7 Ways the Planning Doesn't Stop When You Retire

Contributed by: Sandra Adams, CFP®

Most materials related to retirement planning are focused on “preparing for retirement” to help clients set goals and retire successfully. Does that mean when goals are met, the planning is done? In my work, there is often a feeling that once clients cross the retirement “finish line” it should be smooth sailing from a planning standpoint. Unfortunately, nothing could be further from the truth. For many clients, post-retirement is likely when they’ll need the assistance of a planner the most!

Here are 7 planning post-retirement issues that might require the ongoing assistance of a financial advisor:

1. Retirement Income Planning - An advisor can help you put together a year-by-year plan including income, resources, pensions, deferred compensation, Social Security and investments. The goal is to structure a tax-efficient strategy that is most beneficial to you.

2. Investments - Once you are retired, a couple of things happen to make it even more important to keep an active eye on your investments: (1) You will probably begin withdrawing from investments and will likely need to manage the ongoing liquidity of at least a portion of your investment accounts and (2) You have an ongoing shorter time horizon and less tolerance for risk.

3. Social Security - It is likely that in pre-retirement planning you may have talked in general about what you might do with your Social Security and which strategy you might implement when you reach full retirement age (which is 67). However, once you reach retirement, the rubber hits the road, and you need to navigate all of the available options and determine the best strategy for your situation – not necessarily something you want to do on your own without guidance.

4. Health Insurance and Medicare - It’s a challenge for clients retiring before age 65 who have employers that don’t offer retiree healthcare. There’s often a significant expense surrounding retirement healthcare pre-Medicare.

For those under their employer healthcare, switching to Medicare is no small task – there are complications involved in “getting it right” by ensuring that clients are fully covered from an insurance standpoint once they get to retirement.

5. Life Insurance and Long-Term Care Insurance - Life and long-term care insurances are items we hope to have in place pre-retirement. Especially since the cost and the ability to become insured becomes incredibly difficult, the older one gets. However, maintaining these policies, understanding them, and having assistance once it comes to time to draw on the benefits is quite another story.

6. Estate and Multigenerational Planning - It makes sense for clients to manage their estate planning even after retirement and until the end of their lives. It’s the best way to ensure that their wealth is passed on to the next generation in the most efficient way possible. This is partly why we manage retirement income so close (account titling, beneficiaries, and estate documents). We also encourage families to document assets and have family conversations about their values and intentions for how they wish their wealth to be passed on. Many planners can help to structure and facilitate these kinds of conversations.

7. Planning for Aging - For many clients just entering retirement, one of their greatest challenges is how to help their now elderly parents manage the aging process. Like how to navigate the health care system? How to get the best care? How to determine the best place to live as they age? How best to pay for their care, especially if parents haven’t saved well enough for their retirement? How to avoid digging into your own retirement pockets to pay for your parents’ care? How to find the best resources in the community? And what questions to ask (since this is likely foreign territory for most)?

Since humans are living longer lives, there will likely be an increased need and/or desire to plan. In an emergency, it could be difficult to make a decision uninformed. A planner can help you create a contingency plan for potential future health changes.

While it seems like the majority of materials, time, and energy of the financial planning world focuses on planning to reach retirement, there is so much still to do post-retirement. Perhaps as much OR MORE as there is pre-retirement. Having the help of a planner in post-retirement is likely something you might not realize you needed, but something you’ll certainly be glad you had.

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.

How to Help Aging Parents Showing Signs of Cognitive Decline

Contributed by: Logan Dimitrie, CFP®

The holidays are a wonderful time for family and friends to come together; Some enjoy hot cocoa by the fire, search for the pickle ornament on the Christmas tree, savor delicious latkes during Hanukkah, or celebrate one of the many other cherished traditions.

Unfortunately, for many, this season can also be when they first notice signs of cognitive decline in aging parents. While there are plenty of resources to help identify these signs, communicate concerns, and take steps from a health perspective, one area often overlooked is financial and estate planning.

We frequently hear from families who feel unprepared when financial questions arise. Some don’t even know what needs to be done to keep bills paid or protect assets. To help, we’ve outlined key questions you should be able to answer before a crisis occurs:

Important Questions to Ask

• Do you know who is authorized to manage finances if Mom or Dad needs support?

• Who is listed as the attorney-in-fact on your parents’ Financial Power of Attorney (POA)?

• Is the POA springing, meaning it requires additional documentation from a doctor before you can act?

• Do your parents have a trust? If so, who is named as trustee in the event they need assistance?

• Do you know where these documents are located?

• Would you know which accounts bills are paid from? Or how to ensure payments continue?

• Are their Individual Retirement Accounts set up for Automatic Required Minimum Distributions to avoid penalties if missed?

• Do you have contact information for their attorney, CPA, and CFP®?

Next Steps

If you can’t confidently answer these questions, consider scheduling a Proactive Family Meeting. If your parents don’t already have an organized record system, download our Personal Financial Record System—a simple tool to keep track of essential information in case someone else needs to step in.

And don’t forget about yourself! Cognitive decline isn’t the only reason someone might need help managing finances. Having your own system in place is equally important.

Additional Resources

For guidance on approaching memory concerns, check out the Alzheimer’s Association article:
https://www.alz.org/help-support/i-have-alz/10-steps-to-approach-memory-concerns-in-others

If you have questions or would like to discuss this further, please don’t hesitate to reach out.

Logan Dimitrie, CFP® is a CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® Logan specializes in Financial Independence, Early Retirement, Financial Planning for caregivers and Longevity Planning. Logan has been featured on the Caffeinated Conversations podcast.

Opinions expressed are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. The information contained in this blog does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Generally, if you take a distribution from a 401k prior to age 59 ½, you may be subject to ordinary income tax and a 10% penalty on the amount that you withdraw, in addition to any relevant state income tax. Contributions to a Donor Advised Fund are irrevocable. Changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. Investing involves risk and investors may incur a profit or a loss regardless of strategy selected. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Why Proactive Family Meetings Matter — And Why the Holidays Can Be the Perfect Time

Contributed by: Sandra Adams, CFP®

In our financial planning work with clients, family meetings can be scheduled for many different reasons. Often, these meetings happen because something has changed and the family needs to discuss a transition or a crisis. But as with most planning, family meetings are most effective when they’re done proactively — before a stressful life event forces the conversation.

What Does a Proactive Family Meeting Look Like?

When we talk with clients about bringing their children into a family meeting, we start with two simple questions:
What is the purpose of the meeting?
What should be on the agenda?

Purpose of the Meeting

A proactive family meeting serves several important goals:

• Introducing future decisionmakers to your advisory team.
  Adult children are often the ones who will step in as powers of attorney, trustees, or general decision‑makers if a parent’s health or cognitive abilities change. It’s incredibly helpful if they already know us, feel comfortable reaching out, and understand the role we play.

• Communicating long‑term plans and wishes.
  Depending on your comfort level, this may include reviewing your estate plan, discussing how your assets are structured, or simply sharing your broader goals and intentions for the future.

• Reducing confusion and conflict later.
  When everyone understands the plan in advance, families are better equipped to support one another during transitions.

Agenda Options

Every family meeting looks different. Some clients prefer to walk through their full financial plan, similar to an annual review. Others choose a higher‑level conversation focused on values, wishes, and the “why” behind their decisions rather than specific numbers.

There is no one right way to structure the agenda — the goal is clarity, communication, and connection.

Why the Holidays Can Be an Ideal Time

While family meetings can happen at any point in the year, the holiday season often provides a unique opportunity. Families are already gathered, routines slow down, and adult children may have the chance to observe how their parents are doing day‑to‑day. Subtle changes in health, mobility, memory, or energy levels can be easier to notice in person than over the phone.

For families who want to be proactive, using this natural gathering time to hold a thoughtful, structured conversation can be incredibly valuable. It doesn’t need to be formal or heavy — just intentional.

So, When Is the Right Time?

The right time for a family meeting is when it’s needed — whether that’s in response to a looming transition or, ideally, well before one. If your family values proactive communication and wants to avoid crisis‑driven decision‑making, scheduling a meeting as part of your retirement or longevity planning is a wise step.

And if your family is already together for the holidays, it may be the perfect moment to start the conversation.

We’re Here to Help

If you or someone you know is interested in scheduling a family meeting or has questions about the process, please reach out. We’re always happy to help facilitate these important conversations.

You can contact me at Sandy.Adams@CenterFinPlan.com.

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.

When It’s Time for Snowbirds to Return Home to Nest

Contributed by: Sandra Adams, CFP®

For many retirees, the dream of wintering in warmer climates becomes a reality—trading Midwest snow for sunshine, golf, and year-round activity. These "snowbird" years often bring joy, vitality, and a sense of freedom. But as time passes and health needs evolve, a quiet shift begins: the desire to be closer to family.

We often see this transition occur with clients as they age – there is no "trigger" age; it depends on each client's situation. The appeal of independence and warm weather starts to give way to deeper priorities—being near children and grandchildren, needing help with medical appointments, and feeling supported as aging progresses.

This decision isn't just emotional—it's financial and logistical. Selling a second home, relocating medical care, and adjusting estate plans all require thoughtful coordination. It's also a time to revisit long-term care strategies, update legal documents, and ensure proximity to trusted professionals.

If you or a loved one are considering this move, here are a few planning tips:

• Start early: Give yourself time to explore housing options near family and understand local resources.

• Review your financial plan: Consider the impact of selling property, changing residency, and potential care costs.

• Discuss with family: Open conversations can ease transitions and clarify expectations.

• Update your documents: Ensure your healthcare directives, powers of attorney, and estate plans reflect your new location and support system.

Coming home can be the best move for your next chapter—one rooted in connection, care, and legacy. If this is something you are considering, we are here to help you navigate it with clarity and confidence. Please reach out Sandy.Adams@CenterFinPlan.com/

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandy Adams, CFP® and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Center for Financial Planning, Inc.

Center for Financial Planning

Simplifying and Organizing Your Loved One’s Finances

Contributed by: Sandra Adams, CFP®

Caring for an aging loved one often means stepping into new responsibilities—including helping with finances. While rewarding, this role can feel overwhelming if accounts, documents, and wishes are scattered or unclear.

That’s why, during our 2nd Annual Longevity Virtual Conference, we hosted a special session on simplifying and organizing your loved one’s finances. The goal: give caregivers practical steps to reduce complexity and provide peace of mind. You can watch the replay here: Longevity Virtual Conference Replay.

Why Simplifying Matters

Over time, many older adults collect multiple bank accounts, retirement plans, and insurance policies. If someone else needs to step in suddenly, this complexity can cause unnecessary stress. Simplifying accounts, organizing documents, and clarifying wishes make it much easier for caregivers to focus on what really matters—caring for their loved one.

Five Key Steps for Caregivers

Here are the steps we recommend:

1. Simplify accounts – Consolidate where appropriate and set up automatic bill pay.

2. Organize documents – Gather wills, powers of attorney, insurance policies, and property records in one accessible place.

3. Review titling and beneficiaries – Ensure accounts and insurance policies reflect current wishes.

4. Create a financial overview – Summarize accounts, contacts, income, and expenses in a simple roadmap.

5. Communicate openly – Talk with your loved one about their priorities and ensure financial plans align with their wishes.

A Call to Action

Caregiving is one of the greatest responsibilities we can have, but preparation is key. Start small: review one account’s beneficiaries, locate an important document, or begin a conversation with your loved one. Each step brings greater clarity and a sense of peace of mind.

To explore these strategies in more detail, we invite you to watch the full replay of our Longevity Virtual Conference session here: Longevity Virtual Conference Replay.

Simplifying now means less stress later—and confidence that your loved one’s financial wishes will be honored. If you or someone you know is struggling to support a loved one through this process and could use our assistance, please don't hesitate to reach out – we are always happy to help. Sandy.Adams@CenterFinPlan.com.

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandy Adams, CFP® and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Center for Financial Planning, Inc.

Center for Financial Planning, Inc. is not a registered broker/dealer and is independent of Raymond James Financial Services.

Helping Aging Parents: Financial Planning for Longevity

Contributed by: Sandra Adams, CFP®

More of us are living in a new reality. One in which we are working and caring for our own families while simultaneously facing the needs of aging parents. It is not uncommon that our older adult parents have simply "fallen" into their retirement without a real plan. Many became retirement age and decided it was time to retire without any real certainty that they had enough income and assets to support their plan for their lifetimes. In their minds, they felt secure with what they had, did not spend all that much, and would make it work — no worries. But now that you are more involved and are helping them as they get older, it worries you that they have never really planned. What should you do?

Just as you would think of planning for yourself to make sure that you are on track for your future financial goals, it makes sense to help your older adult parents get their financial ducks in a row. It is never too late for them to make sure they are on track and to adjust and find resources if they are not.

To start, it makes sense to find a financial planner who specializes in longevity planning to work with your parents. You will want to make sure that the planner will be able to review your parent's full financial plan (the technical side of the plan) in addition to looking ahead at aging plan considerations that may come into play for your parents in the future.

What should be included in the plan?

• Review of Net Worth and Financial Assets – it is important to review what assets are held, where they are held, and what the registrations of those assets are. It is here where we can identify opportunities for simplifying the investment assets holdings, inconsistencies in investment account registrations, etc.

• Review of Income, Cash Flow, and Debt Items – it is important to review where income currently comes from, how much income is needed to support normal cash flow needs, and any debt items. The more a client(s) have in guaranteed income sources (Social Security, pensions, annuity payments, etc.) towards their retirement income needs, the stronger their overall plan will be.      

• Review of Overall Retirement Cash Flows — the ability to fund their retirement incomes over time with the income and assets that they have available. Here, it is important to be realistic about future life expectancies, ongoing inflation, and returns on any investment assets that are available. The major unknown here is the possible need for Long Term Care in the future, especially if no Long-Term Care insurance is available.

• Review of the Investment Portfolio — for many older adults, we find that there is a measure of extremes. Either they have left their portfolios extremely aggressive from when they were working and never adjusted them, and thus they are taking on way more risk than they should be at their age and stage of life, OR they are extremely conservative and almost all in cash, CDs and bonds and they are at risk for not being able to keep up with the cost of living. Either extreme could be detrimental to a retirement plan long term.

• Review of Risk Management – review of insurances on an ongoing basis is more important than many people realize. This means everything from reviewing personal lines insurances to ensure that liability coverages are sufficient, to ensuring that life insurance policies are still relevant and understood, and that any riders on those policies are documented for future use (i.e., long-term care, etc.).

• Review of Estate Planning – reviewing and updating of estate planning documents on a regular basis is particularly important, especially as clients get older. Powers of Attorney should be regularly reviewed so that the older adult can ensure that those they have named are still the people they wish to manage their affairs if they cannot act on their own behalf. Trust and/or Will provisions should also be reviewed regularly to make sure that wishes have not changed and/or do not need to be updated. In addition, beneficiary designations and investment accounts should be reviewed regularly to make sure that they are consistent with your estate plan.

• Longevity Planning – Reviewing your current and future challenges, alternatives, resources, and desired experience as it relates to finances/money, housing, and care should be part of the planning with your older adult parents. Planning AHEAD is crucial here for both you and for them. For them, this gives them the most amount of control over their future aging life. For you, this helps you to help them plan, saves you from guessing their wishes, and helps make decisions easier as things change for them going forward. An aging plan should include some specific resources and action steps that can be reviewed and monitored as time goes on.

Since you are an active participant in your parent's care and their planning for the future, we encourage you to be a part of their planning process if they are open to that. Having open communication amongst the family as clients age makes the planning process a much better process for all involved. If helping your aging parents with longevity planning is something you are interested in doing, please feel free to reach out to us for help: Sandy.Adams@Centerfinplan.com

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Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandy Adams, CFP® and not necessarily those of Raymond James. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc.

Center for Financial Planning, Inc. is not a registered broker/dealer and is independent of Raymond James Financial Services.

Proactive Longevity Planning: Preparing Caregivers & Futures

Contributed by: Sandra Adams, CFP®

According to the Family Caregiver Alliance, more than 1 in 6 Americans work full-time or part-time and assist with caring for an elderly or disabled family member, relative, or friend. 70% of working caregivers suffer work-related difficulties due to their dual roles. Many caregivers feel they have no choice about taking on their caregiving responsibilities (nearly 50%). A significant number of caregivers experience unwanted changes in employment and lost productivity and wages due to their caregiving responsibilities, which impacts their future financial security.

What if more of these caregivers had been able to anticipate their future caregiving responsibilities? What if they could have been better prepared for their responsibilities and have been able to, as much as possible, put plans and resources in place to help prevent these changes to their own lives from happening? Or what if they could even help their aging parents or family members get their financial affairs and other longevity plans in order before significant care needs started occurring so they had a real plan in place, too?

This is what proactive longevity planning is all about. It can happen, but the truth is that few people do it. Who wants to think about the day that either they or a loved one will not be able to care for themselves on their own? Or live in their own home any longer? Or may not have the capacity to make decisions for themselves (or have to make decisions for a loved one because they can no longer make decisions for themselves)?

Even though these are difficult conversations and topics to approach, if you are lucky enough to have the opportunity to plan, this can put you in the best position to avoid obstacles later.

Planning for the Older Adult

Find a trained professional to help you and your family design a longevity plan. In many cases, this may be a financial advisor with special training in the area of longevity planning and/or gerontology. Items to be discussed during this planning include:

• How can I use my financial income and assets to support me as I age?

• If I need long-term care assistance in the future, how can I pay for that based on my individual situation?

• If I am no longer able to care for myself in the future, how would I like to be cared for? Where would I like to be cared for?

• If care cannot be provided for me in my own home, where would I consider being cared for?

• Are my estate planning documents in order to best carry out my longevity plan?

• How can I make sure my monetary and life values are passed on to my family the way I would like them to be?

• How would I like to be cared for at the end of life? Is my plan in place to make that happen when the time comes?

Planning for Caregivers

According to a recent AARP study, there are currently 37.1 million unpaid caregivers caring for older adults. One-quarter of those are in what we call the “sandwich” generation – those who are also in the prime of their careers and getting serious about planning for their own financial independence. Taking the initiative to plan for the time when caregiving is another responsibility can be crucial to making life work for these folks without undue emotional, psychological, and financial stress.

Where to Start?

From the very beginning, plan to find ways to manage your own caregiver stress. We know that this is a big risk to caregivers, so going in knowing that this needs to be managed puts you ahead of the game. What are things that you can be doing to get ahead of managing stress?

• Know the resources in your community that you can call on for help (paid and unpaid). This can be family, community resources (senior centers, churches, other non-profits), and paid caregiving resources. Find your version of the Area Agency on Aging, a.k.a. Ageways (a Michigan resource) for no or low-cost resources in your state. You should also find a qualified geriatric care manager (GCM) to help you with all things safety and care-related in your area (you can find a qualified GCM in your area at www.aginglifecare.org).

• Work with the individual in need of care’s longevity plan (if they have one) to make sure to best utilize their financial resources in conjunction with their legal resources and any government resources to help them get the help that they need so that you can continue to also provide for you and your family.

• Rely on longevity professionals to do what they do best: manage the financial resources, keep the legal resources updated, help you manage the health, care, and medical resources, etc. Please do not feel that you have to do it all yourself.

• When and if it comes to moving the person you are caring for to a facility, utilize the services of a professional to help you assess the needs of your loved one, narrow down the appropriate facilities, and vet out the appropriate possible choices to help make that overwhelming “task” seem not so impossible.

Caregiving, if planned for in advance, can be a beautiful gift. If you can build a team and utilize available resources to avoid the pitfalls of caregiver stress, you can enjoy giving back to a parent or family member who likely cared for you when you were young – there is something special about that!

If you would like to watch a replay of our recent Longevity Virtual Conference focused on Caregiver Issues and Resources, feel free to access it here.

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.

When is the Right Time for a Family Meeting?

Contributed by: Sandra Adams, CFP®

In the context of our financial planning work with clients, family meetings can be scheduled for many different reasons. These meetings are often scheduled because something has changed, and the family needs to discuss a family transition or crisis. However, family meetings, like most planning, are most effective when done proactively — before a stressful life transition or crisis.

What does a proactive family meeting look like?

When we talk to clients about scheduling a family meeting with their children, what is the purpose? What is on the agenda?

Purpose(s):

One of the purposes of the meeting is to ensure that our clients’ children get to know us. They are most often the future decision-makers for their parents if anything happens with their health or decision-making ability in the future (as future powers of attorney, trustees, etc.), and it is always nice if they have met us and are comfortable contacting us when that time comes. Another purpose for the meeting is to communicate to the children the parents’ long-term plans and wishes and (if the parents are comfortable) review their overall assets, estate plan, and how everything works and will work in the future when and if needed.

Agenda Items:

The agenda is something that can change based on the family and based on the parent’s needs and desires. Some clients are comfortable going over their complete plan with their families, covering everything we would cover in our full annual review. Others want to keep things much higher level and explain their long-term plan and wishes without discussing specific assets and amounts.

No family meeting will look the same, but most clients and children leave feeling that they are valuable and are helpful to everyone involved to help plan for the future.

So, when is the right time for a family meeting? When it is needed. That means when a family transition or a crisis is looming, that is the right time. If you are part of a family that would like to be proactive and communicate your plan to your family in advance of a transition or crisis, then scheduling a family meeting with your financial advisor early as part of your retirement planning or early longevity planning may be the best time. In any case, there is no wrong time unless you never do it.

If you or someone you know is interested in scheduling a family meeting and has questions about the process, please let us know. We are always happy to help. Reach out to me at Sandy.Adams@CenterFinPlan.com

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.

From Overwhelmed to Empowered: A Widow's Journey to Financial Well-Being

Contributed by: Sandra Adams, CFP®

Bonnie's Story

Bonnie and Carl had what they considered a very traditional marriage, with well-defined and balanced family roles. Carl was a corporate executive, so it seemed logical that he would manage all the family finances. Bonnie oversaw the running of the household, including maintenance, meals, the kids, and the household social calendar.

Bonnie knew they were financially comfortable but never really knew how much they had coming in or going out. Nor did she know how much they had saved or invested for retirement. Carl would bring her the signature page for the tax return annually, and when she asked how they did it, he would say, "We did fine, Bonnie. We have plenty of money…you don't need to worry." She would sign the return but never see the actual numbers, nor did she ask.

All the bank and investment statements would come in Carl's name, and she trusted him so completely that she was never tempted nor interested enough to look at them.

When Carl turned 78, he suddenly became ill. He was diagnosed with stage 4 pancreatic cancer and had only months to live. Bonnie was overwhelmed with the news. All she could do was care for Carl and try to spend what little time she had with him in a quality way. This did not involve asking him questions about their finances. When he passed away four months later, she found herself utterly ignorant about her financial situation and was quite anxious about what her financial future might look like. It was all a mystery to her.

Theresa's Story

Theresa was a caregiver for her husband, Henry, who had Parkinson's. She cared for him in their home for nearly eight years. Henry had managed the financial responsibilities during the marriage and continued to do so until the very end of his illness. Theresa did all she could to learn about their finances from Henry and started to manage them on her own. She understood their financial situation and what it might look like for her when Henry passed.

However, with the intense caregiving duties, not a lot of the information "is stuck." While she could pay her bills and had a firm grasp of their income and expenses, she had no sense of what her new normal would be. Nor did she have any relevant knowledge about how their investments and savings worked or how she would use them for herself going forward.

She also found herself anxious and depressed; the caregiving had kept her socially isolated. By the time Henry passed away, she had discovered that she had not been out with friends in over five years and had little sense of what was going on in the real world. She was overwhelmed and didn't know where to start.

These examples illustrate just two situations in which widows find themselves. While more women these days are involved with or in control of the financial planning for their families, it's not uncommon for some to find themselves in the dark when it comes to their marital and financial affairs. If they're not curious or forthright in asking to participate in the planning conversations, they likely find themselves in situations like Bonnie and Theresa — overwhelmed by the loss of their husbands and lacking the information they need about their own finances, entirely at a loss about how to plan for themselves.

What Can a Widow Do If She Finds Herself in This Kind of Situation?

1. Build a team. Start with a professional decision-making partner or team of partners to help. A financial adviser who focuses on comprehensive financial planning (a CERTIFIED FINANCIAL PLANNER™ professional) should be part of the team. In addition, you might consider adding a Certified Professional Accountant (CPA) and possibly an estate planning attorney to the team for guidance on the full scope of the financial picture.

2. Get organized. With the assistance of the financial planner, gather information on all income sources, savings, and investments, and then determine a budget and ongoing expenses for the new normal lifestyle. This will lay the groundwork for a complete financial picture and help you understand your financial resources now and in the future.

3. Learn financial planning basics. With the help of the team, learn the basics of financial planning based on your own plan. Part of collaborating with a financial planner is understanding how financial tools and resources work and how they can work for you.

4. Become empowered. Don't stop at the initial plan. To become fully empowered, you need to grow and develop financial confidence over time. Maintaining the relationship with your team over months and years provides trusted financial partners to go to for help with questions and making financial decisions in the future.

Becoming a widow can be overwhelming. If you haven't been privy to your marital finances before your spouse's death, the adjustment can be even more difficult. If you have found yourself in this situation or know someone who has, the help of professionals and basic financial education can empower you and help you reclaim your own financial independence.

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.

Prior to making an investment decision, please consult with your financial adviser about your individual situation. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc®. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.

The examples provided above are hypothetical in nature and do not represent actual people or situations.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Planning Ahead for Later Retirement Living

Contributed by: Sandra Adams, CFP®

Clients often find their adventurous side once they retire. It is not uncommon for them to find themselves living in a different part of the country (or the world) from their family for at least part of the year to enjoy the benefits of a warmer climate and a more active lifestyle with others who share the same interests.

Planning conversations with these clients often make their way around to the topics of long-term care and the specifics of where they will want to live when they are older and potentially need care and who they want to take care of them. For most clients, they want to be at least living close to family later in life when they might need care, whether that means that family is providing care or they are receiving care from professionals and their family is just close enough to be able to see them frequently. That is usually the plan. We encourage clients to make those plans become reality well before they need care, but most people do not want to think about those things, so they put off acting on their plans.

Recently, though, I have had several clients starting to plan ahead (Yes! People are hearing the message!). They are taking the time to look at where they might want to live near their family in advance. For some, this might be an independent condo. For others, this is an apartment in a retirement community, a Continuing Care Retirement Community, or an Assisted Living Facility (if they are already experiencing care needs). The point is that they are thinking ahead and finding their “right fit” and finding the place they want to be before it is critical that they move. For some, they may have two places for a while and transition over time. For others, they determine it is time to move back “home” near family and give up the active retirement lifestyle with peers. Because they are planning in advance, they can determine what works best and take their time to make it work for them.

Planning ahead for where you will live in each of the distinct phases of retirement can be critical. Getting caught in a situation where you need to change your living situation or move to a care facility when you have not planned for it can be disruptive and challenging, at best, especially if you have yet to give it any thought. Plan ahead for your future long-term care and retirement living situation so that you and your family have the best overall experience possible in your later retirement years.

If you or someone you know needs assistance with these types of planning conversations, please reach out, we are always happy to help. Sandy.Adams@CenterFinPlan.com

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.