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Financial retirement planning and saving for retirement after age 55 is much different from that of the 20, 30 or 40-something crowd. Investments matter a great deal and must be made with very little risk to ensure a healthy return. Finding the right financial planner is your key to success in retirement. Financial planners who tailor investment portfolios for seniors can help avoid long-term products, and concentrate instead on high-yield short term investments that will allow a rollover of dividends. They will encourage you to invest as much available money as the budget will bear. Following this advice, you will soon see a financial snowball effect that will leave you with some nice, cold cash with which to retire. Finally, your investment portfolio should contain some penalty-free products if you need to withdraw money earlier than you anticipated. Unforeseen medical expenses may cause a cash crunch, or you may simply decide to retire earlier than originally planned. Make sure to ask your financial advisor about early withdrawal penalties
If retirement is already a reality for you, the question has undoubtedly been raised, "Do I have enough money to live out the remainder of my life?". Inflation can cause retirement funds to shrink faster than anticipated, making financial planning a nightmare. Dreams of traveling or purchasing luxury items during retirement years can be lost to the reality of meeting day to day expenses. These are valid fears worth voicing to your financial planning professional. A reverse mortgage is an option he or she may recommend if funds get low. A home that is paid off or one that has substantial equity can be a tremendous asset in retirement years. Most reverse mortgage agreements guarantee the homeowners the right to stay in the home as long as they are physically able to do so. Meanwhile, they receive monthly payments, based on the amount of equity in the home at the time of the reverse mortgage agreement.
Regardless of your situation, having a financial planner to help you in your senior years is crucial. Social Security is simply not adequate income in today's society. Explore all of the options and interview potential investment counselors carefully before deciding on the financial planner who can best meet your needs.
Use our #2 Advisors For Seniors section above to find help with Retirement or Financial Planning in your area!