3 Reasons You Need A Financial Advisor
Many older adults grapple with challenging questions and worries about their financial future. Questions like, "How do I make my money last? How will I afford the cost of care? Once I sell my home, what do I do with the proceeds to maintain my quality of life?" become more pressing as the costs of eldercare continue to rise.
The Role of a Financial Advisor
Whether you've been diligently saving for years or are just starting to plan, a Financial Advisor can provide invaluable assistance in creating a personalized financial plan tailored to your specific needs.
Meeting the Challenges of Longevity
With life expectancy on the rise, many individuals find themselves outliving their financial resources. Chronic illness and fixed incomes present significant challenges, particularly for those aging into their 90s and beyond. Selling long-time homes to fund future needs is a common strategy, and a Financial Planner can help you navigate this process to ensure your financial security.
Planning for Future Care Needs
Even if you don't currently require care, it's crucial to plan for the possibility of needing it in the future. Medical expenses tend to increase with age, and having a comprehensive financial plan in place can provide peace of mind and security.
Leveraging Financial Opportunities
Certified Financial Planners (CFPs) offer a wide array of investment options, including life insurance chronic care riders, changes in long-term care insurance, and Medicaid qualified annuities. These professionals can help you explore these options and identify the best strategies to meet your financial goals.
Choosing the Right Financial Advisor
When selecting a CFP, consider factors such as their experience working with older adults, familiarity with retirement planning, and the proportion of older clients they serve. A customized financial plan should address your unique needs and preferences, providing reassurance that your finances will support you for years to come.
Helpful Resource:
The National Association of Personal Financial Advisors
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Our team of Certified Senior Advisors® and Certified Dementia Practitioners® has successfully assisted hundreds of families. We offer a single point of contact for all services you or your loved one might need when transitioning from longtime homes. We ensure a stress-free move that allows you to focus on the transition rather than the logistics.
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