December 15, 2021

Five Great Times to Consult a Financial Planner

Buying a home? Planning for college tuition? Looking forward to retirement?

Most of us recognize a certified financial planner can help us achieve these goals; however, too often we don’t seek the help and advice we need until these catalysts are upon us. Even so, turning to a professional for advice when one of these life events becomes a reality is better than not seeking professional support at all. So here’s a look at a few life prompts that often lead to the need for help.

You’re Starting a Family

In the US, the average cost of raising a child through the age of 17 is $233,610. This figure is based on data compiled in the most recent Expenditures on Children by Families report completed by the United States Department of Agriculture (USDA). This amount does not include college tuition or inflation.

It’s a smart move to review your finances with a certified planner as you approach parenthood. Your mid- and long-term goals are likely to change. Your insurance needs might be on the flux. And a financial planner can walk you through these issues and others, such as saving for a child’s college education.

You’re Buying or Selling a Home

Whether you’re a youngster buying your first home or a near-retiree selling a home, it’s a good idea to talk strategy with a financial planning professional. Before you begin searching for a home, a planner can help you determine how much debt you can afford, how much cash to put down, and how to juggle a real estate purchase with other financial goals. If you’re selling, a financial planner can help you understand choices for investing your equity.

You’re Getting Married — or Divorced

Few things change a financial position or impact financial goals like a change in marital status. In addition to managing emotional ups or downs, couples or individuals will need to navigate new financial expectations and considerations. An advisor can offer thoughtful advice for dealing with this topsy-turvy time in your life.

You Received an Inheritance or Another Type of Financial Windfall

A sudden influx of cash — or the anticipation of a windfall — may have you questioning where to invest it. A financial planner can help you look beyond that question and consider how such an event can impact your financial outlook. Most planners will help you make decisions with goals in mind, rather than looking at an inheritance or a windfall as an isolated event.

You’re Approaching Retirement

Pro Tip: You are always approaching retirement. There’s no better time to begin retirement planning than when you are young; however, even if you’ve waited longer than you’d like, an experienced, thoughtful advisor can help. Your medical needs will change. Your required income may change. You probably have an idea of how you’d like to spend your time when you’re no longer working, and a financial planner can help you achieve that idea. He or she can also help you with issues like estate planning, which usually become more urgent as you’re nearing retirement.

Regardless of the stage of life where you find yourself, there’s always a benefit to putting some focus on your financial goals — the way you might focus on your family or yourself. When you work with an advisor on an ongoing basis, you’ll have someone who knows you, understands your desires relative to your financial position, and who can guide you toward staying on track.

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