Your finances play a big role in where and how you live. With the low cost of living and affordable state taxes, Pittsburgh is an ideal place for families to settle long-term.

After you’re established in “the Steel City”, and even if you’re not quite rooted, life won’t wait to throw all sorts of difficult, unexpected situations at you. Your first thought is never “how is this going to affect me financially?” until it’s too late.

A 2019 Consumer Financial Literacy Survey shows less than 20% of American adults can confidently say they know the best ways to save for themselves, which makes unforeseen money issues a scary idea to imagine.

Financial planners in Pittsburgh are working with adults like you to help make uninformed, split-second financial decisions a thing of the past. When you’re dealing with the emotional ups and down of stressful events, you shouldn’t have to worry about important financial decisions without professional help.

Hiring a financial planner will change your view on savings. Financial planners in Pittsburgh understand your area-specific needs and develop plans with money-saving ways like these:

  • Conduct portfolio stress testing to consider major life, economic, and world changes that may impact your savings.
  • Develop tailored college financial aid planning options so you can choose the best path to start your child’s financial journey.
  • Show you how to take advantage of your benefits through social security optimization.
  • Give you a foundational understanding of retirement planning and retirement income planning opportunities for your future.

If your financial situation contains major variables like homeownership, dependents, or a significant investment portfolio, read on to see how hiring a financial planner can help you maximize your life savings.

Portfolio Stress Testing to Factor in Major Life Changes

You can’t know until it hits you, right? False. Using stress testing, financial planners in Pittsburgh can measure how specific, uncontrollable changes affect your portfolio before the event ever happens.

Using a special program considering your portfolio’s risks and opportunities, they test your finances against situations like healthcare costs, deflation, and changes to the value of US currency. A financial planner will keep you prepared for life’s biggest surprises.

Informative College Financial Aid Planning Choices for Your Child’s Future

Research shows the majority of parents want to pay for their child’s education but aren’t prepared for the reality of the cost. College tuition prices rise rapidly each year and, if you have children, that’s cause for concern.

Financial planners ensure your child isn’t left out of learning comprehensive college financial aid planning tools.

If you’re a good candidate (i.e., you’ve paid off your debts and stocked your emergency savings fund), they’ll present investment plans you can use to put away tax-deductible money for your child’s education.

Some plans extend past tuition coverage and pay for housing, learning materials, technology, and even K-12 tuition fees.

Social Security Optimization Providing Education About Your Benefits

Make uninformed decisions about claiming social security benefits and you’ll miss out on a lifetime of retirement funds. Most retired workers start taking these benefits too early. Without the right guidance, you could forfeit much of your funds.

Financial planners in Pittsburgh create a social security optimization strategy showing you how to leverage your benefits for retirement. They’ll answer any questions you have about your specific scenarios and keep you in good shape for the future.

Experience with Retirement Income Planning Pittsburgh Residents’ Portfolios

Do you want to set a lofty retirement savings goal but aren’t sure how to get started? You may realize all the factors outside how much you earn, how often you save, and how much you save. An effective financial planner teaches you the basics of retirement income planning and includes outside determinants into your proposal.

They’ll manage your investments to focus on peak return, study market fluctuations, and add all of your income sources so you get a comprehensive plan.

Back Over to You

Don’t frustrate yourself over not knowing everything about financial planning. Financial planners in Pittsburgh exist so you don’t have to stress over these impactful decisions on your own.

Hiring one changes your mindset around investing and saving, making the figures more tangible than before. Financial planners will maximize your money and anchor you and your family for years to come.