Are you struggling with managing your retirement account and credit card debt? As a retired individual, it can be challenging to navigate your finances and find the best solutions for your specific situation. However, seeking financial help can help relieve some of the stress.
Who Can Help?
You can also check out credit counseling agencies that offer services to help with budgets, student loans, bankruptcy questions, and housing issues. Before choosing an organization, look for certification from groups such as the National Foundation for Credit Counseling or the Financial Counseling Association of America.
Some financial advisers may provide prospective clients with a free consultation to discuss their needs as well.
How to Get Started
Before investing, it’s vital to prioritize any debt you may have. Resolving any immediate financial concerns can help you better understand what you can afford to invest in. Speaking with a professional can also offer insight into your current retirement account and suggestions on how to maximize returns.
Don’t Be Afraid to Ask for Help
Asking for financial assistance when you need it is crucial and should not be overlooked. Whether you turn to a credit counseling agency or a financial adviser, seeking help can set you on the right path towards financial stability in retirement.
How to Benefit from Pro-Bono Services
If you’re struggling with paying off debts and managing your finances, pro-bono financial help can be a great solution. However, it’s important to keep in mind that your willingness to commit to making meaningful behavioral changes will be key. Certified financial planner, Harrison Hinz at Spark Financial Planning suggests outlining a strategy to evaluate your spending history and debts, as advisers can help guide you, but you must be motivated to keep up with the plan.
Finding the Right Financial Adviser
A financial adviser can help you manage your debt as well as invest your money. To find the right one, search for an adviser with extensive experience in developing personalized debt repayment plans. According to certified financial planner, Blaine Thiederman at Progress Wealth Management, they should have a deep understanding of the snowball or avalanche method and be able to determine which repayment approach best fits your individual circumstances.
Once you’ve found a specialist adviser, they’ll conduct a comprehensive analysis of your finances, including your income, expenses, assets, and liabilities. It’s also wise to ask for a comprehensive financial plan. Although a one-time consultation can be helpful, investing in an ongoing relationship with an adviser who can provide guidance on how to achieve your future financial goals will be the most beneficial.
Choosing the Right Financial Adviser
Managing your finances can be a daunting task, especially when you’re dealing with debt. Fortunately, a skilled adviser can help you address your immediate concerns and, more importantly, become a better steward of your finances. According to financial expert Thiederman, a good adviser should work with you one-on-one to review your budget, provide guidance on financial planning, and be willing to meet with you regularly.
Pricing
When it comes to pricing, a one-time comprehensive financial plan can cost anywhere from $2,500 to $5,000 depending on location and expertise. For ongoing support and advice, hourly planners may be more suitable and generally charge between $150 and $450 per hour.
Choosing the Right Adviser
So how do you know if your current adviser is right for you? Consider a second opinion, many advisers offer complimentary initial consultations to help you determine if their service aligns with your goals. Find an adviser who puts your best interests first and operates on a fee-based structure to ensure their advice is unbiased.
The National Association of Personal Financial Advisors (NAPFA), Garrett Planning Network, and XY Planning Network all offer free adviser databases allowing you to search for professionals based on location, expertise, and fee structure.
Regardless of what your specific needs are, finding the right adviser can make all the difference in achieving your financial objectives.
