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Finding a Retirement Financial Advisor

Don't wait till it is too late.

Retirement financial advisors should consider these major topics in their relationship building approach for clients. These are some “pain points” that a retiree might face.

  • Running out of money before I die

  • Unforeseen tax obligations

  • Afford to age in place in their home (also senior living community)

  • Fear of end of life in a nursing home

  • Giving up a regular income

  • Leaving money for my family

“The average 65-year-old today will live another 20 years. While this new-found longevity is a bonus, it also poses challenges when it comes to affording a longer life and staying healthy and independent as long as possible. We know that millions of older adults are financially insecure, or at risk of becoming so in the future”

National Council on Aging President and CEO Jim Firman

A Nationwide Retirement Institute survey conducted by Harris Poll found only 45% of future retirees are planning on talking about health care costs with a financial advisor, which is less than those wanting to talk about taxes (59%) and retirement costs (58%). In addition, two-thirds of future retirees wish they understood Medicare coverage better.

“For half of Americans currently in retirement, Social Security is the main source of income and has kept many people out of dire poverty.”

Jeff Sommer writes Strategies for the New York Times on markets, finance and the economy.

Some Facts:

  • Almost 80% of the aging populations are hoping to stay in their homes for the rest of their lives. Aging in place is one of the biggest trends in senior living because people are living longer

  • Institute on Aging facts about U.S. aging population

  • CCRC Senior Living Communities cost between $5,000 to $10,000 per month

  • Out of pocket End-of-Life Cost considerations to maintain transfer of wealth

A Typical Scenario of a Woman in Her 50s with over $500,000 in assets

“I’ve lived in my home for 26 years. I’ve invested a lot in it. I love my neighborhood. I’m attached to it. But I’m clear on one thing: No amount of modifications or remodeling would make it livable if my health and mobility were to head south. Thus, I’m already working on my future plan: To sell within the next five to seven years and move to a one-floor, open floor plan, low maintenance residence. Whether it’s a one-floor house, an apartment or a condominium, my next home will have the features I’ll need to live safely and happily during the next decades of my life, come what may.”

What should she ask and learn about from a professional financial advisor? Have I:

  • Estimated the financial resources needed to retire and age in place?

  • Begun to assess how your home could be altered for your future living needs?

  • Contacted a senior living design or remodeling professional?

  • Taken stock of all the stuff that you could sell or give to your kids?

  • Explored alternative housing options? If over 50, it’s not too early to begin this process.

  • Figured end of life options transfer of wealth to the family.

​Go to the Certified Financial Planner Board of Standards website to learn more about what to know before selecting a financial planner.

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