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When seeking financial advice, U.S. adults 50+ are more likely to turn to financial advisors and planners than any other source. But how do you know when it’s the right time for you to start the conversation with a professional?

At some point, managing your finances becomes less about picking investments and more about making important life decisions. Whether retirement is years away or right around the corner, knowing when to seek guidance can make all the difference.

In this episode of Money Wisdom, Nicholas J. Colantuono, CFP® and Eric Hogarth, CFP® share five signs that you may be ready to work with a financial advisor.

1. You’re 5 to 10 Years Away from Retirement

Rather than waiting until the last minute, the five to 10 years before retirement are a great time to start making proactive decisions for your future. This is when it becomes increasingly important to build a coordinated financial plan. A financial advisor can help assess whether your savings, investments, taxes, and income strategy are aligned with your long-term goals.

2. Worried About Running Out of Money

Running out of money is one of Americans’ top retirement fears, and for valid reason. Every year there’s a new “magic retirement number,” leading many retirees to second guess their savings progress. But no matter how much you have saved, this average annual figure doesn’t paint the whole picture.

At the end of the day, either you have enough money to live your desired retirement lifestyle, or you don’t. But you need to know what trajectory you’re on well in advance of your actual retirement date. A good financial planning firm will help answer that question for you.

3. Lack the Time or Interest in Managing Your Money

With fewer pension plans available, individuals must take on most of the responsibility for turning their retirement savings into income. Often, once people realize how in-depth and time-consuming retirement planning is, they tend to engage a financial planner.

If you’re married, you must also think about your spouse when managing your money and time. If you took on that responsibility on your own and died first, you would leave your surviving spouse to figure out who they can trust to help pick up the pieces. Bringing an advisor into the conversation early can help both partners feel informed, confident, and prepared for the future.

4. Navigating a Major Life Change

A major life event, such as the death of a loved one or the loss of a job, is stressful enough before financial decisions enter the picture. Unfortunately, it’s often during these difficult moments that people realize they need financial guidance.

Suddenly, you have some pretty substantial and difficult choices to make. That’s where consulting a professional or multiple professionals becomes crucial. The right financial team will design a comprehensive plan in accordance with your overall financial goals, tax strategy, estate plan, and more.

5. Want to Create a Long-Term Plan and Stick to It

Your ability to live the lifestyle you want can play a major role in your peace of mind and happiness throughout retirement. With a long-term plan in place, you can have the clarity and confidence you need to navigate whatever comes your way. Once you know that you’ll be okay, you can expand upon your plan to also accomplish other goals such as legacy planning or gifting.

Retirement can be the most rewarding time of your life, if you’ve planned and prepared for it. No matter where you are on your journey, it is never too early or too late to ask for help.

Are you wondering if you’re ready to retire? Get your free Are You Ready to Retire? Starter Kit by texting “KIT” to 800-757-0436.