Financial Planning for Senior Citizens

No one needs the right kind of financial planning as much as senior citizens do. No other group of persons is at such a high risk of financial destruction as a result of poor financial planning.

Fortunately, senior citizens can access many resources to help them plan for their future. Turn your local bank for financial advice. Many banks will suggest financial advisors who will go over your financial records, help identify your long-term goals, and suggest investments to help reach those goals.

If you can’t find financial advisers at your bank, get in touch with the American Association of Retired People. Free financial advice is available to members of the group, and you’re more likely to protect yourself from fraudsters who prey on senior citizens.

Elder financial fraud is something that all seniors must look out for. Unfortunately, there are far too many financial advisors out there calling themselves “senior specialist financial advisors,” “certified senior specialists” or “retired income specialists.” The Consumer Financial Protection Bureau says that many financial advisors are now using these senior-specific designations to suggest to clients that they have specific expertise in helping senior citizens. That may be far from the truth, and seniors must protect themselves from such predators.

Choose a financial advisor who’s competent, professional, and experienced. Some designations inspire a measure of trust. For instance, the Certified Financial Planner designation is accepted across the industry as a mark of professional education and high ethics. Your advisor should also be able to work with you and your family members to take care of your long-term needs. He must be specifically concerned about the unique financial needs you have at your age, especially medical and care needs, and must identify ways to address these. You can also consult with the Financial Planning Association and go through their database of Certified Financial Planners to find an advisor near you.

Finding the right kind of helpful, loving care is crucial for senior health and safety. Call us to discuss how our senior homes care services can help you continue to stay independent, while assisting you with daily tasks and other activities.

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