Find a Financial Advisor in El Paso County

El Paso County at a glance

Pikes Peak rises over the west side of this county, and beneath it sits the second-largest city in Colorado, Colorado Springs. El Paso County, Colorado is a military county as much as a mountain one. Fort Carson, Peterson Space Force Base, Schriever Space Force Base, Cheyenne Mountain Space Force Station and the United States Air Force Academy are all located here or nearby. This page is about the Colorado county. It is not El Paso County, Texas, which is a separate place with different taxes and markets.

According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, the county had about 742,999 residents and a median age of 35.1. Median household income is $90,363, per capita income is $46,133 and the median home value is $461,000. The median gross rent is $1,696 a month and the median owner cost with a mortgage is $2,145. About 66.2 percent of households own their home, 14.0 percent of residents are 65 or older, and 41.9 percent of adults hold a bachelor’s degree or higher. The survey unemployment rate was 5.4 percent.

The mix points to a county of working families, service members and a large retired community, with housing that has become expensive.

Military pay, benefits and transition planning

More than most counties, El Paso County has households whose finances revolve around military service. An active-duty family might move every two to four years, hold a Thrift Savings Plan account, receive housing allowances and use tax-free pay while deployed. A retiree might collect a pension, VA disability compensation and a second career salary.

Several planning topics come up again and again:

• Thrift Savings Plan. Service members choose between traditional and Roth contributions, and fund choices matter. Rules change, so confirm current terms with the TSP.
• Military retirement pay. Pensions follow either legacy or blended retirement rules depending on when someone joined. A planner can compare lump sum and monthly options where they are offered.
• Survivor Benefit Plan. Choosing coverage involves a monthly cost, tax effects and a comparison with life insurance.
• VA disability. Compensation interacts with retirement pay in ways that depend on the rating and the service history.
• Transition. Leaving service means new health coverage, a new job search and decisions about moving or staying in Colorado Springs.

Spouses also face challenges, including career gaps from frequent moves. Our financial advisors guide explains how to find help that suits a military household.

Financial advisors in El Paso County

A financial advisor helps you decide what to do with money you earn, save and own. The title covers fee-only planners, investment managers paid on assets, insurance agents and brokers at big firms. The right pick depends on the work.

Advisors who serve the El Paso County area work by phone or video. That is useful for a family reassigned to another state, since the relationship can continue. It also helps families in Monument, Falcon or Fountain who do not want to drive into central Colorado Springs.

Some real situations:

• A staff sergeant at Fort Carson and his wife want to buy a home with a VA loan and need to understand how long they will stay.
• A retired Air Force officer in Colorado Springs wants to blend a pension with consulting income.
• A couple in Monument, both 58, are working out how to cover health insurance until Medicare.
• A nurse in Fountain with young children is deciding how much life insurance is enough.

How to choose a financial advisor in El Paso County

Look for fit before fees, then compare fees.

1. Put your main question into one sentence and ask whether the person sees it often.
2. Ask how they are paid and request a single yearly cost figure.
3. Ask for written confirmation of whether they act as a fiduciary. Be cautious of anyone who uses military or veteran status to sell expensive products. Predatory sales aimed at service members are a known issue.
4. Check the SEC adviser database and FINRA BrokerCheck. Colorado also registers advisors through the state Division of Securities.
5. Interview two or three and choose the one who gives plain answers.

Wealth management in El Paso County

Wealth management combines investing, tax planning, insurance and estate planning in one plan. It suits households with larger balances or complicated income. In this county, that often means defense contractors and executives, senior officers who retire with pensions and savings, business owners in Colorado Springs and Monument, and families with property in the foothills. Ask about account minimums early, and ask whether the firm understands federal pay, security clearances and contractor compensation.

Financial planners in El Paso County

A financial planner builds a written plan covering budget, debt, saving, insurance, investing, taxes and estate documents. Some planners hold the CFP designation, which requires education, an exam, experience and ethics standards; others do not, so ask.

Families here often ask:

• How do we keep saving through frequent moves and a spouse’s interrupted career?
• How much home can we afford when prices outpace pay?
• How do we save for college? Colorado offers the CollegeInvest 529 plans, and our college savings guide explains the basics.
• What should we do with a bonus or a reenlistment payment?

Colorado taxes

Colorado taxes income at a flat rate. Residents who are older may qualify for a subtraction on retirement income, including pensions, and the amount depends on age, so confirm current rules with the Colorado Department of Revenue or a tax professional. Military retirement pay has received specific treatment in Colorado tax law, and the details have changed, so verify the current rule. Colorado has no state estate or inheritance tax.

Property tax is lower than in many states, but valuations have risen sharply. Colorado has offered a homestead exemption for qualifying seniors and some disabled veterans, which can reduce taxable value. These benefits require an application, so ask your county assessor about current rules. See our guide to estate planning for the basics of wills and trusts.

Retirement planning in El Paso County

Colorado Springs attracts retirees from the military and from elsewhere who like sunshine, mountains and nearby medical care. A retirement plan for this county often includes military or federal pensions, Social Security, a Thrift Savings Plan and savings. Because many retirees also work part time, planners look at how earnings affect taxes and benefits.

Key questions: when to claim Social Security, how to handle required distributions, how to use TRICARE for Life with Medicare, and whether to remain at altitude. Colorado Springs sits around 6,000 feet, and some older adults find altitude hard on health, so it affects where people settle. Our retirement planning guide covers the basics.

Life insurance in El Paso County

Service members have Servicemembers Group Life Insurance, and veterans can convert or buy coverage afterward. Civilians rely on employer plans or individual policies. For many families the coverage is below what is needed. A common approach is to buy term insurance for the years when children and a mortgage depend on your income. A parent who stays home still deserves coverage. Our life insurance guide explains how to size a policy.

When leaving the military, check how long you have to convert group coverage, since deadlines apply.

Investment advisors in El Paso County

Investment advisors oversee or recommend the holdings in your accounts. Pricing comes as a share of assets, a set yearly retainer or an hourly charge, and fund expenses sit on top. Ask for one combined yearly number. A household with a TSP, an IRA and a spouse’s workplace plan should ask how the advisor would treat them as a single portfolio. Our investing guide can help you prepare questions.

Wildfire, hail and insurance

El Paso County has seen serious wildfires, including the Waldo Canyon fire in 2012 and the Black Forest fire in 2013, which destroyed hundreds of homes. Homes at the edge of forest and foothills, in places such as Black Forest, Monument and the west side of Colorado Springs, face the highest risk. Hail is also common along the Front Range and can cause heavy roof damage. Insurers have raised prices and in some cases reduced coverage.

What to do:

• Read your policy for the roof deductible and wildfire coverage.
• Create defensible space around your home and ask your insurer whether it reduces cost.
• Keep a home inventory.
• Hold cash for the deductible.
• Review flood coverage if you live near a burn scar or a creek.

Housing and the cost of living

A median home value of $461,000 and a median rent of $1,696 mean housing is the main cost for most families. Military households often receive a housing allowance, which may not keep up with rising rents and prices. VA loans allow purchases with little or no down payment, but the monthly payment still has to fit your budget. Compare a house in Fountain, Falcon or Monument with the commute to base or downtown.

Before you buy, consider how long you will be stationed here. If you may move in two years, selling costs can erase any gain. Renting out the house later brings tax and management issues.

Defense, aerospace and the local economy

Beyond the bases, Colorado Springs has defense contractors, aerospace firms, health care, higher education and tourism. The Air Force Academy, the University of Colorado Colorado Springs and Colorado College add jobs. Many roles require security clearances, and many contractor employees move between employers. Contractor benefits may differ from federal ones, so review retirement plan matches and vesting rules when changing jobs.

Areas we serve in El Paso County

Advisors who serve El Paso County work with households in Colorado Springs and Fountain, along with Monument, Falcon, Manitou Springs, Security-Widefield, Peyton, Black Forest, Calhan and Palmer Lake. Whether you live near a base or deep in the foothills, an advisor can meet you by phone or video.

Ready for a plan that moves with you?

Whether you are mid-career, near a transition date or already retired, one conversation clears up who can help and at what price.

Request a free call →

What to bring to a first call

Pull together a Leave and Earnings Statement or recent pay stubs, the latest TSP and IRA balances, last year’s tax return, any loan balances, and papers on pension or VA awards. Note your expected move or separation date. The spouse who pays the bills should join the call.

Frequently asked questions