Do You Need Financial Planning? (1263)

Financial planners are generalists who take a broad view of a person’s financial situation and try to design an overall strategy to meet specific financial objectives. More two-income households, increasingly complex tax laws, financial deregulation, and a greater variety of saving and investment options have increased the number and difficulty of financial decisions. Today both middle- and upper-income families may have a need for a financial planner.

You might consult a financial planner where there is a major change in your life, such as a new job, a raise, marriage, parenthood, divorce, widowhood, or substantial inheritance or other windfall. A financial planner can help you plan for adequate retirement income, especially if you are just starting your career. If you have ten or few years before you retire, a planner can still be helpful; but the benefit to you will not be the same as someone who has a longer work period ahead of them.

Another reason to hire a financial planner is if your financial affairs seem generally disorganized and without direction. A financial planner can help you measure where you are now, help you decide where you want to be, and design a plan with options to meet your goals.

The more complex your financial situation and the less time you have to manage your finances, the more you can benefit from a professional’s advice.

For more information on this subject, Please visit the College of Agricultural Sciences Publications Web site.

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