7 Services to Clarify Your Financial Future
By Mark Yatros
Soon after their engagement, Alexis and Eric excitedly began to plan their wedding. They chose a date, a venue, and even a florist. Unfortunately, what they didn’t select was a budget.
As the dollar signs began adding up (and up!), the excitement about their future marriage couldn’t mask their differing outlooks on money. After one too many “discussions,” they knew they needed unbiased guidance so they could start their marriage off on solid financial footing.
My team and I spoke with Alexis and Eric and helped them create a budget for the wedding and their early married life. Once Alexis and Eric knew where every dollar was coming from and where it was going, they were able to finish planning as a team and happily anticipate their wedding day and marriage.
Alexis and Eric are like many of our clients who come to us for consulting services because, while they aren’t ready for a comprehensive financial plan, they need other professional guidance.
Our consulting services are available to clients in every life stage, from early adulthood budgeting to social security and Medicare strategies.
Following are 7 consulting services Allegiant Wealth Strategies offers. Please keep in mind that this is not an exhaustive list, simply the most common.
1. Budgeting
Like Alexis and Eric, many of our clients want professional guidance for their everyday financial life. For budget consulting, we’ll meet with you to find out about your current finances and how much money you have coming in and going out. We’ll guide you in creating a monthly budget that meets your current and future needs. Also included in this budget consulting is a detailed cash flow analysis and debt repayment strategies.
2. Employee Benefits Package Evaluation
Naturally, you want to select the employee benefits that are best for you and your family, but it can be overwhelming. We’ll consult with you and offer recommendations to maximize your benefits. We’ll help you determine if you or your spouse has better coverage and which plan to select. Should you choose a health savings account or a flexible spending account? You don’t want to leave money or perks on the table, and we’ll help ensure you don’t.
3. W-4 Paycheck Tax Withholding Strategies
How many exemptions should you declare on your W-4? You don’t want to have too much withheld from your paycheck because Uncle Sam will be using your money interest-free. On the other hand, you don’t want to have too little withheld because you could owe a large amount at the end of the year (Uncle Sam can get testy about that!). We’ll talk through your options to ensure you have the right amount of tax withheld from your paycheck, so you can keep more money in your pocket throughout the year.
4. Asset allocation for your 401(k) or work retirement plan
Contributing to your employer-sponsored 401(k) plan is one of the wisest financial moves you can make. But figuring out which funds to put your money into can be confusing. We’ll help you evaluate how much to save, your risk tolerance, and which funds to invest in to increase your odds of getting a solid return on your investment.
5. Social Security and Medicare strategies
Should you begin taking Social Security payments when you turn 62? Or is it wiser to wait until you’re 65 or even older? Figuring out what is best for you can be complicated. We’ll consult with you about your situation so you’re assured you’re making the best decision for you.
Selecting the Medicare options that are best for you can be confusing, as well. Selecting the wrong Medicare plan can be an expensive mistake that could threaten your savings. Our team of experienced financial advisors can help you evaluate your options to ensure you’re making the selections that are right for your bottom line.
6. Qualified charitable giving
Qualified charitable distributions are an intriguing way for you to donate to your favorite nonprofit while reducing your tax bill. If you are age 70½ or older and have IRAs, a qualified charitable distribution may make it possible for you to donate up to $100,000 to charity and pay less tax. We’re happy to consult with you on your best course of action.
7. Estate settlement assistance
Settling an estate is a long process during which you must make many important decisions. If you’re serving as an executor, our team can help you make the right decisions to legally minimize taxes owed by the estate, meet IRS requirements, ensure fair after-tax distributions to beneficiaries, and more. We’d be happy to be a part of your estate settlement team.
This is just a partial list of our consulting services. We’d be happy to speak with you to see how we can assist in your unique situation.
You can schedule a free consultation with Allegiant Wealth Strategies’ team of experienced financial advisors here.
This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to ensure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.
Allegiant Wealth Strategies offers securities and advisory services through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network. Allegiant Wealth Strategies has offices in Battle Creek and Portage, Michigan, from which we serve Calhoun County, Kalamazoo County, and Kent County (Grand Rapids). The Allegiant Wealth Strategies team offers no-obligation financial planning consultations; call 269-218-2100 or contact us here.