Financial planning at 5 stages of life

Financial planning at five stages of life
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Financial planning at five stages of life

Life is full of changes, and with each new set of circumstances come new financial needs.

These transitions "spark a need to look closely at your finances," says Howard Levine, an independent financial planner and owner of Hanover Financial Group in Stowe, Vt. Such occasions call for assistance by a financial planning professional.

A recent study reveals that investor households that regularly get professional advice before making major financial decisions fare significantly better than those that do not seek advice. Over 10 years, the bottom line for families with investable assets of at least $100,000 who always receive advice is $106,000 greater on average in inflation-adjusted dollars. That compares to $29,000 for families who navigate their own finances without help, according to a study sponsored by the Retirement Income Industry Association.

Financial planners can be especially helpful at these five points during life.




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