What is Financial Planning?
Financial planning is using your expected pensions, retirement accounts (401k, 403b, IRA’s etc), investments, savings and Social Security to decide what you need and want to spend money on in your elderhood. You may also use your financial plan to decide what you would like to leave for your family when you die.
It is strongly recommended that you speak with a Certified Financial Advisor who is trained and licensed to guide people on planning for their financial future.
According to the Social Security Administration
“About one out of every four 65-year-olds today will live past age 90,
and one out of 10 will live past age 95.”
I’m NOT Rich-Do I still need a Financial Plan?
Yes! Your employer never offered a pension and you don’t have a stock portfolio. You have some money in a savings account for emergencies, your home is paid for and you have a life insurance policy. These are all considered your assets.
You expect to receive Social Security. Social Security may not provide enough for you to live comfortably once you retire. If you can not afford to meet with a Certified Financial Planner, you can find books at your local library or find useful information at government websites.
What is a Reverse Mortgage?
A reverse mortgage is a type of home loan that lets you convert a portion of the equity, or value, in your home into cash that is paid to you. The loan is payable when you sell your home, or move out or die. There are many different types of reverse mortgages and many different costs associated with getting a reverse mortgage. You do not want to fall victim to reverse mortgage scam! It is strongly recommended that you consult with a Certified Financial Advisor before signing any legal documents.
Why Should I Care?
10% of people age 65 and over were below the poverty level in 2014
Planning for your future, quite possibly 35 years beyond retirement, is critical.