Conversations about money don’t have to wait until retirement is around the corner. There’s no universal “right” age to begin working with a financial planner, but there are certain moments in life when this kind of guidance may feel more relevant.
A financial planner is a general term often used to describe someone who helps organize and strategize financial decisions that impact retirement. These decisions can range from budgeting and debt consolidation to taxes, healthcare, and legacy planning considerations. So, when does it make sense to seek out this kind of input?
Financial Planning by Life Stage
People reach financial crossroads at different times. Whether due to age, career milestones, or personal events, some phases may bring new financial responsibilities or opportunities.
Here’s a look at how different decades of life may align with possible planning needs. This table isn’t a checklist—it’s simply a guide for when financial planning for retirement may naturally arise. While some people may want help with retirement planning sooner, others might not feel the need until a particular life event prompts it.
| Age Range | Possible Financial Topics to Explore |
| 30s | – Combining finances after marriage- Budgeting for home ownership- Starting a college savings plan (e.g., 529 plans)- Building an emergency fund- Contributing consistently to retirement accounts (e.g., 401(k), IRA)- Evaluating insurance needs (life, disability, health) |
| 40s | – Maximizing earnings during peak career years- Increasing retirement contributions – Funding children’s education- Paying down high-interest debt- Diversifying investment strategies- Reviewing and updating wills and beneficiaries |
| 50s | – Creating a detailed retirement plan and timeline- Estimating retirement income needs- Considering long-term care insurance- Downsizing or relocating plans- Conducting a portfolio risk assessment- Health savings account (HSA) planning if eligible |
| 60+ | – Deciding when to start Social Security benefits- Planning for Medicare and supplemental insurance- Creating a sustainable withdrawal strategy- Reviewing/ Adjusting Estate planning (wills, trusts, power of attorney)- Managing taxes in retirement- Leaving a legacy or charitable giving |
When a Planner May Be Worth Considering
Life rarely unfolds according to a fixed timeline, and financial circumstances often shift in unexpected ways. Milestones like career changes, family transitions, or unexpected expenses don’t always arrive when we plan for them, and that can make managing money feel even more complex.
Because of this unpredictability, there are certain times when working with a financial planner might feel especially relevant or worthwhile. Here are a few scenarios when someone might consider reaching out to a financial planner:
- Changing careers or receiving a job offer: If a new position comes with benefits or stock options, for example, there may be financial implications worth discussing.
- Major financial decisions: Buying a house, starting a business, or receiving an inheritance can have long-term implications.
- Family changes: Marriage, divorce, or welcoming a child often brings new financial dynamics.
- Approaching retirement: According to the Social Security Administration (SSA), retirement age can begin as early as 62, though full benefits are typically available later, depending on birth year¹. Conversations may start years before retirement begins.
- Feeling overwhelmed: Some individuals seek out a planner when they feel unsure about how their finances are structured or if they’re making informed choices regarding retirement planning.
Planning Doesn’t Have to Wait
Some people hesitate to speak with a financial professional because they assume they need to have a certain amount of money first, or don’t understand exactly what these financial professionals do. But the value in these conversations can go beyond investing or retirement projections. Talking about money with someone who specializes in financial topics may help bring clarity to decisions that feel complex or time-sensitive.
If you’re wondering whether now is the right time to talk to someone about retirement planning, you don’t need a clear answer to get started. You just need curiosity and a willingness to explore what’s possible.
Have questions or want to talk through your financial picture? Contact Vantage Point today and learn how we can help you live retirement boldly and on your terms.
Citations
- SSA.gov, April 2024
Investment advisory services are offered through Vantage Point Financial, a registered investment adviser. Registration with any regulatory body does not imply any particular level of skill. This material is provided for informational purposes only and should not be construed as investment, tax, or legal advice. Working with a financial planner does not ensure financial success or prevent loss. All investments involve risk, including the possible loss of principal. Past performance does not guarantee future results. The scenarios presented are hypothetical and are intended for illustrative purposes only. They do not reflect actual client results and are not guarantees of future outcomes. Individual results will vary. Certain financial strategies may offer tax advantages, but outcomes depend on individual circumstances and are subject to change due to tax laws and other external factors. Vantage Point Financial does not provide legal or tax advice. Consult a tax professional. Retirement outcomes depend on a variety of factors, including individual savings behavior, market performance, health events, and other considerations. Certain statements herein may reflect the firm’s current views, expectations, or beliefs, which are subject to change without notice. For additional information about our services, fees, and disclosures, please refer to our Form ADV Part 2A, available at https://vantage-point.mwdevsite.com or upon request at no cost.
