Financial literacy is just as important as one enters their senior years as it was when they first became an adult. Unfortunately, in the United States, financial literacy is not a commonly mastered competency in individuals of any age.

When the transition into the next phase of life occurs, many find themselves living on a fixed income. While this provides a certain level of security, spending habits, inflation, and even investing for the future can positively or negatively impact the quality of life for a senior.

The solution to any financial obstacle you as a senior or one that is under your care is to hire a financial advisor; however, not just any financial advisor will do. When searching for one, you want to identify if they have experience in financial planning for seniors.

Where To Find Senior Financial Advisors

Searching for the right financial advisor for you or a family member can seem like an endless process. The Internet has almost too many options; what sets one apart from the other when it comes to financial planning for seniors?

Asking for referrals is always favorable, as these are direct references from trusted sources rather than an arbitrary Google search. Outside of family and friend referrals, you can also resort to groups on social media, especially LinkedIn. While digital, this is still word-of-mouth in some respects, and LinkedIn plays host to verified industry professionals.

If you do plan to search using the Internet outside of direct referrals and social media, using resources specific to finding a senior financial advisor saves you time, both in the preliminary planning stages and when hiring your chosen advisor. Direct your search to the Certified Financial Planners (CFP) and the Financial Planning Association (FPA).

What To Have Them Handle

Remember: a financial advisor works for you, no matter your age. Part of their job is to both help you plan for the future, and help you learn why. Understanding what your goals are, especially as a senior, paints a perfect picture for a quality senior financial advisor.

A financial advisor that specializes in senior financial literacy and planning should be well-versed in retirement advising, asset management, and estate planning. In addition to those keywords, make certain that your senior financial advisor is a fiduciary. This requires them by law to act in their client’s best interests.

If at any point the financial advisor is not meeting your needs, move on. You are in no way indebted to any specific advisor, especially if over the course of your working relationship they seem to be diverting from your best interests.

Dynamic Senior Care

Safe Harbor Elder Care
has a key mission: help a senior and their family plan ahead before a problem arises. In addition to being a professional fiduciary, Safe Harbor Elder Care and their team help families navigate everything from long-term care to specific healthcare choices and more.

Visit SafeHarborElderCare.org for more information on what they can do for you and your loved ones.