Making Healthy Choices for Senior Living by Kenneth D. Barringer PhD

Author:Kenneth D. Barringer PhD [Barringer, Kenneth D.]
Language: eng
Format: epub
ISBN: 9781499076639
Publisher: Xlibris US
Published: 2014-10-25T04:00:00+00:00

“Managing our money well and living within our budget

is an important point of pride and satisfaction”

CHAPTER 6

CHOOSING TO CREATE A MONEY/

MATERIAL MANAGEMENT PLAN

A spending blueprint will protect (your) nest egg

. . . .the only way to get a realistic picture of how

much you’re like to spend in the future is to create

a retirement budget now . . . mulling every possible

expense could help you create a withdrawal strategy

that will protect your nest egg from the failures of life.

—Kiplinger’s, Retirement Report,

August 2013

We have to begin building our financial security with a plan. Few seniors who just muddle along may expect to be financially secure. The reality is that every one of us needs a clear and specific program to meet our financial needs. Even the older adult living on a very limited income has to cut costs and needs a plan for surviving financial pressures. My preference is that this plan should be written down, along with achievable goals. It needs to be clear, precise, and understandable. The plan may need to change as we age, but if we review it every year and bring it up to date, that should help assuage any concerns.

It would be helpful if you shared your financial planning with an experienced resource leader in the field. We like financial planners because they are specialists whose job is to help us develop a realistic direction for our future. You can often find a recommended adviser through friends who have used one, but if that is not possible, you may need to turn to the yellow pages under the heading “Financial Planning Consultants.” Many seniors prefer to do business with a nationally known financial management firm, but some prefer a local firm that has a good reputation, or comes with Chamber of Commerce or Better Business Bureau recommendations. I would recommend that you interview them first with key questions you have written down in advance. Ask not just about fees, but about whatever success they have had in working with seniors. Inquire about their ethical standards. Seniors tend to be more conservative.

The goals for your financial planning should include the following as a very minimum:

1. What is my intent or purpose in developing a financial plan?

2. What different areas of focus do I need in my money management plans?

3. Do I need a detailed net-worth statement that lists all my assets and liabilities? How will I deal with any debt I have incurred, and where do I find the right loan agency to manage it?

4. Would it be helpful to compile a list of charities I prefer and the gifts I have given over the year past, so my pattern of giving to is clear? Does it need to change?

5. Is there a form to complete before any meeting with the planning firm? Would it be helpful to bring a supportive financial file record along? How often do we meet and make regular contact?

6. Are there questions to ask or convictions to share about their financial planning process?

7. What routines do we follow

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