Financial Planners in New Hampshire

What a financial planner does

A financial planner looks at your whole situation and writes down a path forward. You come in with questions such as whether you can afford to buy in Bedford, whether to pay off the car loan or fund the 401(k), or how to pay for a child’s college and still retire at 65. The planner gathers facts, builds projections and returns with a plan that has specific steps and a timetable.

The work is different from picking investments. A planner may recommend a mix of funds, but the core product is a set of decisions: how much to save, where to put it, what insurance to carry and what documents to sign. Our financial advisor guide explains how planners differ from other advisors.

The numbers behind New Hampshire budgets

According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, the median household income in New Hampshire is about $99,031, owners with a mortgage pay a median of about $2,367 a month in housing costs and the median gross rent is about $1,491. The unemployment rate is about 3.3 percent. Incomes are healthy, and housing takes a large bite.

Consider a couple in Manchester, both 38, earning $140,000 together with two young children. Their mortgage, property tax and insurance can take well over a third of gross pay, and child care adds a second large bill. A plan has to find savings in that tight space, usually by sequencing goals instead of trying to hit every one at once.

No wage tax, so where does the money go?

New Hampshire does not tax wages, and its tax on interest and dividends has been repealed. There is no general sales tax. That is real money back in your pocket compared with many states, but it is easy to spend. A planner helps by assigning the extra take-home pay a job before it disappears: part to an emergency fund, part to retirement, part to the home. Confirm current state tax rules with the Department of Revenue Administration.

Property tax belongs in the plan

In a state that relies on property tax, the yearly bill is a core planning item. It rises when the town spends more or when a revaluation lifts your assessed value, and it continues for life. A planner should build it into your retirement budget as a growing expense. Exemptions or credits for older, disabled or veteran owners exist in many towns, and the rules are local, so ask the town office.

If you are choosing between two towns, compare the full cost of living along with the sticker price of the house. A home in a town with a lower rate and a higher assessment can cost about the same as one with the opposite pattern, and school quality, commute and services differ.

Massachusetts commuters

Southern New Hampshire is full of people who drive toward Boston, Lowell or Route 128 every day. Massachusetts generally taxes wages earned for work done there, so commuters file a Massachusetts nonresident return. A planner can help with withholding, estimated tax and the question of whether a remote work arrangement changes where wages are taxed. The rules in this area have been debated, so confirm details with a tax professional.

The commute carries other costs. Gas, tolls, car wear and time all matter, and a planner can compare a Massachusetts salary with a possible New Hampshire job once taxes and travel are counted. Sometimes the difference is smaller than it looks.

Winter costs and home protection

A plan for a New Hampshire household includes the cold. Heating oil and propane prices move, roofs carry snow loads and a burst pipe or ice dam can lead to a large repair. A planner can set up a home maintenance reserve, often one to two percent of the home’s value a year, and a separate heating budget that spreads costs evenly.

Review insurance as well. Standard homeowners policies do not cover flood, and storms such as the ice storm of December 2008 showed how long power outages can last. Ask your agent about generator coverage, sewer or water backup and flood insurance if you live near a river, lake or the coast. The New Hampshire Insurance Department answers questions about coverage.

Goals planners handle most often

• Buying a first home in a market where the median home value is about $402,500.
• Paying down student loans while building retirement savings.
• Saving for college through the state’s UNIQUE plan or another 529 plan.
• Choosing how much life and disability insurance to carry.
• Planning a business launch or a move to part-time work.
• Sorting out an inheritance or a house left by a parent.

Our budgeting and saving guide is a good place to start if you have never tracked your spending.

Saving for school

The state’s 529 plan is UNIQUE College Savings. Since New Hampshire has no state income tax on wages, there is no state deduction for contributions. The benefits are tax-deferred growth and tax-free withdrawals for qualified education costs. A planner can compare UNIQUE with other states’ plans on fees and investment menus, and can decide how much to save per child. Our college savings guide explains how 529 plans work.

Not sure what to tackle first?

A planner can rank your goals and show the trade-offs. The call is free and there is no pressure.

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What happens in a planning engagement

1. Intake. You complete a questionnaire and share tax returns, pay stubs and statements.
2. Meeting. The planner asks about goals, worries and how you feel about risk.
3. Draft plan. You receive projections, recommendations and a list of actions.
4. Review. You ask questions and adjust.
5. Follow-up. Many planners check in once or twice a year and update the plan after major events.

How planners charge

There are four common models. Hourly planners bill for time, often a few hundred dollars an hour. Flat-fee planners quote a price for a plan, which can run from a few thousand dollars for a full plan to less for a narrow question. Retainer planners bill monthly or quarterly. Asset-based planners charge a share of managed money, often around one percent a year. A planner paid only by clients, with no commissions, has fewer conflicts than one who is also paid to sell products, but ask every planner how they are compensated. Request the figure in dollars for the first year.

Credentials and registration

The Certified Financial Planner mark requires coursework, an exam, experience and an ethics commitment, and other designations exist. A credential helps, but it does not replace checking the record. Search the SEC adviser database and FINRA BrokerCheck, read the Form ADV and confirm any state registration with the Bureau of Securities Regulation. If you receive insurance advice, make sure the person holds a New Hampshire insurance license.

Questions to ask before you hire

• How are you paid, and what is the total cost in my first year?
• Do you act as a fiduciary at all times, and will you put that in writing?
• Who will I speak with, and how often?
• What happens if I want to stop?
• Have you worked with people in my situation, such as a Massachusetts commuter or a small business owner?

Getting started

Gather your last tax return, recent pay stubs, loan statements, account balances, insurance policies and any wills. Write down three goals with rough dates. That page of notes will make your first meeting far more productive, and you will leave with a clearer sense of what to do next.

Sample plans from around the state

A few examples show how the same process lands differently depending on where you live. Take a couple in their early 50s in Concord, both working for state government. Their plan centers on the New Hampshire Retirement System: when each can retire, what survivor option to choose and how to bridge health coverage if one stops before Medicare. Their retirement planning steps are mostly about timing.

Now take a 34-year-old software developer in Portsmouth who rents, earns well and has $60,000 in savings. The plan asks how long to wait before buying, whether the Seacoast price tag makes sense, and how much of the stock grant to keep. A planner may suggest a bigger down payment fund first, and a target home price based on the full monthly cost including property tax and insurance.

Finally, a single mother in Berlin with a child and a job at a regional employer has little slack. Her plan focuses on a starter emergency fund, a winter heating budget, term life insurance and a simple retirement account with an employer match. Planning is not reserved for large portfolios. It matters most where the margin is thin.

Protecting the plan

Plans fail when something goes wrong and no cushion exists. Three protections matter most. The first is an emergency fund of several months of expenses, kept in cash, which should be larger if your income is seasonal or tied to a single employer. The second is insurance: life insurance if others depend on your income, disability coverage because losing your paycheck is the bigger risk for most working adults, and adequate home and auto coverage. The third is a set of estate documents: a will, a durable power of attorney and a health care directive. Our estate planning guide explains each one.

Review these every few years and after major life events. A new baby, a new house, a job change, a divorce or the death of a spouse all call for a fresh look at beneficiaries, coverage and goals.

Keeping the plan alive

A plan is only useful if you follow it. The simplest way is automation: have savings leave your paycheck on payday, set up automatic payments for debt and schedule a yearly review on the calendar. Many planners send reminders and track progress against the plan. Between meetings, watch for the things that change the numbers, such as a raise, a property reassessment from your town or a change in the cost of heating your home.

When markets fall, resist rewriting the plan in a panic. A good plan already assumed bad years and shows how much room you have. Looking at that page before you act on a headline usually helps.

Frequently asked questions