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Financial Planning Resources for Seniors

Financial Planning Resources for Seniors

Posted on 10/02/202303/15/2024 by Mike

Introduction – Financial Planning Resources for Seniors

I will be the first to admit that I am not a financial professional. However, knowing that it is a confusing world for many seniors, I thought putting together this post, entitled “Financial Planning Resources for Seniors”, might be of benefit to my readers. I don’t necessarily sponsor or advocate any of these financial planning resources, but have tried to provide what I consider to be reputable, well intended sources of retirement information.



Financial Planning

Finding a Financial Planner

How to Choose a Financial Advisor – Forbes

Are you in need of assistance with your financial management? If so, rest assured, you’re not alone. Many Americans stand to benefit from professional financial guidance. According to the National Financial Education Council, the average American incurs an annual cost of $1,200 due to a lack of personal finance knowledge.

Opting for a reliable financial advisor can help you steer clear of these costs and stay focused on your financial goals. Financial advisors aren’t exclusive to the wealthy; partnering with one is a smart choice for anyone looking to align their personal finances and establish long-term objectives. To discover the ideal financial advisor for your needs, consider following our five key steps, provided here by Forbes.

5 Tips to Find a Financial Planner for Seniors – ourparents.com

Due to prevalent knowledge gaps in financial matters, it is crucial to locate a trustworthy and knowledgeable financial advisor who can assist your parent in addressing their specific financial situation. This article gives you 5 key tips on how to find the right advisor for your parents.

Financial Planning Tips and Information

A Guide to Finance for Seniors – Seniorliving.org

This resource comes from SeniorLiving.org. I have found this organization to be a great resource for all things retirement.

Good money management and financial planning is essential for all ages and stages of life. As older adults, our financial needs (along with spending and saving patterns) change, to include outliving your savings, estate planning and other age-related issues. The thought of living on a fixed income can certainly be scary.

Tools for Financial Security in Later Life – Consumer Finance Protection Bureau

Use these resources provided by the Consumer Finance Protection Bureau to help older adults and their caregivers navigate some of the important decisions that can affect later-life financial security.

Money for Older Adults – National Council on Aging

As we live longer, our savings need to last longer, too. Get tips for money management, avoiding scams, and reducing debt to help make the most of your money as you age. This site provides a host of resources, covering all sorts of financial topics to maximize your chances of living well in retirement.

A Guide to Estate Planning Basics for Seniors – Seniorliving.org

To ensure your wishes and goals are followed at the end of your life, estate planning is essential. Though it can be an uncomfortable topic to discuss, communicating your wishes and establishing a plan will give you the confidence that everything will be taken care of at the end of your life. Plus, it will save your loved ones from a lot of stress.

To get you started, we’ll give you an overview of estate planning essentials, provide you with a helpful checklist and additional resources, and answer some common questions about the process.

Paying Off Debt On A Fixed Income – Debt.org

If your finances are tight due to factors such as relying on Social Security, a modest pension, or simply earning a low income that leaves little room for maneuvering, there are potential avenues for assistance. This website offers several strategies to explore for managing debt while dealing with limited income.



Living Well in Retirement

Aging Well in America – National Council on Aging

We believe every person deserves to age well. That’s why we’re on a path to improve the lives of 40 million older adults by 2030. Learn about the work we do, the people we serve, and why equitable aging matters now more than ever. This website is menu driven, so you will have to navigate around to find what you need. At this main link, clink on the link at the top labeled Older Adults. There is then a drop-down menu that includes the following choices:

  • Find Content (search engine)
  • COVID 19
  • Health
  • Medicare
  • Money
  • Work and Retirement

State Resources for Seniors

Every state has an Aging Services Division dedicated to providing frail seniors with home and community-based services, so that they can continue living in their own homes, instead of having to enter a nursing home.

A wide range of state assistance programs are generally available to eligible seniors, including home health aides and skilled nursing care, home-delivered meals, help with household chores, transportation to shopping and medical appointments, as well as counseling, advocacy and legal aid.

In addition to these programs that help senior citizens directly, many states also offer caregiver assistance programs that provide family caregivers with information, counseling, and respite services.

Housing Alternatives for Seniors

7 Housing Options for Seniors – U.S. News

Today’s housing options for seniors run the gamut, from at-home living arrangements to new communities that offer a full range of amenities and support services.

“If your idea of senior living is a nursing home with linoleum floors and hallways lined with wheelchairs, think again,” says Sue Johansen, executive vice president of community network for A Place for Mom, a website that helps families find and evaluate senior living options in their area.

Older Americans should begin planning early for where they want to live in their later years. “What happens is you wait too long and then you don’t have any choices,” says Lindsay Hutter, chief strategy and marketing officer for Goodwin Living, a faith-based, not-for-profit in northern Virginia that operates several senior communities and offers home health care services.

Don’t wait until an emergency situation means you need to find care quickly. Instead, take time now to consider which of these housing alternatives for seniors may be right for you.

Senior Housing Options & Retirement Guide – Seniorliving.org

If you’re an older adult looking to downsize or find a different home, you have lots of options. It’s just one of the many perks of our golden years! First, on your 50th birthday, a small percentage of resort-style retirement communities start competing for your housing dollars. Then, when you reach ages 55, 62, and 65, you become eligible for retirement communities with more traditional age restrictions, as well as senior long-term care facilities. In this guide, we’ll take a look at all of your senior housing options, from retirement communities to long-term care facilities. I think this looks like a great resource to ensure you are living well in retirement.

Low-Income And Affordable Housing Options For Seniors – Forbes Magazine

Increased demand for housing, higher construction costs and an ongoing shortage of building supplies have made housing prices soar. In addition, there is a scarcity of safe and accessible housing communities that are appropriately designed to serve the needs of the older adult population. Hence, rental prices are on the rise.

Meanwhile, the number of low-income adults age 65 and over is also on the rise. More than 15 million older adults are “economically insecure,” meaning they live at or below 200% of the federal poverty level ($27,180 per year for a single person in 2022), according to the National Council on Aging.

“There is affordable housing out there, but it’s few and far between, and it’s not necessarily ideal for a lot of people,” says Ted Gottlieb, a realtor and founder of The Senior Learning Institute in St. Louis.

Below you will find helpful information on low-income and affordable housing options for older adults, as well as subsidies that can make rent more affordable.

A Complete Guide to Financial Planning for Senior Living – Cedarhurst Senior Living

This guide, admittedly from a senior housing provider, gives seniors a look at the financial considerations when looking at senior living resources or alternatives.

A Complete Guide to Financial Planning for Senior Living – US News

The second guide, from US News, looks more specifically and how to fund assisted living if you or a loved one might be considering this housing option.

Perks and Discounts for Senior Citizens

The Financial Perks of Growing Older – U.S. News

Aging has its benefits: As the years pass, you gain more wisdom and perspective on life. In addition, you have access to more financial benefits. From discounts to deals and deductions, there are many ways to make your funds go further as you age.

Here’s how getting older can save you money:

  • Senior discounts.
  • Travel deals.
  • Tax deductions for seniors.
  • Bigger retirement account limits.
  • No more early withdrawal penalty.
  • Social Security payments.
  • Affordable health insurance.
  • Senior services.
  • Free college.

Senior Discounts and Savings – Seniorliving.org

This is a comprehensive list of discounts available to seniors, including links to many of the senior discount programs.



Preventing Scam and Fraud

Money Smart for Older Adults – US Federal Deposit Insurance Corporation

The Money Smart for Older Adults Program from the US Federal Deposit Insurance Corporation, raises awareness among older adults and their caregivers on how to prevent fraud, scams, and other elder financial exploitation. The curriculum encourages advanced planning and informed financial decision-making. Money Smart for Older Adults was developed jointly by the Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB).

Working with Older Adults – Consumer Finance Protection Bureau

The Consumer Financial Protection Bureau has gathered resources to help you, whether you serve older adults or family members managing the finances of a loved one.

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