Make Retirement Planning a Snap with the Right Advisors

By Joanne Fritz, Ph.D., CSA (Certified Senior Advisor)

Retiring is complicated! Far from being the refuge from daily care the retirement industry paints for us, we are thrown into a maze of odd and seemingly contradictory needs and advice that take a lot of time and energy to sort out. So pardon me if I am not out on the golf course...I'm studying up on Medicare, LTCI, annuities, and estate planning in between visits to doctors for the many exams and tests I'm told I need at this age.

The truth is, we cannot know everything we need to know to have a good aging experience. We need help...help from our family and help from trusted advisors. Here are some tips to keep you from tearing out what's left of your hair and that may let you get back to doing whatever you may have retired to do more of.

  • Read up on aging. Excellent books include "Too Young To Retire: an off-the-road map to the rest of your life" by Mariko and Howard Stone; and "Age-ing to Sage- ing: A Profound New Vision of Growing Older," by Zalman Schachter-Shalomi. Join AARP and read their excellent publications and explore the AARP website. Here is the URL: http://www.aarp.org/.
  • If you have adult children, have a meeting with them to discuss how your aging is going to affect you and them. Be frank about your needs, your finances, your health, your emotions. Too often children are confronted with their parents' needs only when the parent/s become ill or suffer financial problems. Then they are bewildered and overcome by responsibilities they little understand. Help your adult children become educated about aging and its issues. Learn to ask for help sooner rather than later. It will be better for everyone.
  • If you don't already have them, develop a circle of advisors that are expert in aging issues. Look for people with specific training or certification in the area of aging.

At minimum you will need:

  • An accountant who works with retirees frequently.
  • A financial advisor who puts you first, not his or her commission.
  • A lawyer who knows estate planning and understands complicated contracts such as Long Term Care Insurance.
  • A physician who has training in geriatrics.

Where do you find these experts? Asking your friends for referrals is the best way, but you can also look at specialists listed on these websites.

  • Estate Planning Consultant - Check out the National Institute For Estate Planners. On the home page, click on "fellowship." You will be able to search for an estate planner in your state.
  • Seniors Real Estate Specialist - A realtor with this certification helps seniors make wise decisions about buying and selling real estate. Find a specialist in your state: http://www.seniorsrealestate.com/locations.htm
  • CSA Certified Senior Advisor is conferred by the Society of Certified Senior Advisors. It is not exclusive to any one profession but applies to those who serve the senior market. Search for a CSA in your vicinity: http://www.society-csa.com/members.html
  • CLTC Certified In Long Term Care is provided by the Corporation for Long Term Care Certification. Training for insurance agents includes courses on aging in America, long term care, Medicaid planning and estate planning.Check to see if your advisor is certified: http://www.ltc-cltc.com/consumers/choosing.html
  • AARP Legal Services Network (LSN). If you are an AARP member you can get a free 30-minute consultation with a lawyer from their network. All members have agreed on certain, low fees for basic services. Check it out: http://www.aarp.org/lsn/overview.html

Passivity is the enemy of a good retirement. Become pro- active early and you may realize all of your retirement dreams after all.

About the Author:

Joanne Fritz, Ph.D. is in the midst of her active retirement. She publishes two websites: http://www.notyetretired.com/ is for those who want to keep working during retirement; and http://www.second50years.com/ advises businesses about how to sell to and serve the mature market.

Article courtesy of www.menagor.com.