Life Events a Financial Planner Can Help You Through

If you want to ensure that you’re always making the most informed financial decisions, it could be a good idea to hire a financial advisor. This individual’s job is to guide you through the financial decisions you are making and will make in your life. These are just a few of the life events they can help you through.

College Planning

When planning for your child’s college education, a financial advisor can help advise you on how best to save. For example, you can start a 529 account for each of your children when they’re born. This allows you to set aside money for them as they grow tax-free. When they become old enough to go to college, you can take out the money you’ve saved. However, financial advisors might also suggest letting your child earn some of the cost themselves. This helps them be better prepared to take care of their own finances as an adult. Encourage them to get a job and help pay for some of the cost of college.

Starting a Family

However you choose to start a family, there are lots of financial decisions you need to consider before doing so. A financial planner can help guide you through the various things you need to plan ahead for. First of all, you need to consider the cost of delivery. If you live in the US, delivering a baby can cost thousands of dollars, even with insurance. However, there are other ways to have a family. Adoption is another great way to start a family, but it can also be costly. However, the federal adoption tax credit can return more than $14,000 to your pocket. A financial planner can walk you through all of these options. They can also help you with decisions for down the line, like childcare options and saving for college.

Planning for Retirement

A financial planner can also help you plan for events later in your own life, such as retirement. If you want to have a long, relaxing retirement, you need to plan ahead financially. The cost of living continues to go up, which means you’ll need to know how much to put away every year to have a solid retirement fund. Your financial advisor can walk you through pension benefit options, life insurance options, and more to ensure you’re prepared for that portion of your life. 

Financial advisors can be the insight you need to thrive financially in different periods of your life. They help you with knowledge you might not know, and tricks you may not have thought of. When working with a financial advisor, these are a few of the things you can expect help with.

Check out this article on situations you’ll want to avoid while estate planning!

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