People tend to have dreams of what they want to do and how they want to live after they retire. Many seniors want to be able to spend time with their loved ones, travel around the world, discover new hobbies or even move to a warm and pleasant city. The problem is that not all senior citizens are financially prepared to retire. According to a 2014 Bankrate research, around 31% of seniors do not have enough money saved for retirement.

Aging adults who wish to maintain a high quality of life with limited income need to either plan ahead or apply smart techniques. In this article, you will learn some valuable tips on financial planning in your senior years. In addition, it will present you with the best financial planners in that can assist you with your finances at this phase of life.

What Is Personal Financial Planning?

Personal financial planning is creating a strategy to maximize one’s current financial resources to accomplish their financial goals. It should take into consideration all financial aspects of a person’s life. Based on that, a financial advisor can then craft a plan that will bring them from where they financially are to where they wish to be.

When it comes to financial planning for seniors, there is a great focus on budgeting. Also, since seniors usually have less time to reinvest and recover money from unsuccessful investments, financial planning for this age group usually aims to put the savings at safe places with low volatility and good liquidity. On top of that, making sure you, as a senior, are prepared for higher health expenses is crucial to maintain your budget on the line.

Financial Planning Strategies for Your Senior Years

There are some valuable tips that can make your financial plan better and safer. This is rarely the age in which you want to take high risks and usually following a strict plan will be simpler. But we all know sometimes that is just not possible. Things change, the cost of living can increase, or you can have an unexpected incident that will mess your finances during your senior years. Don’t worry, the most probable is that something will happen and that’s why also being prepared for the unexpected changes is vital. So, these are 3 financial planning strategies for seniors that you should consider:

1. Revisit Your Budget

Now and then, you should meet with a financial advisor to reassess your budget. Ideally, this review should happen once a year. The adviser can look through your investments with you and provide recommendations for changes that could improve the plan. It can also be great to look at the plans for the upcoming year and factor them into the budget. This way, you can include things you did not predict before in the budget, such as a cruise trip you wish to do next year, or a wedding of one of your kids that will be abroad.

2. Have a Diversified Portfolio

Having a diversified portfolio brings more safety to investing at any age. However, Seniors tend to be – and should be - more averse to risk for some good reasons. First, if money is lost, there is less time to recover it. Second, your income usually drops whenever you retire, so it’s finally time to use the money you have been saving and investing for so many years. Thus, it’s only natural that taking risks in investments becomes less attractive for senior investors.

At the same time, the last thing you want is for your hard-earned money to devalue with inflation. That is why you shouldn’t completely stop investing in your senior years. What you need to do is to be wise and play it safe. And as explained, diversifying your portfolio is what will make it the safest, while still generating interest. If one type of investment goes bad, not all your money will be there, but instead, it will be distributed among many other investments that will balance your potential losses.

Nowadays there are many different types of investment, from bonds and Certificate of Deposits (CDs) to Real Estate and Stocks. You need to create a portfolio that balances the riskier with the very safe types of investments. Another very safe way to diversify your portfolio is to go for high-yielding savings accounts. Crypto-based savings accounts, such as Outlet Finance, for example, are a very safe and liquid place to have your money that will generate up to a 9% interest rate without charging any maintenance fees.

3. Purchase Good Insurance

For most people, aging means having eventual health issues that you will need to deal with. The risk of having major health problems is also higher the older you get. If you are not properly insured, this can ruin your financial plans for your senior and retirement years. You should prepare and protect yourself financially for unexpected incidents, such as short or long-term disability, higher healthcare costs, chronic or acute diseases. Don’t let lack of insurance take your financial freedom during the years you should be enjoying the earnings of all your years of work. That is not a bet you want to make as it can really ruin your finances.

Financial Advisers for Seniors

Since retirement should be the phase where you get to relax and stop worrying about work and money, many financial advisers specialize in senior financial planning. By hiring one, you will be able to focus on enjoying your retirement instead of figuring out how to manage your finances.

A financial advisor can assist you with your overall financial planning. They can give you a game plan that sets you on the path to achieving your financial goals. Financial advisors can come in many names, such as wealth managers, investment managers, financial coaches, and so on.

How to Choose a Financial Advisor for Seniors in

According to Securities and Exchange Commission regulations, any financial professional or company that provides advice to others or issues securities analysis in exchange for a fee is considered an "investment advisor". People that work under this title must register with either the SEC or their state, depending on the amount of money they handle. Other titles and types of advisors are largely unregulated, leaving it up to the investor to identify what to look for.

Unfortunately, there are a lot of scammers claiming to be financial advisors that target seniors. Due to that, this age group should be especially careful when choosing a financial advisor. Here are some key tips to make sure you pick up the right financial advisor in .

Ask for Referrals

When looking for a professional for almost any need, a referral from someone you know tends to be a good place to start. Check with friends and relatives whether they've worked with financial advisors before. Since advisers specialize in different fields, don't assume that all recommendations will fit your needs. If others recommend a financial advisor, go a bit further and ask them about their specific experience with that professional to learn more. On top of that, do a little Googling to check what their website and reviews say about them.

Titles Can Be Meaningless

Many consultants use popular titles - including the “financial adviser” itself – that aren't linked to any unique qualifications. So, don’t assume someone has specific training, credentials, or registration just because they use an official-sounding title.

Check Industry Databases

If asking for recommendations didn’t get you a good financial advisor, or you want to make sure the person you are considering hiring is qualified, check industry databases. There are some professional databases in which you can search for qualified financial planners in your area. These platforms also allow you to check financial adviser's certifications. The three main databases are:

• Certified Financial Planners (CFP)
• Financial Planning Association (FPA)
• National Association of Personal Financial Advisors (NAPFA)

Search for a Fee-Only Fiduciary

Some financial advisors owe their clients a fiduciary obligation. This means they must behave in their client's best interests rather than their own. The most recommended is to work with a licensed, registered fiduciary. In addition, it is ideal that the advisor works on a fee-only basis, meaning the professional will only be paid directly by you rather than by commissions for selling specific investments or insurance policies.

Check the Advisor’s Credentials

It's up to you to check the qualifications and experience of a financial advisor. Regardless of what title, designation, certification, or license they claim to have, the only way to make sure they have the proper qualifications is to check it yourself. Research the advisor’s background before starting to work with them.

Meet in person

This stage must be included in any search for the ideal financial advisor. Use the tips above to narrow down a few viable options (while eliminating those that aren't a good fit). Then schedule a few meetings to talk. Bring to the appointment information about your financial situation, long-term objectives, and any inquiries you might have.

Best Financial Advisors for Seniors in

Finding a competent financial adviser can be difficult, but once you do, you'll have a clearer sense of how to keep your financial health during your senior years. Spend some time researching and making sure you're hiring someone who is competent and will prioritize your needs.

To help you start your search, here are the best financial advisors for seniors in :