FAQ
Frequently Asked Questions with Velfling Financial
Velfling Financial: Frequently Asked Questions (FAQs)
We know that navigating your financial journey can often feel overwhelming.
Our goal isn’t just to answer your questions—it’s to ensure you have the clarity, understanding, and confidence to make informed choices at every step. We believe that by demystifying the jargon and providing straightforward guidance, we empower you to take control of your financial future with confidence and peace of mind. Below, you’ll find answers to the questions we most commonly hear from clients—delivered in a way that’s easy to understand and truly helpful.
Portfolio Risk Management is about protecting your investments from market volatility and losses. It involves diversifying your assets and using strategies like fixed indexed annuities that protect your retirement savings while still allowing for growth. If you’re unsure how to balance risk and growth in your portfolio, we can help create a strategy that suits your risk tolerance and long-term goals.
Planning for retirement income involves more than just saving—it’s about creating a reliable income stream from your savings, Social Security, and other assets. We’ll help you build a strategy that maximizes your retirement income while considering taxes and market risks, ensuring you have a steady income for life.
Tax planning helps you minimize the taxes you owe on your income, investments, and estate. Whether it’s through Roth IRA conversions, tax-efficient withdrawals from retirement accounts, or charitable giving, our strategies can help you reduce your tax burden and keep more of your money working for you.
Planning for healthcare costs is crucial to ensuring your retirement savings last. Long-term care and medical expenses can quickly deplete your funds if you’re not prepared. We help you plan for these expenses with tools like long-term care insurance and healthcare savings strategies to protect your assets and provide peace of mind.
Both wills and trusts are essential tools in estate planning, but they serve different purposes. A will outlines your wishes for distributing your assets after you pass, while a trust allows you to transfer assets during your lifetime and after, often without going through probate. We can help you decide which option is best for your estate and legacy goals.
Long-term care can be expensive, but planning for it now can protect your family from financial strain in the future. Long-term care insurance, asset protection strategies, and saving for healthcare costs are just a few of the ways we can help ensure you get the care you need without depleting your family’s resources.
Without long-term care insurance, you may need to rely on your savings or family to cover healthcare costs. However, there are other strategies available, such as setting aside savings specifically for healthcare or using home equity to fund care. We can explore options that best suit your needs and financial situation.
Life insurance isn’t just about covering funeral costs—it’s a powerful tool for protecting your family’s future. Permanent life insurance policies like Whole Life and Indexed Universal Life can grow your wealth while also providing a death benefit. This ensures your loved ones are financially secure, and it can even be used as an investment tool to grow your assets.
Absolutely. Estate planning isn’t just for the wealthy—it’s for anyone who wants to make sure their wishes are honored and their loved ones are cared for. Even if you have a modest estate, an estate plan ensures that your assets go where you want them to, helps avoid probate, and minimizes taxes for your heirs.
Minimizing taxes in retirement requires careful planning. Roth conversions, strategic withdrawals from retirement accounts, and tax-loss harvesting are just a few techniques we use to ensure you’re paying as little in taxes as possible while maximizing your income. We’ll tailor a plan that works best for your financial situation and goals.
Absolutely. We believe financial planning should be accessible to everyone, regardless of your level of experience. We take the time to explain everything clearly—whether it’s taxes, investments, or insurance—so you can feel confident making decisions about your future.
A properly balanced portfolio considers your risk tolerance, time horizon, and long-term goals. If you’re not sure whether your investments are balanced, we can evaluate your portfolio and make adjustments that align with your financial objectives, ensuring you’re prepared for both market growth and downturns.
Term Life Insurance provides coverage for a set period, while Whole Life Insurance is permanent and includes a savings component that grows over time. Whole Life can be a valuable tool for building wealth and providing financial security for your family. We can help you determine which policy best fits your financial needs and goals.
Long-term care insurance helps cover the cost of nursing homes, assisted living, and in-home care, so your savings aren’t depleted by healthcare expenses. It’s an important part of financial planning to ensure that you and your family are protected from the high costs of long-term care.
That’s okay. It’s normal to have concerns or doubts about your financial strategy. We offer complimentary consultations to review your current plan and provide personalized recommendations based on your goals. Our goal is to ensure that you feel confident about your financial future.