The Benefits Of Working With A Certified Financial Planner (CFP)
With the cost of eldercare rising, many are left wondering how they will afford to cover their expenses both short and long term. They ask themselves – 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?
We are living longer and we are outliving our money. Funding elder care is one of the largest concerns we face, individually and as a nation. Chronic illness and fixed incomes have posed a challenge for many who are aging well into their 90s and beyond.
How Certified Financial Planners Help
Certified Financial Planners offer a solution. With creative investment options increasing every day (life insurance chronic care riders, changes in long term care insurance, Medicaid qualified annuities) there may be more to our financial opportunity and options than you think.
Like any professional you choose to engage for services, it’s important to find the right person to fit your needs and personality. Does your CFP have experience working with older adults and their unique needs? Are they familiar with retirement planning? What percentage of their clients are over 62? Are they taking the time to listen to your needs and wants?
Key Considerations
- Choosing the Right CFP: It's crucial to select a planner experienced with the elderly, knowledgeable in retirement planning, and attuned to your personal financial needs and goals.
- Tailored Financial Planning: CFPs should collaborate closely with your Certified Senior Advisor to craft a strategic plan that ensures your finances sustain you for years.
- Understanding Fee Structures: Determine if your financial planner works on a fee-based or commission-based model to align with your financial scenario.
With thoughtful planning and the right financial advisor, navigating the cost of eldercare becomes more manageable, securing your financial future against the challenges of aging. Engaging with a skilled CFP can help you explore all available options to protect and extend your financial resources.
Feel like you need additional guidance or individualized support?
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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