Financial Planners Are Key to Retirement Success, Regardless of Age

BOSTON, Jan. 13, 2011 /PRNewswire/ -- With the baby boomer generation nearing retirement age, independent financial planners are in high demand. These advisors are much like other professionals in the field; however, they generally specialize in the fiscal situations, needs and services that are unique to senior citizens. More often, people are nearing retirement age without the proper savings. Senior financial planners insist that is it never too late to seek advice to develop a strategy of money management.

The older people get, the more important it is to handle financial planning. This is because the working years are dwindling along with the time to save for retirement. Senior financial planners can help sort out the best ways to retire comfortably. When talking to a planner, there are many items to address. If the client is still working, how much longer should they do so? How will the impact of certain benefits, such as Social Security, change when retiring at different ages? When should contributions be made to a traditional or Roth IRA and when should 401k withdrawals begin?

Parents' roles change as they and their children age. They can consider their life insurance plans and their home. As children get older and become self-sufficient, life insurance policies can be scaled back. A large house also can be downsized. If there are many rooms sitting empty, it can be sold and a smaller one can be purchased to save on monthly expenses. This also gives the opportunity to move to a climate that is more desirable. Another housing consideration is assisted living facilities.

Health insurance must also be considered. Depending on an individual's situation, perhaps working for even a few more years to stay on an employer plan may have a large impact on future financial planning. Health care is often overlooked when considering expenses in retirement, especially since Medicare does not cover all costs.

The details of planning for retirement can be complex and seem daunting. Working with senior financial planners can help take the worry out of this important area and make retirement successful and comfortable.

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SOURCE FinancialPlanners.net