Do Federal and State Employees Need a Financial Advisor?
The federal and state retirement systems are very DIY, which can leave you feeling overwhelmed and worried that even as you save diligently throughout your career, you don’t know if you’re doing everything you should to ensure a successful retirement.
Here is why you as a federal or state employee should absolutely consider hiring a fee-only financial advisor.
What States Don’t Tax Retirement Income?
You’ve worked hard your entire career to earn a living and save for retirement. Now, you want to make sure your retirement is protected and lasts as long as possible. You don’t want to hand over a portion of your retirement income to the IRS if you don’t have to.
Unfortunately, many states tax retirement income. Depending on where you live, the money you worked so hard to build up for the future could be subject to taxes down the road. States like Arizona and New Mexico are popular for snowbirding Alaskans; however, it’s important to be aware that they do tax your retirement income.
The good news is that not all states operate this way. Alaska, for instance, does not tax your retirement income at all. However, many Alaskans plan to move out of state for retirement for lower cost of living, easier climates, closeness to family, and access to healthcare.
8 Questions to Ask a Financial Advisor
Using a financial advisor to help manage your wealth is a great decision. However, not all financial advisors are created equal. Before you entrust your wealth to a professional, here are eight questions you must ask a financial advisor before working with them.
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