Need Help With Retirement Saving? Get the Right Help!

There’s nothing wrong with seeking professional help when it comes to formulating your retirement plans or building up a nest egg. In fact, it’s very common for Americans to turn to financial and retirement professionals to help them set their retirement goals and get on the right track for meeting those goals. Hence, the reason why I have a job! However, not all advice is created equal and, just like with anything, there are good financial planning professionals and not-so-good financial planning professionals. When you seek out a financial planner or professional, you need to make sure you properly vet them before you hire them so that you can protect yourself and your money. During this vetting process, don’t be afraid to have discussions with a financial planner about things such as how they operate, the type of products they tend to sell, and their investment strategies. Furthermore, be on the lookout for testimonials. If you’re being referred to a particular financial planner by friends or family, talk with that friend or family member about that financial planner and what they do and don’t like about him or her. Remember, it’s your future and your money at stake and you want to make sure that the person you hire to manage and grow that money is someone you trust and someone you a comfortable with. Beware of financial planners who are not certified (don’t be afraid to ask for proof or certifications) and be careful of those who tend to peddle certain products, companies, or investment strategies that are high risk or are known to be gimmicky. You want to hire a financial professional who will help find the strategies and products that work best for you and, most importantly, puts your interests above his or her own. A good financial planner will help you to meet–and possibly–exceed your retirement goals in a manner that suits your life, both presently and in the future.

Make Sure You Understand Early Distribution Exceptions

Thinking about taking an early distribution from your retirement plan and believe you can do so without getting hit with a penalty? You should be very, very careful in doing so. Yes, there are times when taking an early distribution is appropriate and you can avoid an early distribution penalty, but such situations are often few and far between. Aside from avoiding early distributions at all costs, you should really speak with a certified financial planner or retirement expert as part of the consideration process if you are fairly serious about doing so. While there are a number of ways you can take an early distribution without getting hit with a dreaded 10% penalty, it is also pretty easy to end up afoul of those exceptions and end up paying a hefty sum. The rules can be complex and if you don’t have a deep knowledge of how they work then you could be setting yourself up for trouble. This is why you need to speak with a financial professional who knows the rules and can provide honest and straight-forward feedback as well as make sure that you follow the proper rules should you find yourself in a situation in which you can take a distribution without the penalty hit. Those penalties can be somewhat hefty, especially if your distribution is a large chunk of money. Obviously you want to avoid the early distribution if possible, but if you do need to make one, be sure that you do so with all the knowledge and understanding possible.