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Wealth Management is About Growing Your Money

Does anyone ever think about wealth management? Only a few people are aware of what it is, or the benefit of it. Wealth management is the use of many different financial services to earn the most from your money. This includes almost any financial services, including tax maximization and estate planning. If you wonder to yourself, "How might I get more out of the money I've saved?", then wealth management services may be right for you. To learn if you would appreciate wealth management, contact an independent financial advisor.

Choosing Lump Sum Payments Put You in Control

As wealth management clients get to retirement age, an important question usually arises: Should I take my pension in a payout, or in regular payments? There are bound to be exceptions, but typically, you will earn more for your money by taking your pension in a lump sum and investing it elsewhere. Here is why:

  • Emergencies: If you've decided to get monthly payments, you've no option to change to a lump sum or "get an advance" on your payments. Liquidity in an emergency is a big consideration for many people, and is certainly a deciding part of planning your future.
  • The underlying investments: When you are given employer-based pension plan, you usually aren't aware of its underlying investments. Many times, the investments chosen don't fit with your personal risk tolerance. By opting for a lump sum and investing in a better retirement plan, you are able to make more from your savings and, most importantly, really be in control.
  • Tax Optimization: Though there may be some tax credits that you miss by taking a lump sum, re-investment into an IRA or Roth IRA will yield more tax advantages than taking monthly payments.

An independent financial advisor can advise you on this wealth management decisions and more.

You can learn more about cpa tax accountant near me Vienna, MD with just one phone call. Contact an independent financial advisor for wealth management services. Get the most that you can for your money you've earned.

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