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3 Reasons You Need a Financial Advisor

Many older adults are faced with difficult questions and concern such as, “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?” With the costs of eldercare rising, many are left wondering how they will afford to cover their expenses both short and long term.

Whether you have been saving for a lifetime or just getting started, a Financial Advisor can help you make a plan based on your individual needs.

  1. We are living longer, and we are outliving our money. Funding elder care is one of the largest concerns we face, not only individually, but as a nation. Chronic illness and fixed incomes have posed a challenge for many who are aging well into their 90s and beyond.
  2. We are selling our long-time homes and need equity to support our future needs. A Financial Planner will provide you with a solution to best meet your needs and fund future care needs and living accommodations. 
  3. We don’t have care needs now, but what happens when we need care? How will we pay for it? This is one of the most pressing concerns for older adults living off a fixed income who are faced with the increased medical expenses that come with aging. A Financial Planner will help prepare you for future expenses and scenarios, giving you peace of mind. 

Due to the fact that CFPs (Certified Financial Planners) offer solutions through a wide variety of investment options (life insurance chronic care riders, changes in long term care insurance, Medicaid qualified annuities), there may be more financial opportunity and options than you think.

When choosing a CFP, 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?

CFPs should create a customized plan to help you reach your goals providing peace of mind that your money will serve you for years to come.

Be sure to ask the financial planner if services are fee-based or commission-based.

Helpful Resources:
The National Association of Personal Financial Advisors

Feel like you need additional guidance or individualized support?

Our team of Certified Senior Advisors® and Certified Dementia Practitioners® has helped hundreds of older adults and their families. For more information or to schedule a free consultation, call 617-227-1600 or email info@dovetailcompanies.com.

Dovetail Companies provides one point of contact for all services seniors may need when transitioning from their longtime home, minimizing stress and providing peace of mind to focus on the transition rather than the logistics. Dovetail Companies is the parent company to three subsidiary companies; Dovetail Support Services, Dovetail Financial and Dovetail Real Estate Group. For more information, visit www.dovetailcompanies.com or call 617-227-1600.