Special Situations Financial Planning
Financial Planning for Special Situations
Special situations financial planning is an integral component of financial independence as we think ahead to retirement. Most of us learn along the path of life that the best laid financial plans do not always come to fruition exactly as we predicted when we were in our 20's.
Life is filled with curveballs. Those curveballs sometimes throw our financial plans out the window and leave us scrambling. For example, divorce, sickness, care for an elderly parent, or an unexpected crisis with a child can create the need to access money quickly. Other times, those curveballs are gifts bestowed on us that leave us needing to make decisions quickly. Receiving a lawsuit settlement or a large inheritance can leave us unsure of how to protect and grow a financial windfall.
Special situations in life can leave us dealing with events that can force dramatic change and place financial and emotional stress on you, your dependents, and your financial wellness. Special situations financial planning can help you prepare for this.
Debt Reduction
The first and best way to face a special situation is debt reduction. Echelon can help you figure out the best way to pay off credit card debt, student loans, and mortgages so that your financial income can go toward your living needs and not to debt. We can help you determine if accelerated mortgage payments are possible. We can also help you review new purchases to avoid accruing new debt.
Retirement Plans
The best way to start financial planning for special situations is to choose the right retirement plan that will create a solid nest egg for you while you weather whatever storms may lay ahead.
Employee-sponsored plans are usually the best option, particularly if your employer matches your contribution. Echelon will review all of your retirement plan options with you and help you decide how to best build your fund. When faced with a crisis, we can also help you consider how to best prioritize a company-matched plan.
401-K Rollover
One special situation that often occurs is the loss of employment. Suddenly you may be left without a regular income, let alone employee investment matching. But what do you do with all of the money you have saved so far?
Echelon will help you determine the best way to rollover your funds so that you do not lose everything you have been putting away.
Hardship Withdrawal
Unfortunately, despite all of your best efforts on the front end to prepare for life's special situations, there may come a time where you are forced to withdraw from your retirement plan. This situation is known, by the IRS, as a hardship withdrawal. Echelon can help you determine if you have run out of other options and, if so, how to take the most tax-savvy actions when the decision must be made.
Why You Need a Special Situations Financial Advisor
When life is easy, and money is flowing freely, it is not difficult to make financial decisions. Choosing employer matching, working toward debt elimination, and investing in 401-K's is a no-brainer when everything goes as planned. Financial planning for special situations is what you do to be ready when life is not as easy.
A special situations financial advisor is needed now because none of us can predict what will happen tomorrow. You do not want to find yourself in a situation where you have to make difficult decisions and have no idea where to begin. Working with an advisor from the beginning will help you when special situations happen - because they definitely will happen. Financial planning for special situations will prepare you for whatever happens.
Why Choose Echelon Private Wealth?
At Echelon Private Wealth, we are guided by the discipline that we put into everything we do. We understand that when you choose to work with us, you choose to trust us with your financial freedom in retirement, as well as your potential financial survival in times of difficulty.
Our three-step process involves:
- Discovery and assessment meeting
- Goal evaluation and agreement meeting
- Implement a financial mapping plan
Echelon's special situation financial advisors take the time to get to know you and, in return, will see you through all the ups and downs life throws your way. You will work with a fee-based and experienced advisor where you will receive a standard of care that is independent of product influences. Contact us for a free consultation.