The Importance of Wealth Management For the Elderly
Many of our older clients wonder if it’s too late for wealth management and financial
planning. The answer? It’s never too late to consult with wealth management
companies, and often, good financial planning firms can help you plan for long-term
care, protect your assets for your heirs and reduce taxes on your estate, whether it’s
big or small.
Today, we’re talking about the importance of wealth management for older adults and
senior citizens, and, when you’re ready to get started, the team at Montoya Financial
Strategies is here to walk with you every step of the way.
Is It Too Late for a Financial Planner?
Wealth management is more than just making a will – it can include crafting trusts that
can ensure that your long-term care in a retirement community is paid for and protect
the inheritance of minor children, or those who may not be able to manage their
If you’ve been putting off professional financial planning because you don’t think you
make enough money, you may be failing to protect what you do have. Financial
planning also can help you manage your retirement accounts and investments, making
sure that you aren’t penalized for withdrawals and that your investments are making the
highest returns possible.
How Can Wealth Management Companies Help Seniors?
Financial planning companies can help you make good choices and give you strategies
to pay for things as your needs change. Often, older adults may have higher health care
costs, from more frequent doctor’s appointments to manage chronic health conditions to
paying for additional prescriptions. Looking at your future on a fixed income can be a
little scary – but your wealth management counselor can help you put the tools you
need in place so that you can enjoy your Golden Years.
Another way that wealth management companies can help seniors is to ensure that you
aren’t carrying excess debt when you retire, by finding ways to help pay down
outstanding balances and reduce your overhead. Financial Planners can also help set
up tax-free accounts that you can use to pay for medical care and prescriptions as you
get older. Plus, they’ll help you find programs and benefits you’re eligible for that can
help pay for your medical care.
Finally, financial planning companies will work with you to create legal protection for
your wealth and your assets. If you’re concerned about your children’s inheritance, or if
you wish to set up a trust for your heirs, rather than just leaving them a lump sum, your
financial planner can do that as well.
Let’s Get Started!
At Montoya Financial Strategies, we’ve helped people just like you preserve their wealth
and make the right choices to put long-term financial planning in place. We’re a team of
professional financial planners who can give you the personalized, insightful advice you
need and put together the best plan for your money and your future. Give us a call
today to get started with a custom consultation!