland, you might feel pulled between saving for your retirement and your children's future college tuition. A Richland financial planner can help you create a plan that fulfills all your long-term goals by showing you how to prioritize your savings. Working with a certified financial planner can allow you to live with confidence that you have professional advice when you need it, even as your goals change.

Starting Your Financial Plan

Before you make any decisions about your future that might affect where you distribute your savings, consider retirement first. Whether you want to remain in Richland or retire to another city in Washington, you will need a nest egg to supplement social security payments, which can only partially cover your living expenses in retirement. Many Richland financial planners recommend starting at least a basic retirement account before you consider other priorities you might have, such as college savings plans for your children. Your options for financial aid will far outweigh your options for retirement saving.

The first retirement accounts you should consider are 401k if your Washington employer offers it, or an IRA, which is not reliant on employment. Both of these accounts offer tax benefits and the opportunity to contribute each month automatically. If you work for a government agency or WA nonprofit, you might have the option of a 403b. A 401k or 403b plan allows you to contribute up to $16,500 a year, which grows tax-free until you begin withdrawing funds. You may face penalties for withdrawing funds too early. You can contribute up to $6,500 a year to your IRA.

IRAs offer the same tax benefits as 401k accounts, allowing your contributions to grow tax-free until you need them during retirement. For some people, however, it makes more sense to tax your funds as you contribute them. If your income qualifies, you might consider a Roth IRA, which allows you to do just that, so your funds can grow until retirement having already been taxed. Ask your Richland financial planner about which strategy is best for you, given your income and other sources of retirement funds.

Planning For Your Goals

Once you have created a basic retirement strategy with your Richland financial planner, you can start to address your other priorities. If you want to have children, your Richland advisor can help you determine how much you will need to set aside for initial expenses and how children can affect your overall budget. If you are concerned about future college savings, your Richland financial planner can explain how a 529 college savings plan work and help you decide if and when you should enroll in this type of plan.

Richland personal finance planners can also look at your other priorities with you, whether it's saving for a WA house, starting your own business or investing in your own higher education. Family vacations, travel, home remodel projects and hobbies are also factors that can affect your finances, but are important to include in your overall budget since they also are part of your quality of life. Working with a certified Richland financial planner can help you find a balance between your planning for your future and living life to the fullest now.

Finding the Right Financial Planner

Professional financial planners possess many important qualities, including strong knowledge of the industry, excellent communication skills and an ability to find the right solutions for your unique situation. Look for fee-based planners who are certified by the state of Washington. These planners have no financial gain or commission in the products they sell, and you can better determine how much you are investing in their advise. Researching local Richland planners online can help you determine all the options in your area. You can also search online for references, testimonials or complaints against various planners. Another good research tactic is to ask your Richland friends about their experiences with different advisors to see if you can get a recommendation.

Richland financial planners can become a tremendous, life-long resource to couples who want to feel confident about the decisions they make regarding retirement, investing, planning a family and other important expenses. Working with a certified personal finance advisor allows you to focus on your own job and family with the peace of mind that your finances are in the hands of a professional. Researching Richland financial planners online can help you find the right advisor for you.

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Financial Planners in Richland

Daniel Adams, CFP, AIF
Daniel Adams, CFP, AIF
7117 West Hood Place, Suite 120
Kennewick, WA 99336

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