Find a Financial Advisor in Luzerne County

From coal country to warehouse country

Luzerne County was built on anthracite. Hard coal brought immigrant workers, rail lines and company towns to the Wyoming Valley, and the old breaker sites and culm banks are still part of the scenery in places like Nanticoke, Pittston and Hazleton. When the mines closed, the county turned to manufacturing, health care, education and, more recently, logistics.

Today the largest sources of work include hospitals and health systems in the Wilkes-Barre area, colleges such as King’s College, Wilkes University and Misericordia University, county and school jobs, the casino at Mohegan Pennsylvania in Plains Township, and large distribution centers along Interstate 81 and Interstate 80 near Hazleton. Wilkes-Barre/Scranton International Airport sits in the county as well. Some residents commute long distances to jobs in New Jersey or New York, which changes both the pay and the tax picture.

The result is a household economy with a wide spread: families with union or public pensions, warehouse and hospital workers on hourly pay, small business owners handing a shop to the next generation, and retirees on fixed incomes. Planning has to fit each one. A starting point for newer savers is our guide to budgeting and saving.

Luzerne County at a glance

According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, Luzerne County has a median household income of $63,691, a median home value of $174,100 and a median age of 42.0. About 20.1% of residents are 65 or older, 25.3% of adults have a bachelor degree or higher, and unemployment was 5.8%.

A median home value of $174,100 is a fraction of what a house costs in many Northeast metro areas, and it explains why people move here from New Jersey and New York. It also means mortgages are smaller, so the savings room is real if you plan for it.

Pennsylvania taxes and local levies

Pennsylvania uses a flat personal income tax on wages and other income. Retirement benefits are treated kindly: Social Security is not taxed by the state, and distributions from a pension, 401(k) or IRA are generally exempt once you have reached retirement age under the state rules. Early withdrawals do not get the same treatment, so timing matters. Confirm current rules with the Pennsylvania Department of Revenue or a tax professional.

Two local taxes surprise newcomers. The local earned income tax is set by the municipality and school district, and a small local services tax applies to people who work within certain municipalities. Both depend on where you live and where you work, so a move across a township line can change your bill.

Pennsylvania also has an inheritance tax, which is unusual in the region. Transfers to a spouse are exempt, transfers to children are taxed at a lower rate than those to siblings or unrelated heirs, and the rules for life insurance and jointly held property are different. This makes beneficiary designations and the order in which assets pass worth a careful look. Sales tax does not apply to most clothing and groceries, but many other purchases are taxed.

Flood plains, levees and old mines

Tropical Storm Agnes in 1972 flooded the Wyoming Valley and led to the levee system that now runs along the Susquehanna River. Tropical Storm Lee in 2011 tested it again. Homes near creeks and the river, and in older neighborhoods behind the levee, may still face flood risk, and a standard policy excludes it.

Under parts of the county, abandoned mine workings create a different risk: ground can settle or collapse. Pennsylvania has a mine subsidence insurance program for homeowners, and it is worth asking about when you shop for a policy. Ask an agent about both flood and subsidence coverage, and keep a photo log of the house. Basement water, aging roofs and winter ice dams round out the home maintenance list in this climate.

Pensions, union careers and public jobs

Many Luzerne County households hold a defined-benefit pension from a school district, a municipality, the state or a union. Those are valuable and complicated. The decisions that matter include whether to take a lump sum or monthly payments, how to elect a survivor benefit, how health insurance continues after you retire, and how the pension interacts with Social Security.

If you have a union or multiemployer plan, get a written statement of benefits before you decide. A couple of years of extra service can raise the monthly amount, so ask for your benefit at several retirement dates. A pension reduces the amount of savings you need, but it does not remove the need to plan for taxes, health costs and inflation. See our retirement planning guide for the basics.

Old houses, small landlords and family property

With older housing stock and modest prices, many families here own a rental unit or a second property inherited from a parent. Small landlords should track repairs, depreciation and tenant deposits, and think about liability coverage and an LLC. When a parent leaves a house to several children, disagreement over whether to sell can strain the family, and a plan made while everyone is healthy avoids it.

Review title and deeds, because property in the valley may have passed through generations without being formally updated. An estate attorney can help, and our estate planning overview lists the documents to gather.

Commuters and newcomers from the New York and New Jersey area

Lower home prices bring buyers from farther east, and some keep a job downstate while living in Luzerne County. If that is you, sort out the tax filing early. Pennsylvania and your work state may both want a return, and the credits between them can be fiddly. Commuting costs, tolls and time are real expenses, so put them in the budget next to the mortgage.

Newcomers who sell a more expensive home elsewhere often arrive with equity to invest. A sensible order is to build a cash reserve, pay off high-rate debt, fund retirement accounts, and then decide what to do with the rest rather than rushing to put all of it into a house. If a spouse works remotely, ask both employers whether withholding matches your new address.

Health care and long-term care costs

With a large share of older residents and several hospital systems nearby, health planning sits near the top of most retirement conversations. Costs to look at include Medicare premiums, supplemental or Advantage plan choices, prescriptions, and the possibility of needing help at home or in a care facility. Long-term care can drain savings quickly, so couples in their fifties and early sixties often compare traditional policies, hybrid life and care policies, and self-funding. A planner can show how each choice changes the plan.

Retirement planning in Luzerne County

In a county where one in five residents is over 65, retirement planning is an everyday topic. The household that retires here usually has a pension or Social Security, a paid-off or modest mortgage, and a few savings accounts. Their questions tend to be about health costs, taxes on withdrawals, and how long the money must last.

For instance, a Wilkes-Barre couple retiring at 63 with a school pension and a small 403(b) must decide whether to claim Social Security early, how to bridge health insurance until Medicare, and how to protect the surviving spouse. Pennsylvania offers programs such as property tax and rent rebates for older residents with limited income, and a prescription assistance program, with eligibility rules that change, so check current details.

• Add up pension, Social Security and savings by month.
• Price Medicare, supplement and drug coverage.
• Plan the order of withdrawals so the state exemption works as intended.
• Name beneficiaries with the inheritance tax in mind.

Life insurance in Luzerne County

Families with a mortgage and a young child usually start with level term coverage. Older residents may keep a smaller permanent policy to pay final expenses or to leave a gift. Because Pennsylvania taxes many inheritances, it helps to know whether life insurance proceeds paid to a named beneficiary are treated differently from other assets, and an estate attorney can confirm.

Workers at larger employers often have group coverage, but it usually ends with the job. A policy you own stays with you. Our life insurance guide explains the main types, and it is worth getting quotes from several carriers rather than the first one offered.

Wealth management in Luzerne County

Wealth management here frequently involves a family business, rental property, a practice sold to a hospital system, or an inheritance after the death of a parent. These are not the same as investing a paycheck. They involve liquidity, tax timing, and decisions that touch several family members.

A wealth manager should coordinate with your accountant and attorney, and bring one plan to the table. Ask how the advisor handles illiquid assets, whether they will meet with adult children, and what the fee covers. Some families only need a plan for a transition year, and you can hire for that alone.

Financial planners in Luzerne County

A planner puts numbers on your goals. In the Wyoming Valley that often means paying down debt, funding a child’s college degree, deciding between a smaller house or a fixer-upper, and saving while working a variable schedule such as shift work.

A family in Hazleton with two warehouse paychecks, for example, can use a planner to build an emergency fund, choose between a Roth and a traditional account, and set up a savings plan that survives a layoff. Hourly and flat-fee options keep the cost modest.

Investment advisors in Luzerne County

Investment advisors manage savings in a portfolio. They matter most when you roll over a pension lump sum, inherit money, or sell a property and want it invested sensibly. Read about investing first so you can judge what you are told.

Ask how the advisor picks investments, what the total annual cost is, and how often they rebalance. Use the SEC adviser database and FINRA BrokerCheck to confirm registration, and skip any pitch built around a single product.

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Financial advisors in Luzerne County

Expect one of three pricing styles: a percentage of managed assets, a flat or hourly fee, or commissions on products. A percentage near one percent is common for ongoing management, while planning projects may cost a fixed amount. Ask for the cost in dollars per year, and what you receive for it.

How to choose a financial advisor in Luzerne County

Choose someone who is comfortable with your situation, whether that is a pension, a small business or a modest nest egg. Ask how they are paid, whether they act as a fiduciary, and what happens if you stop working with them. Trust your reaction to the first call.

Areas we serve in Luzerne County

Advisors who serve the area work with households throughout Luzerne County by phone or video, including Wilkes-Barre, Hazleton, Kingston, Pittston, Nanticoke, Plymouth, Dallas, Swoyersville, Forty Fort and Freeland. If you live in the Back Mountain, along the river in the valley or up near Hazleton, the questions about taxes, housing and retirement are the same, only the numbers differ.

Frequently asked questions