Financial Planning

The Best Financial-Planning Options for Families Saving for Retirement and College

When you have competing priorities, you may need more assistance sorting through your financial picture.

To help you decide what kind of financial advice is best for you, see if your situation is similar to this hypothetical client:

The Petersons are both 50, with two boys: one a junior in high school and one a freshman in college. They have $500,000 in 401(k) and taxable investment accounts. Their goals include saving and paying for college and saving for retirement. They would also like to pay off several thousands of dollars in credit card debt.

As they send their kids through college and save and plan in earnest for retirement, the Petersons would benefit from more-comprehensive services. Depending on how much hand-holding and in-person consultation they want, their best options range from a hybrid robo adviser that incorporates advice from a human to a certified financial planner or full-service brokerage firm.

Fee-Only Financial Planner

To get a broad financial plan and form a one-on-one relationship with an adviser, the couple should look for a CFP who has expertise in saving and investing strategies for retirement and college, estate planning, and ensuring appropriate insurance coverage.

Most Popular

Tax Wrinkles for Work-at-Home Employees During COVID-19
taxes

Tax Wrinkles for Work-at-Home Employees During COVID-19

Are your home office expenses deductible? How does going out of state to work for a while affect your tax picture? There are some interesting wrinkles…
November 9, 2020
Retirement: It All Starts with a Budget
personal finance

Retirement: It All Starts with a Budget

When you’re meeting with your financial planner, do you talk about your budget? If not, you should.
November 10, 2020
Will Joe Biden Raise YOUR Taxes?
taxes

Will Joe Biden Raise YOUR Taxes?

During the campaign, Joe Biden promised that he would raise taxes for some people. Will you be one of them?
November 10, 2020

Recommended

Protection for Your Assets
wealth management

Protection for Your Assets

At a time when Americans’ savings are soaring, you need to know how your money is insured.
October 29, 2020
18 States With Scary Death Taxes
inheritance

18 States With Scary Death Taxes

Federal estate taxes are no longer a problem for all but the extremely wealthy, but several states have their own estates taxes and inheritances taxes…
October 19, 2020
Considering Early Retirement? 5 Things to Know
Making Your Money Last

Considering Early Retirement? 5 Things to Know

Before you accept a buyout, do the math to see if you really can afford to retire. (We'll show you how.) Then follow up with these tried-and-true stra…
October 15, 2020
9 Tips for Better Time Management in Retirement
retirement

9 Tips for Better Time Management in Retirement

These important time management techniques will help destress your life as you get busier -- yes, busier -- in your golden years.
October 14, 2020