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St Louis Park Financial Planners

St Louis Park financial planners can be a great asset to Minnesota residents who struggle between planning for their retirement and saving for their children's future. When you have a limited budget, it can be difficult to determine whether you should put extra funds in your 401k or contribute to your children's college education. Based on your MN income, age and long-term dreams, your St Louis Park financial planner can help you develop a strategy that satisfies both goals while maintaining a comfortable standard of living. Researching Minnesota personal finance planners online can help you find all your options in St Louis Park so you can choose the perfect advisor for you.

Retirement Planning

Retirement is unavoidable, making it one of the most important aspects of your personal finance planning. St Louis Park financial planners can show you strategies for making each dollar work for you as you plan for your golden years. If you haven't already opened a 401k or IRA account, your St Louis Park financial planner can explain how these plans work and recommend how much you should contribute each month. You can put up to $16,500 a year in your 401k and up to $5,000 a month in your IRA. These amounts increase when you turn 50 years of age. If you work for a St Louis Park nonprofit or government employer, you are likely eligible for a 403b plan, which work similarly to a 401k. You also have options if you are self-employed or work for a company that doesn't offer 401k. Your St Louis Park financial planner can help you determine which plan or plans is best for you.

Aside from these basic accounts, local personal finance planners in St Louis Park can work with you to create a diverse portfolio based on your long-term goals. Once your savings starts to accumulate, you will need to think about where to invest that money. St Louis Park financial planners can recommend recommend stocks, bonds, mutual funds and other financial instruments that will most benefit you. If you are considering making a St Louis Park home part of your long-term investment strategy, local affordable financial planners offer a reasonable price range for your income and help you determine how long you should own your home based on your retirement strategy.

Education Planning

Making your retirement a priority doesn't mean you have to give up goals of putting your children through college. One of your biggest tools for saving for college savings is a 529 plan. This tax-advantaged account is available in all states, including Minnesota. These plans are run by states or education institutions, but holders enjoy a good deal of flexibility within some plans. For example, with some options you can live in Minnesota, purchase a plan from Texas and send your child to a school in Wisconsin. Your St Louis Park financial planner can explain advantages and disadvantages within each plan to help you make the best decision for your children.

Another important factor to consider with 529 plans is the type of account that works best for you. You can choose from the Prepaid Tuition Plan or College Savings Plan. A Prepaid Tuition plan allows you to pay tuition to eligible state or private universities at today's prices to avoid inflation costs. One important note with this plan is that most state plans require you or your child to be a state resident. With the College Savings Plan, you make contributions to an account to cover future tuition and approved cost-of-living expenses. Your St Louis Park financial planner can how both of these options can affect your financial aid status.

Choosing a Financial Planner

When researching MN personal finance planners, any that you consider should have a few common qualities. Firstly, look for Certified Financial Planners. This certification guarantees that a St Louis Park advisor has achieved a minimum level of education and has passed an exam validating his or her industry knowledge. You can verify that a CFP is certified in MN by searching the Certified Financial Planner Board of Standards database online. Another important quality of a good personal finance planner is communication skills. No matter how knowledgeable a CFP is about the industry, if he or she doesn't understand your personal goals, you won't receive the best results.

St Louis Park financial planners can be an enormous asset for all kinds of personal finance planning, from retirement to investing. Researching planners in St Louis Park online can help you find a range of fee-based advisors who are willing to work with you on an individual basis to reach your long-term dreams. Choosing to work with a professional gives you the peace of mind that you are on the right track while allowing you to live your life to the fullest.

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Financial Planners in St Louis Park

Jonathan Pyne
Jonathan Pyne
708 North 1st Street
Suite 342
Minneapolis, MN 55401

Jim Reynolds
Jim Reynolds
45 South 7th Street
Suite 2000
Minneapolis, MN 55402

Joe Schwarz
Joe Schwarz
50 South Sixth Street
#1405
Minneapolis, MN 55402

Wealth Enhancement Group
Wealth Enhancement Group
505 North Highway 169
Suite 900
Plymouth, MN 55441

John Severy-Hoven, CFP, MBA
John Severy-Hoven, CFP, MBA
1595 Selby Avenue
Suite 213
Saint Paul, MN 55104

Nate Pribyl
Nate Pribyl
9483 Garland Lane
Maple Grove, MN 55311

Alex Reader
Alex Reader
1960 Donegal Drive Suite 40
Woodbury, MN 55125

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