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8 Times in Life When You Really Need Professional Financial Help


Managing your day-to-day financial planning needs can be stressful. But those significant life changes, the ones that really require special attention and strategies, could just paralyze you into inaction. Having kids to care for, attending college, changing relationships — they all affect the way you spend money and balance your budget. Let’s consider why eight of these unique life situations may cause you to seek the advice of a financial expert.

1. College Graduation

College graduation marks the first major transition into adulthood and an opportune time to get financial advice. Whether you, a loved one, or your child is graduating, this is a great time to assess financial needs like repaying college debt, savings for the future, and insurance coverage.

Fortunately, most recent graduates have decades ahead of them to benefit from the power of compound interest, making it the perfect time to have a discussion with AAFMAA Wealth Management and Trust about the benefits of saving right now. The financial foundation you build today will set the stage for the rest of your financial life.

If your child is graduating from college, and you’ve been helping them through, consider what your financial picture will look like without the addition of college expenses in your annual budget. We can help you determine how to reallocate those funds in ways that bring you closer to your long-term financial goals.

2. Marital Status Changes

Professional advice takes the guess work out of building a successful financial foundation with your spouse. It can help you combine finances and handle credit issues or debt problems before you say “I do.”

On the other end of the spectrum, divorcees should ensure their finances are protected. If you’re entering divorce proceedings, a financial professional can ensure that important tasks like changing your insurance policies’ beneficiaries, protecting your investment accounts, and coordinating with a legal professional to update your Will are handled with care.

3. Having a Baby

Having a baby is a seismic financial and lifestyle shift. You’ll have to start thinking about how you will help them pay for college. You’ll need to update your Wills and revisit your insurance policies to ensure you have enough coverage and that your beneficiaries are correct.  Not to mention the barrage of new expenses you need to manage. Professional help can ensure that a new addition to your family fits into your financial plan from day one.

4. Employment Status Changes

The excitement of starting a new job, changing careers, or accepting a promotion, comes with important financial considerations. You can make the most of your career change with the help of a financial planning professional. They can walk you through rolling over retirement accounts and maximizing stock options or other benefits while minimizing the tax implications. Not to mention adjusting your financial plan to dedicate more money to savings and investments for the future.

5. Real Estate Transactions

There’s more to buying a home than choosing the right number of bedrooms and baths. With the help of a professional, you can maximize the tax benefits, manage capital gains implications, and find write-offs and deductions you might otherwise have missed. Real estate transactions are complicated, but professional advice can help guild you to the best outcomes.

6. Health Care Concerns

If you are unexpectedly ill or hospitalized, having your finances in tip-top shape can help reduce stress and promote a speedy recovery under the best available care. In general, working with a financial professional to be prepared for all of life’s potential outcomes with tools like life insurance, long-term care funding, disability coverage, and estate planning documents can allow you to breathe easier and enjoy life more.

7. Managing Inheritance

Managing an inheritance can come with financial complications. If you get a lump sum payment, you’ll want to minimize the tax implications and payoff any debts left behind. A financial advisor can assist with these and other possibilities like rollover options and investment advice if you inherit a retirement account like a 401(k) or IRA.

8. Retirement

This one may seem like the most obvious, because retiring may be the most important transition of your life. It will be crucial to have the right financial professional guiding you through it. From maximizing and managing your retirement benefits to developing a distribution strategy, they’ll put you on the path to a life lived well throughout your golden years.

You want to feel the comfort that comes from long-term financial security, so it’s worth taking an honest look at your current financial situation and goals. Every day, AAFMAA Wealth Management and Trust makes financial planning easier for our Members. We can make it simple for you, too, so don't hesitate to contact us at 1-910-565-4452 or [email protected] if you need someone to see you through life’s major adjustments.