Preparing for Social Security: 3 Ways a Financial Advisor Could Help, Because 46% of Americans Expect to Get Out of Debt

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A new survey has found that 46% of Americans expect to retire with debt. And many also don’t think the government will be able to help them make ends meet. That is, 43% think Social Security could run out before or during their retirement, while 22% think their retirement goals could be crushed by a stock market crash.

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Even so, most do not seek help to put themselves in a better position for retirement. Only 21% of consumers surveyed by personal finance site MagnifyMoney said they had worked with a financial planner or retirement specialist. And 54% of those polled said they had no intention of seeking help with their finances to better plan for their retirement.

Still, working with a financial advisor might be just what you need to make your retirement dreams come true. Let’s take a look at three ways a financial advisor can help.

1. Budgeting assistance

Whether your goal is to get out of debt or save for retirement, or both, a financial advisor can help you take the important first step in creating a budget. By working with a financial advisor to create your budget, you will have a realistic idea of ​​what you actually earn and spend in a month. Then you can set savings goals that will allow you to achieve your financial dreams while meeting today’s financial needs.

Related: Financial Advisor Versus A Certified Financial Planner: What’s The Difference?

2. Minimize tax consequences

A financial advisor understands the best ways to save for retirement that can also help lower your tax burden today, giving you more money to live on and potentially freeing up more money available for savings.

3. Debt management strategies

Since high interest credit card debt, as well as mortgages, auto loans, and personal loans all impact a person’s ability to save for retirement, a financial advisor can help you. manage your debt so you can start saving for the future.

See: 5 Non-Traditional Ways To Build Your Wealth
Find out: 10 reasons why you should apply for social security early

Most importantly, a financial advisor can offer an outside perspective on your financial situation. It is often difficult to see solutions because you are too close to a situation. A financial advisor draws on their financial experience and education to provide you with a roadmap to get out of debt and build wealth.

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About the Author

Dawn Allcot is a full-time freelance writer and content marketer with an interest in finance, e-commerce, technology, and real estate. Its long list of publishing credits includes Bankrate, Lending Tree, and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, tech and entertainment website. She lives in Long Island, New York, with a real menagerie that includes 2 cats, an exuberant kitten and three lizards of different sizes and personalities, as well as her two children and her husband. Find her on Twitter, @DawnAllcot.

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