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Financial Services for Seniors
from: Pat MoauroRetirement Planning Requires Comprehensive Financial Review
As seniors approach retirement age they need to make a myriad of financial decisions. Those with retirement accounts need to determine how to access the funds so the savings will last for the rest of their lifetime. Others may be wondering about the financial implications of early retirement. Health issues may have increased and eaten more of the family budget, but empty nesters generally will have fewer household needs.
Some may decide to downsize their home or move to a retirement-friendly state or community. Others will try to maintain part-time employment in a field they enjoy. All these decisions require careful financial foresight and planning before one actually takes the plunge and retires. A review of the financial services for seniors is a must for those wanting to retire with some degree of comfort or security.
Retirement Planning
Many financial planners and employers offer free consultations or retirement information and financial services for seniors. Take advantage while you are still employed to learn the ins and outs of 401Ks, pensions, IRAs, and other retirement wealth vehicles. Begin to take stock of what you expect to receive from Social Security and any amounts from other sources. Determine your current budget and assume it will be 20% to 30% less after retirement.
Health Issues
The government has many social services available to seniors in the form of Medicare and Medicaid. The eligibility requirements can change with legislation, but typically one must be 65 years of age to receive benefits from either program. Medicaid is need based and so even though one is 65 years of age, one might not be eligible. Medicare can come with monthly premiums, so it would need to be included in a retiree's expenses once they retire. As well, you'll need to include other long-term health care plans in your financial planning so that you don't outlive your financial resources.
Reallocation of Assets
A financial planner can review your retirement plans. You may be planning to move to a different state, downsizing your home, or starting a new business. Today's seniors are generally highly active, and with such activity come expenses. Any business offering financial services for seniors will want to gauge their clients' lifestyle needs and aim to gear a financial plan to those needs. All assets, including cash bank accounts, real estate, stocks and bonds, can be reviewed and recommendations given on whether to keep them as they are or to reallocate them into investments carrying less risk but with a good rate of return.
We have only touched upon three of the major financial services for seniors, but there are many more services that should be taken into account. Legal obligations or protection may need to be included. Estate planning in the event of heirs and tax considerations is also important. Finding a business that offers sound financial services for seniors can lay a good foundation for many secure and fruitful years of retirement.
Lutheran Senior Services News
New senior pastor at Family of Christ Lutheran Church
A new senior pastor at Family of Christ Lutheran Church in Ham Lake will be installed during Sunday, Aug. 1 services...
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Wednesday, July 28, 2010 Free Vision Care Services Offered in Tarpon Springs The Shepherd Center, 101 W Court St., Tarpon Springs, is now able to offer free vision care services to those in need through the generous donation of Dr. Ed Huggett, who has provided and set up at all the equipment needed to perform a complete eye exam. The doctor has also been on the staff at St. Luke's Cataract ...
Read more...In & Around Roxbury Township
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A list of things to do this weekend.
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Read more...Bring your experience to the Senior Companion Program
Center for Independent Living of NE Minnesota coordinates this service with LSS in Duluth. The seniors served are referrals from social services, MSHO coordinators, family, friends, other agencies, and themselves.
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