Tip 3 – Discuss Current or Future Life Events
Many people turn to an advisor when something happens—positive or negative—because they realize their money needs have changed. Discussing life events with a financial professional can help you adjust for new circumstances. Even if things are status quo now, it helps to plan for the unexpected. Below are life events that can impact your money.
- Marriage or divorce
- Family addition (birth or adoption)
- Family member illness or death
- Job change or loss
- Caring for someone else (aging parent, adult child, someone with a disability, grandchildren)
- Nearing retirement
Tip 4 – Take Stock of Your Plan Progress
Most financial professionals focus on planning. It’s part of their job to help you prepare for the expected and unexpected. Knowing where you are in the planning process can set the direction for your overall financial plan.
Whatever you do, don’t shy away from this topic—even if you don’t feel far along. It’s important to move forward from wherever you are. Here’s what an advisor may ask you:
- Do you have a budget?
- Do you have an emergency fund?
- How do you feel about your retirement savings progress?
- Do you have a plan for income in retirement? (May depend on how far away you are).
- Do you have a college savings plan (if needed)?
- Do you have an estate plan?