Rest Confident, Your Money is Safe and Secure at Kirtland Credit Union, a message from our President & CEO. Learn More

All Kirtland CU branches and locations will be closed on Monday, May 27 in observance of Memorial Day.

Kirtland Credit Union will never ask you to provide, update, or verify personal or account information through an unsolicited email, phone call, or text message.

We will NEVER ask for your online banking access codes, credentials or for you to transfer money.

If you receive an unsolicited email, phone call, or text message, DO NOT RESPOND. Notify us at (505) 254-4369 or 1-800-880-5328.

Learn more about fraud awareness and prevention at our Security Center page.

Concerned about how a government shutdown may impact you? Call us at 1.800.880.5328 to discuss your needs.

We're Invested

Retirement, investments, financial planning for every stage of life—learn about it all here at Invested,
a blog from your Wealth Management Advisors at Kirtland Financial Services.

3 Moments in Life Where You Should Consider Consulting a Financial Professional

By Kirtland Financial Services


If you’ve ever wondered why so many lottery winners (an estimated 70 percent) seem to blow through all their winnings so quickly, the answer often lies in two key traits: overconfidence and trusting the wrong people.1 The same holds true for many athletes, musicians, and movie stars—even a multi-million-dollar jackpot or contract isn’t likely to go far when you’re purchasing multiple homes, luxury vehicles, and keeping a large staff of assistants on your payroll.

But even if your finances are far more modest than a lottery winners, there are some lessons to be learned from their mistakes. Below, we discuss three common situations in life when it’s a good idea to consult a financial professional.

You've just received an inheritance

Receiving an inheritance is similar to a lottery win in that the possibilities before you may seem endless—especially if your inheritance is a significant sum. But remember that there’s no pressure to immediately allocate these funds. Jumping into action could limit your options in the future. There are some exceptions, such as if you’re in dire financial straits and need to use part of the inheritance to preserve your home from foreclosure or avert bankruptcy. However, there may be no reason not to sit on the inheritance for a bit while you decide your next steps.

Consulting a financial professional may help you determine whether there are any tax consequences associated with your inheritance. It may provide you with some options—whether saving, investing, purchasing a new house, going on a once-in-a-lifetime trip, paying for your kids’ college educations, or retiring early. Whatever you ultimately choose, there’s no pressure to take action now. Spending inheritance funds while you’re still grieving the death of a loved one may lead you to make choices you might otherwise avoid.

You're preparing to retire

Planning for retirement may be a complicated process, even if you feel you’ve saved enough to support your lifestyle for decades to come. A financial professional may help you dive into the nitty-gritty questions like:

  • Which accounts should I draw from first?
  • How do I limit my tax liability? (All retirement accounts aren’t created equal when it comes to taxation.)
  • When should I worry about required minimum distributions (RMDs)?
  • When should I begin drawing Social Security benefits?

Because everyone’s financial circumstances are different, there are few one-size-fits-all answers to the above questions. That’s why a financial professional may provide guidance targeted to your situation.

You're getting married (or divorced)

Both marriage and divorce may have a major impact on your finances. Whether you’re debating a prenuptial agreement or contemplating how to divide assets with a soon-to-be-ex-spouse, a financial professional may help you outline what each potential path may lead to.

For couples preparing to marry, a financial professional may help set up a household budget, make recommendations on saving for retirement or a new home purchase, or help outline an estate plan. For divorcing couples, a financial professional may also check to see if the assets are being adequately valued for a more equitable division in court.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking #1-05244868

To access your investment account – click the button below. The login page for LPL will open in a new window.


Don't Be a Victim!

You need to know about credit union impersonation scams so you can avoid becoming a victim of these nefarious tactics.

Online and Mobile Banking will be unavailable on Thursday, May 9 from 10:00 p.m. to 6:00 a.m. Friday, May 10.