Even if you think you’re too young to seek out financial advice — or you don’t believe you have enough money to need professional help — there are times in your life when having a trusted sounding board can help you take charge of your decision-making, rather than simply reacting. When you’re forced to react to unexpected financial challenges, rather than planning ahead, often your choices are limited.

“No matter what stage you are in your life, there’s a lot to be said for being able to reach out to someone who can help you look beyond your immediate needs to help you build a strong financial future,” says Michael Lawrence, senior market executive at Merrill. That’s especially true when you experience a major life event. Here’s how an advisor can help you plan for five of life’s most common financial turning points.

Ask an advisor: When should we start saving for college?

The average cost of raising a child comes to $310,605 for the first 17 years alone, according to a Brookings analysis of government figures.¹ And that doesn’t include college tuition. “It’s wise to review your finances to make sure you’re up for the challenge before you become a parent,” Lawrence says. An advisor can walk you through such issues as when you might like to start saving for your child’s college education and how you can keep your retirement plan on track while providing for a growing family.

Ask an advisor: How much debt can I potentially take on?

Major financial transactions, like buying or selling a home, often involve financial retrenchment or important decisions about how to best apportion your financial resources. Long before you begin house hunting, an advisor can offer help as you figure out how much debt you can take on, how much money to put toward a down payment and how you’ll be able to keep your other important financial goals on track. If you’re selling, an advisor can be a good source of ideas about using the equity you might have built up in your home to help you pursue other goals.

Ask an advisor: Do I have enough life insurance to protect my loved ones?

Marriage, divorce, remarriage or simply moving in with a new partner are all milestones that can call for careful planning. For instance, along with the often difficult emotional ups and downs of divorce, both partners will have to deal with important financial considerations. Will you have enough income to support your lifestyle? How will your investments and other assets be divided? You may very well need to change your financial strategy to keep your goals on track, Lawrence says. An advisor can offer thoughtful ideas for how to navigate this tricky time in your life. 

With a new spouse or partner, you may need to blend your finances, rethink retirement goals and create an estate plan, but a second marriage later in life — when you both may have children and substantial assets — can involve more complex considerations. “It’s a joyful occasion, but one that raises questions about how to best combine your financial lives,” Lawrence notes. Do you have an estate plan for the two of you that provides for the financial security of the other? Are there children from a previous marriage you’d like to leave an inheritance to? Can life insurance play a role in your planning? How might your marriage affect your Social Security benefits? These are just some of the questions you’ll want to work through with your new spouse and a knowledgeable advisor who understands what’s important to you.

Ask an advisor: Should I consider paying down debt? Investing more? Retiring early?

A sudden influx of cash or assets raises immediate questions about what to do with it. “A financial advisor can help you think through the ways you could put that money to work toward your personal and financial goals,” Lawrence says. You’ll want to think about how much could go to paying down existing debt and how much you might consider investing to pursue a more secure future. An advisor can also help you rethink when you may want to retire, he suggests. 

Ask an advisor: How can I avoid outliving my money?

As the length of time you’re likely to spend in retirement continues to grow, it’s more important than ever to have knowledgeable advice to help prepare financially for that next phase of your life. “The financial decisions you’ll have to make in retirement are often more complex than those leading up to it,” Lawrence notes. Five or 10 years before you plan to retire — whether that will be at your full retirement age or far earlier — it can be helpful to ask yourself such questions as: What steps should I consider taking now so that I won’t outlive my money? When should I claim my Social Security benefits? And how will I fund any unanticipated medical costs and long-term care needs?

As with any major life event, retirement will bring about a host of planning challenges. Still, notes Lawrence, “when you work with an advisor, you’ll always have someone you can turn to for advice as your life changes and you need to take a fresh look at your finances.”