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Senior Financial Planners

Senior financial planners are much like any other professional planners, but they tend to specialize in dealing with the financial situations, needs and services that are unique to senior citizens. It's never too late to seek advice on and develop a strategy of money management. The older you get the more important it becomes to handle your money wisely and senior financial planners can be of invaluable assistance in helping to ensure that your future is secure.

Senior Financial Considerations

Whether you are still employed or have recently retired there are certain considerations that people in your age group must address. If you are still working, how long should you continue? What's the impact on your Social Security benefits of retiring at age 62 as opposed to age 65 or 72? You'll need to decide if you should continue to contribute to a traditional or Roth IRA and when to start drawing on your 401k.

There may be certain tax advantages to using your college degree in a volunteer position with a not-for-profit organization. You also need to think about health insurance. You may find that continuing to work to continue participation in an employer health plan, even for a few years, will have a long term impact on your future financial resources.

At this age your parenthood role is much different and you may not need a house that is large enough for you and your children. If your mortgage is paid off you may consider selling your present house and buying a home that is smaller and easier to manage. Such a move may free up some of the money invested in your house for other more pressing needs. It can also give you an opportunity to consider other geographic areas in which to live, maybe one with a climate that is more to your liking.

This is also the time of life when you need to address the possible future need for assisted living accommodations or long term medical care. Any one of these issues may seem confusing and complex. When you look at them all together it can be overwhelming. But you don't have to make these important decisions on your own.

Finding Senior Planners

The common wisdom is that you should interview at least three senior financial planners before deciding on who you are going to work with. You'll want to be sure that registered financial planners you consider have experience with people in similar circumstances to your own, both in terms of stage of life and available resources.

Ask to see some of the planners they've developed for other people. They should be expert not only in investment planning but also in developing retirement planners. Their expertise in financial planning needs to include a specialty in dealing with senior citizens and helping them maximize their money.

State and federal government agencies have very few regulations concerning senior financial planners. So it's important that check out the education and credentials of the advisers you consider. There are several professional organizations that have strict rules of conduct and standards that members must meet, so it's a good idea to consider those firms and individuals who have active memberships in these associations.

Websites such as this one can be a great way to begin to your search for senior financial planners. Many employers, community centers and churches offer free seminars and these can help you understand some of the services you'll want to look for as well as provide you with a list of senior financial planners in your area. Recommendations from trusted family and friends can also be helpful in locating senior financial planners.

Advantages of Senior Planners

Many people do little planning for their financial future. They often have a vague sense of what they'd like to do once they've retired, but aren't quite sure of how to make it happen. Senior financial planners will spend time assessing your current situation, your goals and then will put together planners to help you get as close to your goals as possible. These professionals will walk you through every step of the process and keep you updated on how your plan is progressing.

Your adviser works in this world on a daily basis and is familiar with all of the latest financial strategies, services and products. They'll help ensure that you're taking advantage of all appropriate tax laws. And they also understand the situations and concerns that are unique to senior citizens.

Working with senior financial planners can be a very rewarding experience, both financially and personally. These are usually individuals who sincerely care for the people they work with and do their best to earn and keep the trust of their clients while helping them ensure that they maximize their money long into the future.

This website provides information related to the subjects covered. Before making any financial or legal decisions, a professional should be consulted.