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:

Kiplinger's Guide
to the Financial Pro Marketplace

 

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

5 Best Dow Dividend Stocks to Buy Now
blue chip stocks

5 Best Dow Dividend Stocks to Buy Now

This mini-portfolio of blue-chip dividend payers is well-positioned to both generate income and hold up to headwinds for the rest of 2022.
June 27, 2022
Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
Top Bear Market Tips from 10 Financial Advisers
investing

Top Bear Market Tips from 10 Financial Advisers

When a bull market turns into a bear market, it can be hard to know what to do. Take comfort in the guidance of 10 financial professionals.
June 30, 2022

Recommended

Is the Stock Market Closed for the Fourth of July in 2022?
Markets

Is the Stock Market Closed for the Fourth of July in 2022?

Independence Day falls on a Monday in 2022, so the bond and stock markets will enjoy a long holiday weekend. Here's a look at the markets' holiday hou…
July 1, 2022
Top Bear Market Tips from 10 Financial Advisers
investing

Top Bear Market Tips from 10 Financial Advisers

When a bull market turns into a bear market, it can be hard to know what to do. Take comfort in the guidance of 10 financial professionals.
June 30, 2022
Move Over ETFs: Direct Indexing Is an Investment Strategy Worth Paying Attention to
investing

Move Over ETFs: Direct Indexing Is an Investment Strategy Worth Paying Attention to

More flexibility, more control, the potential for higher returns and tax-reducing strategies: With pros like that, could direct indexing be right for …
June 25, 2022
33 States with No Estate Taxes or Inheritance Taxes
retirement

33 States with No Estate Taxes or Inheritance Taxes

Even with the federal exemption from death taxes raised, retirees should pay more attention to estate taxes and inheritance taxes levied by states.
June 23, 2022