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Financial Adviser

All articles tagged with #financial adviser

personal-finance2 years ago

"The Optimal Retirement Age for Americans: Are You On Track?"

The average retirement age in the United States is 64, with workers expecting to retire at 66, and the full retirement age is 67 for those born in 1960 or later. Women have saved 30% less than men by retirement, and racial disparities show that Black and Hispanic families have lower retirement savings compared to white families. Social Security plays a pivotal role in retirement planning, and effective retirement planning should include maximizing contributions to retirement savings plans and considering catch-up contributions for people 50 or older. It's important to assess your retirement readiness by evaluating savings, maximizing retirement contributions, estimating retirement expenses, understanding Social Security benefits, diversifying investments, planning for longevity, considering working in retirement, and regularly reviewing your retirement plan. Consulting a financial adviser can provide valuable guidance tailored to your specific situation.

via Yahoo Finance|
#financial-adviser#personal-finance#retirement
personal-finance2 years ago

"Surgeon and Wife Uncover High Financial Adviser Fees with Ramit Sethi's Help"

A surgeon and his wife, despite earning $665,000 annually, struggled with finances due to high fees charged by their financial adviser. Finance expert Ramit Sethi highlighted the impact of fees on their investments, urging them to consider low-cost alternatives. He advised them to have an uncomfortable conversation with their adviser and consider switching to a flat fee structure.

via Yahoo Finance|
#fees#financial-adviser#personal-finance
economy2 years ago

2024: Brace for the Biggest Crash in Our Lifetime

Economist Harry Dent predicts that 2024 will be the biggest crash year in our lifetimes, attributing it to overvalued markets and excessive stimulus spending. Dent warns against listening to financial advisers and urges investors to get out of the way, as he believes the crash will be more severe than the Great Depression, with an 86% crash in the S&P, a 92% crash in the NASDAQ, and a 96% crash in crypto. He predicts a lasting slowdown impact for 12 to 14 years, widening the wealth gap and affecting the rich more than the average person.

via New York Post |
#bubble-burst#economist#economy
personal-finance2 years ago

Navigating Retirement: Expert Advice on Pensions, Mortgages, Investments, and Roth IRAs

A 47-year-old individual with a $5,000-per-month pension, $180,000 mortgage, and $419,000 in savings is seeking advice on whether to hire a financial adviser. While some aspects of their financial situation can be managed independently, the complexity of optimizing pension timing, aligning investment portfolios, and considering various scenarios may warrant professional guidance. A fee-only fiduciary adviser, such as a certified financial planner, is recommended for personalized answers and comprehensive financial planning. Actively managed investments are unlikely to outperform the market, so low-cost, diversified index funds are suggested. Life insurance may not be necessary if no one relies on their income, and REITs can be a diversification option. Delaying the pension benefit until IRS retirement age is advised, and with a moderate-to-aggressive risk tolerance, directing some savings towards market investments is suggested.

via MarketWatch|
#financial-adviser#investment-strategy#pension
finance2 years ago

The Future of AI in Financial Advising: A Promising Outlook

While AI tools have made significant advancements in various fields, they are not yet ready to replace human financial advisers. AI can offer cost-effective and personalized guidance, expand the range of financial decisions covered, and provide empathy. However, AI currently exhibits biases and overconfidence, making it prone to costly mistakes. Improvements are needed in debiasing and accuracy, with the integration of external tools and reliable financial databases. AI should also be monitored for conflicts of interest and strive for consistency. The future of financial advice may involve a hybrid model, where AI assists human advisers, increasing access to advice and improving its quality.

via Mint|
#accuracy#ai#debiasing
personal-finance2 years ago

Navigating Retirement and Mortgage Advice: How to Get on Track

When seeking financial advice, it is generally advisable to work with a domestic financial adviser who specializes in the country you reside in, as they will have a better understanding of local laws, taxes, and economic conditions. While some U.S. advisers may work with international clients, they may lack knowledge of specific rules and regulations in other countries. Additionally, finding an adviser who has experience planning for situations similar to yours is important. As for paying off your mortgage, it depends on the interest rate and your financial goals. With low mortgage rates, it may be more beneficial to invest the money elsewhere.

via MarketWatch|
#financial-adviser#financial-planning#international-clients
personal-finance2 years ago

"From Viral Debt Confessions to Dave Ramsey's Advice: Navigating Overwhelming Debt"

A video of a young couple seeking financial advice from Dave Ramsey about their nearly $1 million debt, mostly from personal credit card bills and student loans, has gone viral on Twitter. The couple, both with advanced degrees and a combined income of $230,000, were advised by Ramsey to drastically cut their spending and not care about what anyone thinks for the next three years. The video has sparked shock and commentary on social media about the couple's situation and the impact of debt on personal finance.

via Fox News|
#credit-cards#dave-ramsey#debt