(BPT) - While many believe only the wealthy need financial professionals, the truth is that hiring such key advisors may help pay for itself financially and bring you peace of mind — regardless of your economic status.
Whether you’re just starting out in your professional life or nearing retirement, an experienced financial professional can act as an important source of information, explaining options and helping steer you toward smart decisions.
Consider how these five life stages can be important times to seek professional guidance and advice about your financial future.
You’re saving for college tuition
It’s no secret today’s college costs can be astronomical, but of course most parents want to provide their children as many advantages as possible. The earlier in your kids’ lives you begin investing, the faster their college fund(s) can accrue. A professional can help decipher the best methods for helping make that happen.
You’re getting ready to retire: Now what?
Only 50 percent of Americans have socked away more than $10,000 for retirement so far, reports the American Payroll Association. But even if you're nearing 50 and have a minimal amount in your retirement fund, it’s not too late to start building wealth for your future and preparing for how to make it last. Whether you plan for lifetime income via an annuity or opt for another savings vehicle as part of your retirement strategy, a professional can assess your situation and develop a strategy with the goal of a comfortable retirement in mind.
Your parents are aging or ill
Caring for an aging or ill parent is tough emotionally, and ambiguity or strife around finances only makes it worse. Elder care is an expensive business, and planning how to use your folks’ money to ensure they get the best possible care can be complex — especially if siblings are at odds about what to do. Talking to a financial professional can be a great way to sort that out, since their focus will be on the most appropriate use of available funds.
You're undergoing a life transition
Marrying, divorcing, starting a family or dealing with the death of a loved one can impact your finances as well as your emotions. But in times of great change or strife, budgets and bills may be an added burden you’re not prepared to address. That’s when a session with a financial professional may ease your mind and even be a preemptive strike against future money troubles.
You want to start investing
Finding a financial professional who understands your situation and can design solutions for your day-to-day financial concerns can go a long way toward financial peace of mind, says Salene Hitchcock-Gear, president, Prudential Individual Life Insurance and Prudential Advisors. You might be tempted to DIY, but a financial professional can see the big picture and work with you to create a strategy based on your timeline, risk tolerance and goals.
Bottom line? You don't need to be a millionaire to benefit from the services of a financial professional. But working with one just might put you on the road to setting and achieving your financial goals. For more information about building a financial future for yourself and your family, visit Prudential at www.prudentialadvisors.com.
"Prudential Advisors" is a brand name of The Prudential Insurance Company of America and its subsidiaries located in Newark, New Jersey. Securities products and services are offered through Pruco Securities, LLC (Member SIPC).