Your bank may be able to help you meet your financial goals. Whether you are saving for retirement or need to organize your estate so your heirs will not lose money of their inheritance to taxes, financial planning in Monmouth, IL can help you.
There are a number of ways to save money for retirement. Before you choose an investment vehicle, you need to determine your goal and your acceptable level of risk. A financial planner can work through the details with you to ensure that the accounts and investments you choose are in line with your goals.
One of the most popular retirement savings products is an IRA. Because there are several types of IRAs and each has benefits for people in different situations, it is useful to talk to a financial planner before choosing between a traditional and a Roth IRA. Your financial planner can also help you decide which investments you should put in your IRA. Be sure to keep your beneficiary information up to date so the proceeds of any IRAs you hold will be passed down to the person you want to have them.
Financial planning can also help you save for other important life events, such as college for your children. Tax-advantaged education savings accounts can help parents and grandparents set money aside for their children and grandchildren to go to college. Contribution to the accounts may be state tax deductible and as long as the beneficiary uses the funds to go to college, the money in the account is not taxed as earnings.
Insurance, taxes and retirement savings can be complex financial matters. By utilizing your bank’s wealth management services, you can get the assistance with Financial Planning in Monmouth, IL you need to reach your goals and take your savings and estate planning to the next level. The friendly and knowledgeable financial planners at Midwest Bank are prepared to assist you with all of your wealth management needs. When you bank with Midwest, you can get all of your wealth management services under one roof, including financial planning, estate planning, private banking and trust services.