Many people will go through life choosing to take care of financial matters personally without the help of a financial planner. However, there are several life events and other situations that can make financial matters a bit unclear, and some professional guidance will be beneficial to maximize asset management.
So, when exactly does a financial plan come in handy, and who benefits from having one? The short answer: anytime for anyone. Our team at Capitol Financial Solutions believes that everyone can benefit from having a financial plan to help manage assets and invest for the future.
4 key times when you will need a financial plan drafted by a certified financial planner are:
- Getting Married or Divorced. A financial planner will be a reliable, neutral third-party to assist new couples in planning their financial future together. On the flip side, if assets need to be divided, then the same benefit of a third-party’s assistance stands. It’s best to have these plans in place ahead of time to avoid any emotional decisions or financial losses.
- Preparing for Retirement. A financial plan for retirement is key to ensure stability and a comfortable standard of living once consistent flow of income is reduced. Consult with a financial planner to come up with ways to save and invest for a secure retirement.
- Estate Planning. Eventually our wealth and assets will need to be passed on and thorough documentation and planning will aid the process. Financial advisors can make suggestions to help alleviate end of life costs such as estate taxes so remaining beneficiaries aren’t burdened with financial stress.
- Receiving Lump Sums of Money. Most people don’t frequently win the lottery, but many in their lifetime may receive a lump sum through an inheritance or employer bonuses. You’d be surprised how many fail to properly save and invest thus resulting in financial losses likely due to poor decisions.
So, no matter what the life situation is or what unexpected event occurs, a financial plan is a smart way to ensure stability. Our team at Capitol Financial Solutions is here to provide expert financial guidance with your best interests in mind. Contact us today to schedule a consultation!