As we grow older, we must retire and thus lose our primary source of income. However, the expenses do not end, and in some cases seniors end up spending more than they did when they were younger. In-home care and other medical expenses can add up quickly. In order to cover these costs, it is important to create a carefully constructed financial plan and thus fulfill your post-retirement needs. This article will cover tips and suggestions to help seniors with financial planning.
Why Financial Planning?
Financial planning is an essential step in helping to ensure that you will meet the financial obligations that you will face as you age. A good, long-term financial plan will analyze your income and assets, along with your expenses and liabilities and determine a proper course of action. This plan will help you make investment decisions, prepare for the estate tax, and make other important financial decisions. During this process, it is also important to analyze financial options such as reverse mortgages to see if these are a useful fit for your situation.
What is a Senior Financial Advisor?
Senior financial advisors are financial advisors who specialize in helping retirees and pre-retirees plan for retirement. These advisors work closely with attorneys who specialize in elder law and sometimes consult with geriatric social managers. Though you can certainly plan for your retirement alone, there are numerous benefits to working with a senior financial advisor. These individuals are trained professionals who have helped others plan for retirement and have thus developed financial plans that work. A good financial advisor will help you create a solid long-term plan that puts you in a good financial position during your retirement.
How Much does a Senior Financial Advisor Cost?
Fees vary depending on who you are working with. Some senior financial advisors charge a flat fee, some charge by the hour, and others work on a commission basis. As with any other major financial decision, it is important that you ask friends, loved ones, and others that you trust for recommendations and that you compare prices between different advisors.