19 Aug Who Should You Ask Before Making a Major Financial Decision?
Major financial decisions can have a lasting impact on your retirement, taxes, estate, investments, and family. Yet many people make these decisions without first bringing the right professionals into the conversation.
At KPC Financial Solutions, we believe some of the most important financial decisions you make should not be made alone.
A recent Fox News opinion article, “The Rich Have One Financial Habit Most Americans Ignore at Their Peril,” discusses the idea of creating a personal “Financial Board of Directors,” a group of trusted people who can offer different perspectives before you make a major financial move.
That concept closely reflects how we approach financial planning at KPC.
One Decision Can Affect More Than You Think
Consider decisions such as:
- Retiring earlier than planned
- Claiming Social Security
- Completing a Roth conversion
- Taking a large IRA distribution
- Selling a business or property
- Changing an estate plan
- Investing an inheritance
- Making a significant charitable gift
A decision that makes sense from an investment perspective may have tax implications. A tax strategy could affect your retirement income. An estate planning decision could affect your beneficiaries.
That is why KPC looks at the bigger picture.
Who Should Be Part of the Conversation?
Depending on the decision, your financial team might include your financial advisor, CPA, estate planning attorney, insurance professional, or other specialists.
Each professional brings a different area of expertise. The goal is to make sure those pieces are working together instead of independently.
At KPC Financial Solutions, we can help serve as a central resource in that process, helping you understand how a major decision could affect your overall financial plan and, when appropriate, coordinating conversations with your other professionals.
How KPC Financial Solutions Can Help
Before you make a major financial decision, KPC can help you:
- Look at the decision within your complete financial picture
- Consider potential impacts on your retirement income and investments
- Identify questions that may need to be discussed with your CPA or attorney
- Coordinate with other professionals on your financial team
- Compare different strategies before taking action
- Take some of the emotion out of major financial decisions by focusing on your long term plan
As the Fox News article points out, financial independence does not necessarily mean doing everything yourself, it can also mean surrounding yourself with people who help you make more informed decisions.
At KPC Financial Solutions, we want to be part of that team. Our goal is to provide the Knowledge, Planning, and Confidence you need to see the bigger picture before making an important financial move.
Facing a major financial decision? The conversation you have before you act may be just as important as the decision itself.
Schedule a complimentary consultation with KPC Financial Solutions today.