When You Should Make a Financial Plan
You don’t need to wait until you have a lot of money to create a financial plan. In fact, you can benefit from some level of financial planning at any life stage.
FINANCIAL PLANNING OFFERS BENEFITS AT ANY LIFE STAGE
You may need help figuring out how to make the most of your employer’s 401(k) and other benefits when you’re just getting started, or need advice on paying off your student loans while covering your bills and saving for the future. A CFP® professional can tell you about tax-advantaged savings opportunities that can make a significant long-term impact on your retirement savings—even if you can only afford to make small contributions at first.
WHEN FINANCIAL PLANNING BECOMES CRITICAL
At different life stages, you may have a different set of financial decisions to make. A CFP® professional can help you reach your goals and help provide financial security for you and your family.
A financial plan becomes even more important when you start to have bigger goals—such as saving to buy a house—or you get married and have kids and your life becomes more complicated. You may need help reviewing your insurance policies to get enough coverage or setting up a plan to pay for your kids’ education costs. A CFP® professional can help you juggle competing financial priorities and protect your income for your family if anything happens to you. A CFP® professional can also provide guidance if you divorce or remarry and need to adjust your financial plans for your new life.
Job transitions are another prime time to start working with a CFP® professional, who can help you with your employee benefits and manage your growing assets to help you reach your long-term goals. A CFP® professional can also help the self-employed and small business owners look for tax-saving opportunities and choose a retirement plan.
Working with a CFP® professional can be particularly helpful during the last big push before retirement—especially if your kids are grown and you can afford to save more—to help you with strategies to ramp up your savings.
As you near your retirement date, a CFP® professional can help you navigate the complicated transition from saving for the future to creating income for retirement—helping you determine how much you can afford to spend while reducing your chances of outliving your retirement savings. A comprehensive plan can also help you prepare for unexpected expenses, such as the potentially high cost of long-term care. And if you want to leave a legacy to your loved ones or to charity, a CFP® professional can help you create a plan to make a lasting impact.