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our Blog

5 Times When You Should Hire a Financial Planner in NJ

9/28/2020

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Financial advisors, also known as financial planners, are professionals who help their clients with wealth management and personal money matters. They can put together a retirement savings plan or simply answer questions about whole life insurance in New Jersey. 

So how do you know when you should hire a financial advisor to assist with your financial planning? You can hire a financial advisor in NJ at any time, but these five situations are especially important. 

1. You’re close to retirement age. 

Some of your biggest money questions come when you’re getting close to retirement age. When should you file for social security? Do you need to apply for Medicare? Do you have enough money to retire?  
A financial planner can help you set financial retirement goals and develop a plan to reach them. This is especially important if you plan on living off the income generated by your assets. Make sure you choose a professional who specializes in retirement planning, as not all do. 

2. You received a large inheritance. 

Receiving an inheritance can be a nice way to improve your life in the short-term, but you may also want to use this toward your long-term goals. By working with a financial advisor, you can put together a plan that maximizes this money. Financial planners can help determine where to invest your money, the different savings options you have and how to secure your financial wealth. 

3. You’re going through a divorce.

Unless you’ve only been married for a few months, divorce is messy. Because you and your ex share assets, there is a lot to be divided. Who gets what? Should you sell the family home? How much will child support payments be? 
Because divorces are emotional, it’s important to have non-biased parties helping you along. Divorce causes your short- and long-term goals to change, and a financial advisor can help you with both.  

4. You’ve had a major life change. 

Major life changes like marriage, a new income, a baby, buying a business, etc. are good reasons to speak with a financial advisor in NJ. It’s important to know about your options in terms of investments, setting up a college fund or tax planning. And, if you already have a plan in the works, you can have your advisor look it over and amend it based on your new circumstances.

5. You’re young and don’t know where to start.

Some people think that when they’re young and don’t have much money, they don’t need an advisor. But it’s actually the opposite. It’s much easier to start planning for retirement when you’re young and in your 20s. You can invest a small portion of your paycheck each month and watch your investments grow. Because you’ll be doing this for a long time, you can build up a nice nest egg, pay off debt and retire early.
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These are some of the times in your life when you can benefit from speaking to a financial advisor. Advisors are flexible and you can hire them on a one-time basis or for long term needs. To learn more about how a financial advisor can assist with your financial planning and wealth management strategy, contact Leonard Financial Solutions today. 

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