Money is an ever-present factor in our daily lives, from childhood to well into our Golden Years. Much of society is based on making and spending money, from relentless advertisements to store-wide sales to negotiating a better salary or deal on a new car. Another branch of money power is often neglected, and that is saving. Any financial planner would tell a client to start saving early and wisely, and all sorts of financial trouble could arise otherwise. How can today’s money-earners, from Millenials to those approaching retirement, get their spending power in order?
Young or Old, Money Matters
The modern world, and various advisors and guides for life, are conscious of the Millenial generation, or young adults born between 1982 and 1995. They are young enough so that their financial and work lives are still taking shape, but old enough to have many responsibilities and burdens placed on them. One common burden is student debt: around 43% of Millenial employees have the burden of student debt, and this debt significantly affects the intended financial goal of 79% of Millenial debtors. What is more, a study suggests that only 24% of Millenials demonstrate financial literacy. Financial advisors may find an endless stream of clients among this generation to help them from current money troubles to planning for retirement later in life.
The older sect of Americans have their own challenges to face. Some of them are not even prepared for retirement, seeing as on average (based on a study of 70 million people), health care premiums for healthy, married couples aged 65 can reach a total of $321,994 during their lifetime, and that does not even include dental or vision plans. What is more, in 2017, Social Security was a major factor for retirees’ income, and starting in 2018, a monthly average benefit was $1,404. It would seem, then, that some of these seniors could also have benefited from a financial planner’s aid.
The Work of a Financial Planner
The good news is that help is available for anyone, Millenial or retiring Baby Boomer. Financial advisors can help nearly anyone, and the benefits can be considerable. Not everyone even realizes the need to hire one, but with some searching, a financial planner, or planning for retirement, is close at hand.
A financial planner is any professional who, according to Forbes, a financial planner, or financial advisor, will help a client start an investment plan for their money, for anything from college to retirement to income generation to reducing personal debt. Often, this investment work splits the client’s money into different sectors, to prevent an “all your eggs in one basket” scenario. The services of a financial planner can even include managing personal taxes, estate planning, or insurance for health, a car, or a home.
Getting This Financial Help
It is clear that younger adults may need a financial planner to map out their future, and older clients could use one to handle their stockpiled money wisely in their golden years (and avoid relying on Social Security, as mentioned above). Finding a financial planner could be as simple as an online search, and narrowing down the candidates to those tailored to the potential client’s needs. Younger adults may need help with student debt and learning the finer details of handling their financial future, and wealthier clients could use help with planning an estate and larger sums of money.