Financial advice for seniors
Financial advice for seniors
As a member of the generation 55 and older, you may feel as if you are constantly juggling your own financial needs as well as those of your parents and children. In this situation, it’s easy to put your own needs, both now and in the future, on the back burner as you try to help your loved ones. While it’s easy to overlook minor details, they can quickly add up to a major financial headache down the road.
Why financial advice important for seniors?
In our experience assisting people like you, those over the age of 55 frequently face the following financial challenges:
- Using their retirement funds to support elderly parents or struggling children
- They have not budgeted for any potential future healthcare costs.
- They don't know how much money they'll need to live their desired retirement lifestyle.
- Without looking at the numbers, they believe they have it figured out.
- Investing in only one type of investment, making them vulnerable to market crashes
- Working longer than expected to save for a longer retirement
- They are reliant on their partner's retirement plan to secure their financial future.
- Feeling overwhelmed by the amount of planning required and failing to act as a result
- Planning for their current lifestyle rather than the one they hope to have in retirement
- Relying solely on Centrelink for retirement funding
How we can help seniors?
Our approach to financial planning takes into account every aspect of your financial life, which means that every recommendation and piece of advice you receive is tailored specifically to your financial situation and goals. Our dedicated team of financial advisors can assist you in the following ways:
- Depending on your risk tolerance, diversify your investment portfolio.
- Make certain that you and your loved ones are always safe.
- Learn more about the costs you can expect as you age.
- Create and carry out a plan to assist you in repaying any outstanding debts.
- Create a retirement plan that ensures you will be able to live the lifestyle you desire.
- Transition successfully to retirement without the stress of money worries
- Determine how much income you'll require as you age to support the retirement you desire.
For us, financial advice is more than just pointing you in the right direction. It is instead about providing you with expert financial advice whenever and wherever you require it.
Frequently Asked Questions
There are a number of options for generating income during retirement, including Social Security benefits, pension payments, investment income, and part-time work. You may want to consider a combination of these sources to create a stable and reliable stream of income.
One way to protect your assets from unexpected expenses is to have an emergency fund set aside for unexpected costs. You may also want to consider purchasing insurance to protect against certain financial risks, such as long-term care costs or the loss of a spouse's income.
The best investments for someone your age will depend on a variety of factors, including your risk tolerance, financial goals, and investment horizon. You may want to consider a mix of investments, including stocks, bonds, and cash, to create a diversified portfolio.
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The team at Wise financial advisors have been a huge help to my wife and me. Our planner has provided extremely helpful advice, including the creation of an SMSF.
Wise financial advisors worked with us to create well-defined goals and a financial strategy to support them. The team is extremely knowledgeable
My long-term accountant recommended Wise financial advisors to me. We knew we needed to get some strategic advice and structure our finances.
I am extremely pleased with the service provided by Wise financial advisors. I would gladly recommend them to anyone looking for a truly talented team of financial planners.
