Financial Counseling for Seniors
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How can financial planning counseling benefit me?
When you’re on a budget, it’s more important than ever to make smart financial decisions. Financial planners and advisors can help you meet your financial goals though savings, investments, withdrawal choices, retirement planning, estate planning, and more. Interview financial planners to find one that meets your needs, and make sure to ask about any fees or costs.
You may qualify for free or discounted financial planning services through the Financial Planning Association’s Pro Bono services. Find out more.
How can I find a good financial counselor?
There are different types of financial planners and they make their money through various compensation models. Make sure to ask the right questions and remember these tips when you are shopping around.
- Ask the right questions. Make sure you understand the way the financial planner gets paid, ask for their licenses/certifications, ask for an experienced planner who is accustomed to working with older clients, etc.
- Shop around with investment firms and ask them to send you materials. After reviewing the materials, set up interviews with a few investment firms.
- Be vigilant if the financial planner promises too much and avoids talking about risks.
- Be sure to ask about fees and how they are calculated.
- The Women’s Institute for Secure Retirement offers a brief introduction on financial planners and tips for finding a financial planner.
- The Financial Planning Association has a directory of certified financial planners.
- AARP’s How to Get the Most Out of Your Financial Adviser has more information on financial planning and how it works. The site helps you brainstorm the right questions to ask when you interview financial planners.