(BPT) – True or false: You need to be wealthy to use a financial professional. It’s a common misconception, but in fact there are financial professionals that can help at various stages in life, whether you’re just starting out or nearing retirement. It can be a huge benefit to sit down with one to discuss options, investments, savings and retirement.
No matter where you are in your life — new to the workforce, starting a family, in your big earning years or nearing retirement — some guidance from a financial professional can give you the road map toward a financial future.
Here are some of the top reasons for seeing a financial professional.
You don’t have much saved for retirement …
More than half of Americans have less than $10,000 saved for retirement, according to the American Payroll Association. But even if you’re flirting with 50 and don’t have much saved, it’s not too late to start building wealth for your future. A financial professional will assess your situation and help develop a financial strategy with the goal of a comfortable retirement in mind.
… or you do, and you’re nearly ready to retire
Saving for retirement and knowing how to use that money wisely in retirement are two different animals. A financial professional can help you build a strategy that aims to use your retirement savings, help it grow and help it last.
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 how best to use Mom and Dad’s money to make sure they get the best care possible can be a complicated quagmire, especially if siblings are at odds about what to do. Sitting down with a financial professional is a great way to sort this all out with a neutral third party whose focus is most appropriately using the funds that are available.
You’re going through a life transition
Getting married, divorced, starting a family or dealing with a death in the family can affect your finances as well as your emotions. When you’re about to walk down the aisle, for example, nobody wants to think about budgets and bills, but financial disagreements can be one of the top causes of marital problems. A session with a financial professional can be a preemptive strike against future money troubles.
You want to start investing
Finding a financial professional who understands your situation, and can help design solutions for your day-to-day financial concerns, can go a long way toward building financial peace of mind, according to Salene Hitchcock-Gear, president of Prudential Advisors. You might be tempted to DIY, but a financial professional can 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. If you want 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.