How to Assist a Senior Loved One with Money Management

As you amass assets during the course of a lifetime, its easy to forget about how much you have and what its worth. Art in the attic, classic cars in storage, retirement accounts across multiple employers: if youre not aware of it all, your portfolio can lose value quickly. A financial advisor who offers assets under management services does so to protect your portfolio from the inevitable changes that your assets can undergo over time.Assets Under Management Strategies in Lancaster, Pa.The first asset you acquire in life, whether its a beatup car or a few shares of a brandnew company, is usually a gamechanging event. Its the first step on what is hopefully a journey toward a lucrative portfolio. Leveraging your assets to build your wealth is more than just financial jargon, its a path that can increase your wealth over time, so you can accomplish everything on your list.A financial advisor at a boutique retirement firm can take the time to get to know who you are and how you invest. At Bodnar Financial Group, Len Bodnar, RICP (R), is there to help his clients get a handle on their assets, so he can help you strategize them for better margins.For instance, a failing asset may need to be either sold or converted, depending on details behind the investment. A middlerange asset may need to be adjusted to optimize its performance. Finally, your strongest assets may need to be carefully watched, so a financial advisor can capitalize during the best of times and protect your wealth if and when it bottoms out.Theres a lot to be said for how assets change while you own them, and its not always easy to know when to cut and run from a property or when to stick with it. If you dont have the time or the inclination to spend on managing it all, the right financial advisor can help mitigate the stress. Its just one less thing to worry about as you get closer to your last day on the job. 

Most people think that theyre managing their taxes as well as they can, regardless of whether they opt for the standard deduction, hire a CPA every year, or painstakingly comb through every line item. The reality is that no matter how you file, youre likely missing a few opportunities. When it comes to efficient tax management, its more than knowing every nuance of the local, state, and federal tax codes. Why Efficient Tax Planning is Critical in Lancaster, Pa Efficient tax management is a financial concept that shines a light on your portfolio in relationship to your larger retirement goals. A financial advisor will be able to see your taxes from every angle, which can help them make more lucrative decisions for your longterm future. For instance, if your capital gain taxes for next year are going to eat into your investment opportunities, your advisor may recommend deferring the taxes so you can maximize your returns. Even though you will have to pay the taxes at some point, the overall margins will be improved by the financial advisors plans. A financial advisor at a boutique retirement firm doesnt just know your investment strategies. In other words, theyre aware of more than just your personal relationship with risk and if you prefer to invest in the market or in real estate. At Bodnar Financial Group, you get to work with an expert who takes the time to find smarter strategies for you. When so much of your income goes to taxes, you have to ask yourself when you can use the tax codes to your advantage. The right professional can make a major difference to your bottom line, and this is true no matter how you envision yourself spending your golden years. Even those who have little more than a few modest demands for themselves may find that they want to support a specific charity or fund their grandchildrens college years. At Bodnar, you get all the guidance you need to achieve your goals.

If youre asking a friend, how much do I need to retire?, its likely because theres no definitive answer. If youve saved $1 million, it will give you an annual income of somewhere between $40,000 and $50,000. This may be more than enough to cover your needs, but it doesnt always account for the worst of emergencies.Retirement income is a way to safeguard yourself by generating more income per month than you spend. If you work with the right financial advisor, youll get all the advice you need to start making smart moves to get your finances on solid ground long before you officially hang up your hat at work.Planning Your Retirement IncomeThe question of how to plan your retirement income comes down to what you personally want from your golden years. The goal of retirement income is to replace your annual paycheck from revenue sources like Social Security, pensions, or rental checks from properties you own. You might even want to take a parttime job in an industry youve always had a passion for, such as a guitar teacher at a music store or a pourer at a craft brewery.At Bodnar Financial Group, a boutique retirement firm, Len Bodnar, RICP (R), can tell you more about what makes the most sense for your financial years. Whether youd prefer to tie up most of your assets in real estate or the market, he can tell you more about which income strategies will have the best impact on your bottom line. For instance, you may want to rollover your retirement accounts to consolidate them, so its easier to see how much youll need to hit your target monthly income. Regardless of your retirement age, working with an advisor can help you understand more about how youll manage your finances during your golden years. The right expert can also give you a comfortable enough margin to achieve other dreams you might have entertained, such as paying for your descendants masters degree or traveling the world.