Trust is a vital element of any business relationship, but in financial advising, it’s absolutely essential. Your clients are giving you influence over one of the most important parts of their lives: their finances.
The stakes are high. As we all know, following bad or unscrupulous financial advice can lead to ruin, and clients are acutely aware of this - especially having witnessed the fallout of the Great Recession. (more…)
If you’re not prepared, paying for long-term care can be one of the most stressful financial burdens many adults face in their golden years. With costs running into the tens of thousands of dollars per year, and only increasing, long-term care requires thoughtful financial planning.
Thankfully, there are several options for paying these costs, as we outlined in our post “3 Ways to Cover the Costs of Long-Term Care.” Here are 3 more ways to cover the costs of long-term care.
Even those of us who’ve been making financial decisions for decades can stand a little help now and then. This is especially true as we near retirement, when financial discipline becomes more important than ever - even if we’ve saved all the money we think we’ll need. (more…)
We’ve all seen the popular stereotype portrayed of the older generation – the cranky, misanthropic old man – but we’re will to bet there are very few people who actually want to become that person as they age.
Who wants to spend their golden years grumbling about minor inconveniences and being rude to everyone who walks by? (more…)
When you’re reviewing your client’s assets, what do you take into account? Their house, certainly. Investment and bank accounts. Valuables, like art or jewelry.
But are you including their life insurance policy? You should be.
Although many people, both consumers and those in the financial world, aren’t aware of this fact, a life insurance policy is an asset just like a house or a savings account. As an asset, it can be bought and sold as a life settlement - which can, in certain cases, offer a huge benefit to your senior clients. (more…)
One of the many perks of retirement is the chance to spend more time with family. Some retirees even decide to move in order to be closer to children and grandchildren, downsizing their home along the way.
While there’s nothing like the pleasure of being able to watch your grandchildren grow up, retired grandparents may find that their families are eager to take advantage of all the freedom you have now. To prevent any familial rifts or resentments from creeping in, it’s important to make sure that you’re balancing your family’s needs with your own. After all, you’ve spent decades working toward retirement - you should be able to enjoy it on your own terms. (more…)
As we age, certain things begin to change. Our muscles aren’t as strong as they used to be. Bedtime seems to come earlier than it used to. Forgetfulness can start to creep in.
Luckily, there are all kinds of things that we can do to keep our minds and bodies healthy. The body is a relatively easy one - enough rest and regular exercise will do the trick.
When it comes to the mind, however, it’s a bit more complicated, especially when you don’t have the daily mental stimulation that a job provides. Here are 5 ways to keep your mind sharp throughout retirement. (more…)
As a financial advisor, you have a responsibility to protect your clients’ best interests. Given the nature of your work, you’re entrusted with privileged information - and not just of the financial type. If you work with a client for a long time, you learn things about their family situation, their career, their health, even their doubts and values.
This can be especially true with senior clients. As individuals who are closer to the end of life, they have lots of particular issues to consider: retirement, healthcare planning, life settlements, long-term care, and estate planning, among others.
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No matter how much you’ve been able to save for retirement, there comes a point for many retirees when they begin to worry about having enough money to last them. Not having a paycheck, or even the prospect of a paycheck, can produce major feelings of anxiety - even if you thought you were fully prepared for that reality.
The good news is that retirement doesn’t have to be as expensive as you may think it does. With a few changes, you can easily live the lifestyle you love without depleting your retirement account.
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Choosing an assisted living facility, whether it’s for you or for a family member, is a major decision - perhaps one of the biggest decisions we have to make as we get older. Finding the right one means that you’ll not only receive the help and healthcare that you need, but that your transition into your new home will be easier, too.
While the right assisted living home is ultimately the one you feel most comfortable in, there are certain things you need to pay attention to at each facility you visit.
