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Funding Your Future: Signs You Need a Financial Planner

Posted at 3:31 PM, Feb 20, 2019
and last updated 2019-02-20 17:31:09-05

Most of us think we have the ability to handle most of our finances on our own, and that is probably true. However, there may be special circumstances where you find yourself in need of some extra help. David Sant with Cyprus Credit Union shares some financial events where you may need professional help.

Major Life Change
If you are preparing to go through a major life change, such as marriage, divorce or a new child, it may be helpful to reach out to a financial professional. Having the assistance of a professional during these periods of change can help you create your financial goals and ensure that your finances are protected.

More Money
If you come into a significant increase in funds; such as a pay increase, lottery winnings or an inheritance, a financial professional can help you find the best way to use this money.
Some ideas to help you get started are:
• Increasing retirement contributions
• Opening a Certificate of Deposit
• Saving for a down payment for a home or car
• Paying down existing debt, etc.

Retirement Planning
When it comes to retirement planning there are a lot of questions you should have in mind. You should have two important pieces of information:
• What is your target number when it comes to your retirement?
• Are you on track to hit that number once you hit retirement age?
If you aren`t sure what or when either of these things are or don`t have any plans in particular, consider speaking to a professional to give you the best start.

Estate Planning
The larger your estate is, the more likely it is to be complicated. There are several factors to take into consideration when planning how your estate is distributed once you`ve passed, including: the amount of beneficiaries, blended families, a business, number of accounts, and where your estate is located.

Growing Business
If you`ve been running your business by yourself but now find it`s growing at a rate at which you can`t keep up, hiring someone to take care of the books and handle cash flow may be a good idea. If you need additional assistance, Cyprus Credit Union offers several services specifically designed to help you run your business.

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