Financial Planning for the Aging

Evaluating the long-term adequacy of your present financial situation to meet your needs and objectives as you continue to age is crucial in developing a financial plan. The assessment should be performed by you and your family or by you and a trusted senior financial advisor, in order to realistically evaluate your options for that time when you can no longer adequately care for yourself, given your future available resources.

It is necessary to develop a financial long-term plan, including who will be responsible, in order to ensure that your income, expenses, assets and liabilities are managed effectively and according to your plan. In addition to finding more suitable care options, the goals of any plan should address how your investment portfolio decisions are determined, the burden of estate tax planning, and the over-all long-term financial benefit of the your assets and resources. In particular, the assessment should determine the benefit and risks associated with getting money out of your home through reverse mortgages and cash from life insurance policies.

Senior financial advisors are professionals dedicated to achieving financial security for their client's retirement and work closely with elder law attorneys and geriatric social mangers. Their responsibilities often overlap.

The advantages of hiring a senior financial advisor are to determine the best long-term plan for you and maximize your financial strength through developing a suitable investment portfolio.

Their fees vary widely as there are different methods of payment required by the consultant. Some charge by the hour, others may charge a flat fee, and many also receive commissions or percentages. Whatever fee plan is arranged with your financial advisor, it is important to ask for the arrangement in writing. Ask your bank for help referring you to financial advisors they know.

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