Do I Need a Financial Plan? Insight for Every Age
Are you ever too old or too young for a financial plan? Or you might wonder if you even need a plan for your finances. Our financial consultants discuss getting financial help at any age.
Key Takeaways
Many people would like to discuss finances with a professional but don’t.
Others may think they are too young or too old for a financial plan.
Find out why our financial consultants say financial planning is for all ages.
Financial needs are specific to each person and will grow and change as you age. What about right now? Do you need a financial plan? Financial consultants Jonathan Belay, Rachel McLain and Don Thomas discuss financial planning and what you may need based on your age or generation.
What’s My Generation?
- Baby Boomer – Born 1946 to 1964
- Generation X – Born 1965 to 1980
- Millennials – Born 1981 to 1996
- Generation Z – Born 1996 to 2012
Where Do Americans Get Insight for Their Finances?
A recent survey shows that 85% of Americans actively seek financial advice and information. The most common sources were friends and family (43%), followed closely by professional financial advisors and planners (41%).1
Gen Zers are the least likely to seek professional advice (27%), while closer to half of other generations reported consulting a professional.1 However, if your parents work with a financial professional, you may be more likely to do so, say our consultants.
“While many of our advice clients are baby boomers or Gen Xers, we do get some of their children as clients, too,” says Jonathan. “Seeing their parents committed to investing and knowing I have a relationship with them makes building that trust easier.”
A family connection may also be a good way to get started, as many people may not be sure how to find an advisor that suits them.
Does Every Age Need a Financial Plan?
Yes, with some differences. For older Gen Xers and baby boomers, your plan will focus on retirement—accumulating as much as you can, planning for the retirement income you need and understanding how you will manage your finances and investments in retirement.
Financial planning will be about specific topics for those getting ready to transition to retirement. “Those include when you will claim your Social Security benefits and your drawdown strategy, among others,” says Rachel.
For younger Gen Xers and older millennials, the key to financial planning will be building up your savings as much as possible as you juggle life’s priorities.
“I encourage clients in the mid-stage of life to maximize workplace retirement plans,” says Don. “And it’s important that they know how to invest properly for the long term. They are bombarded by information that tells them to invest in a certain way when they really may need a solution that more specifically suits them. Having a financial plan can help you do that.”
If you have a workplace retirement plan, our consultants agree it’s a benefit you should take advantage of, no matter how old you are. And when you change jobs, which most people will do several times during their career, it’s important to know how to manage money in a previous employer’s retirement plan. You can leave it in the plan or roll it over to a new employer’s plan. Figuring out the best place for your money can help you set the stage for your future.
For retirees and those transitioning to retirement, an income strategy becomes a key part of financial planning discussions. Investors want to know how long their investments could last and how their plan aligns with their spending desires.
“Can they travel more or give more?” says Don. “Can they be more aggressive with their investments, or do they want to be more conservative? An income strategy will help them gauge whether their money has the potential to last a lifetime.”
When Do Most People Think About Financial Planning?
Traditionally, people think about using a financial advisor when they are getting ready to retire. But starting earlier can have long-term benefits.
“People in their 30s and 40s are often interested in whether they are on track for retirement,” says Jonathan. “We’ll talk about where they want to be, and at that age, we can discuss options that come with having the luxury of time.”
Changes in family dynamics or life events can also prompt someone to seek advice. People start getting more serious about their finances when they have children. They start thinking about saving for college and considering what the future will look like.
On the flipside, Rachel says, “I also see people start getting serious about finances when their kids leave for college. They may even worry that they focused too much on the kids and not enough on themselves.”
How much do you need—and how do you get there? Gauge Your Progress
Where Are People Seeking Financial Help?
Just because younger generations aren’t calling an advisor, it doesn’t mean they are not seeking financial advice. Gen Zers and millennials often look to social media and content creators for financial information, which may have good points and drawbacks.
“Younger people are busy, plus social media is a big part of their lives,” says Jonathan. “Social media may make it easier to hear financial advice, and it helps break down taboos about talking about money.”
Our consultants caution about advice that promotes day trading and market timing or information that's not from a reputable source. “Long-term investing may not be the ‘exciting’ side of investing. But as a financial consultant, I’m here for the long haul and not the next hot thing that may or may not make you rich,” says Rachel.
Don agrees: “I can’t give you the thrill, but I can help with what you want long term. Financial planning isn’t just about the plan itself. In fact, I don’t ask whether they want a plan. I focus conversations on what you want to do in life.”
Starting to save and invest early can be one of the most significant things an investor can do. But how do you convince someone of it? “That’s when it’s helpful to have clients of all ages,” says Rachel. “I hear some of my older clients expressing regrets about not saving more. I sometimes use those scenarios from older clients with younger clients to hit the ideas home.”
Talking to the Generations: What Should Financial Planning Focus On?
What could you expect to hear from our financial consultants at your age? Here’s what our consultants believe needs to be at the top of the list for each generation. Of course, where you are on your financial journey may also be a factor and may cross generations.
Money is a tool to help you get what you want in the future. So rather than just talking about your money, let’s talk about your plans and how we can help make it happen—and why you should start now.
Sure, you’re a long way from retirement, but creating a plan now will help you make important decisions 10, 20 and 30 years later. Getting financial planning now can help influence your future.
Let’s talk about where you are with retirement savings now. That may include conversations around saving more, and we’d answer the question that concerns everyone: Is it too late for me?
We may have the most to discuss about your transition to retirement, including your income strategy, expenses and retirement timing. It’s about the important details that can help you enjoy the years after working.
Financial Planning Is for All Generations
Gen Zer, Gen Xer, millennial or boomer? Our consultants want you to rethink what it means to get financial help. They understand that planning can seem tedious. But it may also be the foundation to set you up for future financial success.
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”Americans Still Turn to People for Financial Advice.” Gallup Panel, April 2-15, 2025.
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