Financial Planning Resources for Seniors

According to the U.S. Census Bureau, 15% of our population in the United States was 65 or older as of 2015. Sound financial planning represents one of the highest priorities of this age group, yet only a small number of certified public accountants address issues important to the elderly.Our senior clients are very important to the Patrick & Robinson CPAs accounting team, and this blog offers some helpful resources. First some background:

• The Federal Reserve reports 20% of households headed by members 65 and older accumulated about $700,000 in wealth, and 10% report $1.5 million or more, largely due to careful retirement planning.
• These numbers show our senior citizens now represent the wealthiest demographic.
• Despite this encouraging evolution, 28% of Americans whose parents are living expect to support them financially as they age; simply stated, too few of us—and our parents—prepare adequately for retirement.

Several online resources exist to help plan the financial wellbeing of our aging parents and relatives; three we recommend are:

• AgingCare.com – Family caregivers connect you to senior care experts and other important support resources, including information regarding living arrangements, physical and mental health concerns and financial planning issues. Experts contributing to the site include financial planners, identity theft and fraud consultants, and attorneys specializing in elder care issues.
• PayingForSeniorCare.com – An outreach of the American Elder Care Research Organization, offering advice to individuals and families planning for long-term senior care. With a mission to provide tools and creative ideas for the elderly, cost management issues are also addressed, including:
  • local, state, federal and non-profit financial assistance;
  • insurance and VA benefit guidelines; and
  • tax incentives and negotiating tactics to enable affordable care.
• aPlaceForMom.com –An assisted living referral service paid for by the senior living communities partnering with the organization. Though most of the website focuses on reviews, ratings, and comparisons of various senior care facilities, additional information provides free budget-planning resources and elder care advisors.

By educating yourself and thoroughly researching housing and financial resource options, the challenge of caring for your aging parent(s) and/or relatives can be significantly reduced.We know caring for an aging parent proves to be the ultimate labor of love. Ensuring your parents make sound financial decisions in preparation for, and during, their golden years is a critical component of their long-term comfort and happiness.We love our seniors! And the proven accountants at Patrick & Robinson CPAs are here to help. Contact us at: Office@CPAsite.com or 904-396-5400.