Find a Financial Advisor in Centre County

Centre County at a glance: the numbers

From the U.S. Census Bureau, 2020 to 2024 American Community Survey, here is Centre County in figures.

On one hand, 46.2% of adults hold at least a bachelor’s degree. On the other hand, a median age of 34.2 and a big renter share show how many people are passing through. A planner here has to serve both a long-term faculty family and a graduate who will move in three years.

A university county, planned money by stage of life

Penn State shapes the economy more than any other single institution in the county. Teaching, research, administration, health care, food service, construction and hospitality all follow the academic calendar. Staff and faculty usually have employer retirement plans, tuition benefits for family members and fixed pay scales, which makes planning more predictable than in a fluctuating industry but also more standardized.

Graduate students and postdoctoral researchers often earn modest stipends and carry loans. Early-career staff may be saving for the first time. Mid-career faculty juggle mortgages near $1,869 a month, children’s college costs and rising retirement contributions. Late-career employees choose among pension options, phased retirement and when to leave. Each stage calls for different advice, and a good advisor asks which stage you are in before suggesting a product.

Student loans deserve a separate look. Public service work in the hospital or university may qualify for forgiveness programs whose rules change, so check current terms before you rely on them. Our budgeting and saving guide covers building room for loan payments and savings together.

Housing, rentals and the cost of living in Centre County

A median home value of $323,500 and median rent of $1,207 reflect strong demand from students, staff and retirees. With only 61.8% of homes owner occupied, rentals play a big role. Some local households buy a condo or house near campus, rent it to students and treat it as an investment. That can work, but it brings vacancies, repairs, turnover in August, insurance and landlord rules. Treat it as a small business with a reserve fund, not as passive income.

Others buy a home in Bellefonte, Boalsburg, Centre Hall or one of the valley towns, where lots are larger and commutes to State College are manageable. A couple in their thirties with a combined income near the county median could compare buying in State College with a longer drive and a bigger house in Penns Valley. The planner’s role is to price the full costs: taxes, commuting, heating, repairs and the time you give up.

Property taxes in Pennsylvania are tied to school districts and local governments, so rates differ across the county. Compare the whole annual bill with the price of the house.

Retirement planning in Centre County

With 15.9% of residents at 65 or older, Centre County sees retirement from two angles. Longtime residents age in place. Others move to the area to be near the university for lectures, sports and medical care. Mount Nittany Medical Center and a strong network of clinics add to the appeal.

Pennsylvania does not tax Social Security benefits, and distributions from retirement plans after retirement age are generally not taxed by the state, though federal tax still applies. Confirm current rules with the Pennsylvania Department of Revenue or a tax professional. Local earned income taxes apply to wages but not to retirement distributions.

University employees often hold 403(b) accounts with multiple providers, sometimes forgotten from earlier jobs. A first step is a list of every account, its fees and its holdings. Then decide how to turn savings into income. Our retirement planning guide covers withdrawals and timing. A sixty-two-year-old researcher with three old accounts could consolidate them and cut fees without losing choice.

Wealth management in Centre County

Wealth management serves a smaller group here: physicians and specialists, successful business owners, long-time property owners, and retirees with substantial savings. The county has a mix of landlords with several properties, owners of small firms in construction and technology, and professionals with deferred pay. They need coordination across investments, taxes and estate documents.

Family land in the valleys and on mountainsides also matters. Passing a farm, camp or woodlot to children requires an estate plan and a conversation about who will care for it. Pennsylvania has an inheritance tax whose rate depends on the heir’s relationship to the person who died, so leaving property to children, siblings or friends can have different results. Confirm current rules with an estate attorney. See our estate planning guide to learn about wills, trusts and beneficiary forms.

Financial advisors in Centre County and their pay

The term financial advisor is used by many different professionals. In a university town you may meet advisors who specialize in academic plans, or who rely on referrals from colleagues. Whoever you meet, ask how they get paid, who they report to, and what could pose a conflict of interest.

• Fee only advisors bill you directly and receive no commissions.
• Fee based advisors combine fees with commissions on some products.
• Commission advisors are paid by the product company.

For a household with a straightforward situation, a flat-fee plan may be enough. See how a fee compares with the value, and read our guide to financial advisors before signing.

Investment advisors in Centre County

Investment advisors build and manage portfolios. Faculty and staff often have plan menus with dozens of funds and several providers, which makes the choice harder than it needs to be. An investment advisor can look at your 403(b), your spouse’s plan and any IRA, then recommend one mix that fits your time frame.

Ask about fund costs. Some annuity products sold inside academic plans carry higher expenses than low-cost index funds, and the details vary by provider. An advisor should show you the total yearly cost. Our investing guide explains index funds, bonds and rebalancing. Be careful with anyone who promises results far above the market.

Financial planners in Centre County

A financial planner takes the whole household in view. For a young family in State College the plan might cover a first house, child care costs, a 529 college account and term life insurance. For an empty-nest couple it might cover downsizing, long-term care and gifts to children.

Planners are helpful for decisions that happen once: a job offer, a sabbatical, a move, or an inheritance. A planner with the CFP credential has met education and ethics standards, and you can verify it online. Ask for a sample plan so you know what you will receive.

Life insurance in Centre County

With a median age of 34.2, many Centre County households are raising young children and carrying mortgages. Term life insurance is generally the most affordable way to protect that period. A couple with two children and a mortgage could look at coverage that lasts until the youngest finishes college.

Employer coverage is common at the university and health systems, but it may be a small multiple of pay and usually ends with the job. A graduate student or postdoc on a short appointment should check what happens to benefits at the end of the contract. Our life insurance guide explains term and permanent options. Landlords who hold rental property should also ask about liability coverage in addition to life insurance.

Football weekends, rentals and seasonal income

Home football weekends fill hotels and short-term rentals, and some owners earn extra income by renting a house for a few days. Others work in restaurants and shops where the school year drives income. Seasonal and event-driven pay is harder to plan, so the solution is a cash reserve sized to the slowest month. Short-term rental income raises questions about local rules, insurance, taxes and homeowner association terms. Confirm each with the municipality and your insurer before you list a property.

Mistakes we see in Centre County

1. Leaving several old 403(b) accounts untouched after changing jobs.
2. Buying a rental near campus without a repair reserve or vacancy plan.
3. Assuming university benefits will cover every need.
4. Skipping a will because a retirement account has a beneficiary.
5. Overlooking the Pennsylvania inheritance tax when naming heirs.
6. Putting student loan payments on autopilot without checking forgiveness rules.

Pennsylvania taxes and paperwork in Centre County

Pennsylvania uses a flat state income tax on wages, and most municipalities and school districts add a local earned income tax. Some also charge a small local services tax. A household in State College and one in a valley township can see different local bills on the same salary, so check your pay stub against your address. If you work from home for an employer in another state, ask a preparer how that affects your filings.

Property taxes are mostly set by school districts, and assessments change when a county reassesses. Owners who bought a house near the median price of $323,500 should compare the yearly tax with the price of a similar house one district over. Landlords report rental income and expenses on their federal returns and may owe local taxes on it. Keep a separate account for each property.

Retirement accounts bring paperwork of their own: required withdrawals begin at an age set by federal law, and beneficiary forms override a will. Review those forms after a marriage, birth, divorce or death. All of these rules change, so confirm current rules with the Pennsylvania Department of Revenue or a tax professional.

Areas we serve in Centre County

Advisors who serve the Centre County area, by phone or video, work with households in State College, Bellefonte, Boalsburg, Lemont, Pine Grove Mills, Port Matilda, Centre Hall, Millheim, Howard, Milesburg and Philipsburg, as well as in the surrounding townships and ridge communities.

How to choose a financial advisor in Centre County

Does the advisor understand academic plans? Ask how many clients hold 403(b) accounts and how they compare providers.

How do I check credentials? Use the SEC adviser database, FINRA BrokerCheck and the CFP Board lookup.

What is a fair fee? One that you understand in dollars and can compare with at least two other quotes.

Should I choose someone in State College? Video meetings make location less important than skill and fit.

What if I am early in my career? Look for hourly planning or a flat-fee plan, which suits smaller balances.

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Frequently asked questions