Services for Individuals
Many businesses entrust the skill of a CPA firm for many services, especially around tax season. For individuals, a CPA company can develop financial strategies to not only help you remain tax compliant but to help you make the most of your hard-earned money.
Hollins Associates CPAs, PLLC provides financial services to individuals in Haymarket, VA, throughout the year. Our team takes time to guide and consult you through personal financial decisions, from selecting the right insurance policies that fit your needs, to estate planning. Contact our office today to schedule your consultation!
What are Your Available Services for Individual Needs?
At Hollins Associates CPAs, PLLC, we aim to provide the services individuals need year-round. Whether it be personal tax preparation and planning, to advice regarding potential investment opportunities.
We offer an array of services tailored to fit your individual needs; they include:
What is Personal Financial Planning?
At the heart of financial planning, its purpose is to provide an in-depth analysis of your current financial situation. And from then on, use that valuable information to create a personalized plan to help you pursue your future goals and objectives.
When you sit down with our team to create your financial plan, our goal is to understand your hopes and dreams for the future, while we help set you on the right path to making your aspirations an achievable reality.
What Will a Good Financial Planner Do for Me?
Because financial planning is the process of defining your financial goals to be able to give you sound advice, your financial planner should take the time to gather the necessary financial as well as personal information about you.
A good financial planner will advise you on all the following:
- How much you should be saving
- What you can do differently
- Which type of retirement plan applies best to you
- Which kind and how much insurance you need
- How much to put away for an emergency fund
- What you can do to help improve your tax situation
- And more!
What About Investment Advice?
Investment advice can range from a general recommendation on what type of asset distribution model, to specific recommendations on which investments to buy or sell. In addition to financial planning, some financial planners also offer investment advice and investment management services.
The 6 Steps to Understanding the Importance of Financial Planning
Although it may sound like something only reserved for the very rich, financial planning is both necessary and beneficial for anyone who receives a paycheck. The universal goal is to create an ongoing process that will reduce your financial stress, support your current needs, and build a sturdy savings for retirement.
When you work with our financial planners, here are the six essential steps we use to better ensure a successful process:
- Identify your goals: Think broadly about the goals of life and what you need to achieve financially. Would you like to buy a house? Do you want children? What age do you want to retire?
- Collect your financial data: What is the value of your cash, investments and other assets compared to your debts? Your financial plan is made up of all these things.
- Put it all together: Compare your objectives with your income, expenditure and net worth data. Remember, you're mapping how to get from where you're now to where you want to be.
- Develop immediate, medium-term and long-term plans: Building a budget and following is a direct step. Reducing credit card or other high-interest debt is a typical medium-term plan that can unlock growth in long-term savings.
- Life stages will dictate some things: If you're about to retire, you want to think about when you're going to retire and how to make that money last. If you're a young adult, if you haven't started, you need to start doing something about retirement savings now.
- Put your plan into effect: Set and check on realistic goals every month. The goals should be mutually supportive.
Planning for Retirement Now and In the Future
Just as every individual is different, so will be your retirement plan. And you may be surprised to discover that planning for retirement isn't just for the middle-aged.
Below are some essential guidelines our team likes to recommend for successful retirement planning during the different stages of life.
Those who embark on adult life may not be free to invest a lot of money, but they have time to allow investments to mature, which is a critical and valuable when retirement saving. This is due to the compound interest principle.
Compound interest allows interest to be earned, and the longer you have, the more interest you earn. In the future, you may be able to invest more money, but you will never be able to compensate for lost time.
Early midlife tends to bring in several financial strains including mortgages, student loans, insurance payments, and debt from credit cards. At this stage of retirement planning, however, it is critical to continue saving.
The combination of earning more money, the amount of time you still need to invest and earn interest, makes these years the best for determined savings.
As you age, you should become more conservative in your investments. While at this stage, time is running short to save, it still has its advantages. Higher wages and possibly having some expenses like student loans, mortgages, and credit card debt paid off by this time may leave you with more disposable income to invest.
Setting up and contributing to a 401(k) or an IRA is never too late. Catch-up contributions are one of the benefits of this retirement planning stage.
I'm Younger and Single, How Does Estate Planning Apply to Me?
Although you might think planning your assets is only for the well-off and older individuals wanting to pass on legacies to their loved ones, they're not the only ones that can benefit from smart planning.
Even if you are young, childless, and/or single, you have assets and can certainly begin planning for what happens once you're gone.
Whether you like it or not, there will come that time when your assets will be distributed one way or another in the event of your passing. Determining what will happen to your properties and who they may be passed on to is essential, no matter your current age or financial standing.
Your situation and objectives are unique, and smart estate planning strategies can help ensure that these goals are met in the most tax-efficient, fair and sensible way.
Our professional estate planners can also help you develop a plan that works for you by working with an estate planning attorney. Though it may cost money today, it's far less expensive than leaving your future family, beneficiaries, or loves ones to deal with a mess after you're gone.
Providing Long-Term Care Solutions with Elder Care Planning
Our Haymarket, VA, team helps plan for future finances, retirement, and find a balance to save money for your loved one while still understanding that they are independent individuals who deserve to enjoy their long-earned income.
We help clients prepare for the future and talk to your loved one on an ongoing basis, providing updates regarding any fluctuations in the economy that could affect your current plan or goals.
Set Up Your Consultation Today!
At Hollins Associates CPAs, PLLC, our comprehensive range of individual services are backed by experience, skill, and a dedication to help you save money and prepare for your future. Contact our team of friendly professionals to help secure your financial future today!