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Certain life events require a solid financial plan. Even life’s most exciting chapters, such as a new job or a dream relocation, require a financial plan. These 5 life events demand financial planning.

  1. Getting Married

If you’re planning on getting married, it’s important that you have a financial plan in place. Having a financial advisor can help you determine who should handle what finances and navigate the employee benefit differences. Additionally, if you’re planning a wedding, it is imperative that you understand your financial limitations.

There are also chances that a partner will bring fiscal responsibility to the marriage. This could be a child from a past relationship or outstanding debt. Having a financial advisor will help you manage any challenge or obstacle.

  1. Having Children

Having a baby is a delightful thing, and your child will likely want to pursue a higher education. Having a financial advisor can help you establish a savings account for college. With the rising cost of education, it’s important to start saving early.

  1. Receiving a Raise or Promotion

Getting a raise is great; however, it also means it’s time to evaluate your financial plan. One of the most important steps you can take after getting promoted is increasing your retirement savings. It’s also essential that you revisit your budget and adjust where you can. This may mean paying off more debt or setting new goals.

  1. Receiving an Inheritance

Receiving a significant inheritance can affect your financial situation in a big way. Before you receive a large amount of money, it’s important that you have a sound financial plan in place. How will your spending habits change? Should they? What are the best investments? Having a financial advisor can help you manage the sudden influx of cash.

  1. Divorce

Getting divorced is a life event that no one wants to go through, but it can affect your mental and financial well-being. Having a financial planner can help you manage your assets following the split. You’ll also likely need to change the beneficiary of your retirement accounts and other investments.

Other life events include receiving a severance package, relocating, or retiring. If you’ve reached any of these special life moments, take the time to meet with a financial advisor.