2016 is now behind us and many a seniors are looking at their financial plans to see how they can do better this year.
This is especially true for seniors, who have already retired or are planning on retiring soon.
When you don’t have regular paychecks to rely on anymore, making and sticking to a solid financial plan is vital. But even the best of us can slip up now and then. What better time to reevaluate your retirement finances than at the beginning of a new year?
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The end of one year and the beginning of another is a time of reflection and change - a time when we consider what we’ve accomplished in the past year, and set goals for the one to come.
This is as true in a financial advisor’s office as it is anywhere else. After all, the most popular New Year’s resolutions of any given year always have to do with either losing weight or improving financial security. And while you probably can’t help your clients too much with that first goal, you have a lot to offer when it comes to the second one. (more…)
How are you going to make 2017 an even better year for you and your practice than 2016 was? Are you going to expand your client services? Educate yourself about a new financial area? Work harder at bringing in clients of multiple generations?
There’s no better way to lay out your plans for the year than by making a good, old-fashioned New Year’s resolution. Here are a few for 2017 that you might want to consider. (more…)
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…)
