Is Retirement Too Late to Find a Financial Planner?

Let’s say you are approaching retirement or you have already taken the plunge. Let’s also say you have not worked with a financial planner along the way. Is there a reason to consider forming a relationship at this stage of the game? 

Even at this stage in life, it may help to seek out a financial planner to be a thinking partner leading up to and along your retirement journey. But finding the right fit may not be easy. A successful financial planning engagement starts with you figuring out what is most important.  Details about your money are equally as important when put in context with your envisioned life. 

Here are two steps that will help you pull together your overall financial picture:

1. Create a financial plan: This will be a roadmap to help you see your financial picture in one coordinated view. 

• This plan is all about you, your priorities and needs.  The goal is to help you feel secure and at ease about your financial future.

• It will show you how you are currently invested and make suggestions for appropriate changes.

• Analyze how your investments could be working to supplement your income, either on a regular basis or as needs arise.

• Make sure that your estate plan is the way you want it. 

2. Consolidate: If your accounts are spread around with many different companies, it may come with a financial and organizational cost.

• With consolidation you can easily access all of your information in one place.

• You’ll simplify the ongoing paperwork you receive and streamline information gathering at tax time and when you must take required distributions.

• It provides more consistent management and ongoing monitoring in a cohesive framework.

Even if you have the individual areas of your finances under control, it is still important to pull all the pieces together.  Perhaps you have multiple IRA’s that too closely mirror each other, investments you have inherited that aren’t worked into your overall strategy, or your life circumstances have changed and your investments have not. 

The right fit might take some trial and error.  You don’t have to settle.  A financial planner that truly understands your financial story will be able to guide you to think about areas of your financial life you may not have considered up to this point. If you’re nearing, at, or past retirement and need help exploring your financial planning options, don’t hesitate to contact me about building a relationship and shaping your plan.

Laurie Renchik, CFP®, MBA is a Partner and Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.

Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of Raymond James. You should compare your current and prospective account features, including any fees and charges, before making consolidation decisions. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. C14-022519

Catching up with our intern alum

 By the time an intern leaves at the end of the summer, it feels like we’re sending one of
our own back to college. It’s always hard to say good-bye but we love to brag about what they’ve
accomplished since interning with us.

Kyle Branda was part of our program in 2012 and 2013 and has since graduated. Kyle now works as a
Customer Claims Processor at Dart Container. While interning with us, Kyle says he was impressed
with how he was treated as a valued and respected coworker.

As an intern, not only do you have the opportunity to learn about financial planning, but there is also a focus on personal development. To me this speaks volumes about The Center. It shows that, not only do they care about what is currently going on, but they are also focused on the future and seeking to continually push one to improve.”

This fall Kyle begins his first year as a grad student at Grand Valley State University where he’ll
be pursuing a Masters of Science in Accounting.

Zach Gould interned with us in 2013 and went on to graduate from the University of South Carolina
in May. He majored in finance and international business. Zach is now a District Manager at Aldi
where he’s developing leadership skills and managing millions of dollars in business. Zach says his
summer at The Center really paid off.

Although I did not accept a position in the financial services industry, the experience I gained at The Center groomed my ability to interact with clients and my ability to independently think and solve problems, applicable skills across any industry."

Our intern coordinator Jaclyn Jackson is always looking forward to our next crop of interns. Help
us spread the word to qualified college students you know. Jaclyn can be reached by email
Jaclyn.Jackson@CenterFinPlan.com or you call our office for more information on internships at The Center.

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View from the Morningstar Conference

Nearly 2,000 people gathered at McCormack Place in Chicago this June.  The views of the Chicago skyline, while beautiful, were not the views I flew to Chicago to see.  Advisors, asset managers and press gather once a year at this conference to listen to some of the greatest minds in investing share their views of the markets and economies around the world.  This is one of my favorite conferences of the year. 

We heard from legendary investors including Michael Hasenstab, PIMCO's Bill Gross a.k.a. The Bond King, and AQR's Cliff Asness a.k.a. The Father of Momentum Investing.

Bill Gross: The New Neutral

Keynote speaker, 70-year-old Bill Gross did not disappoint.   Very aware that his image has been dinged in recent months with the departure of his heir apparent Mohammed El Erian, and subsequent departure of $50 billion of money flowing out of his flagship product, he took the stage wearing sunglasses and spent the first 10 minutes of his speech poking fun at himself while jokingly trying to brainwash the crowd and press Manchurian Candidate style.  All fun aside, he came to the conference to coin a new phrase the “New Neutral".  He is encouraging investors to look at interest rates from a different, more muted perspective.  What does this mean for investors?  Overall lower return expectations going forward for stocks and bonds.  This is an extension of PIMCO’s 2009 “New Normal” which stated that economic growth will be sluggish as it has been.

Employment Outlook: Labor Shortages?

Bob Johnson, Morningstar's very own economist, predicted that next summer at this conference the hot topic of discussion will be labor shortages.  He explained that the unemployment rate remains high despite the extremely large amount of open requisitions for new job postings.  He argues that there is a mismatch in job skills causing the unemployment rate to stagnate despite companies needing to hire so many.  He goes on to explain that the Federal Reserve cannot fix this skill mismatch, only the private sector, corporations and individuals, can acquire the necessary skills needed to match people to the needed job openings.

International Opportunities

Emerging markets and Japan were hot topics of discussion.  "Go anywhere" Investment managers, with the world as their oyster, prefer to access emerging markets through companies domiciled in developed markets that derive most of their revenues by selling to emerging market consumers.  Japan was a hotly debated topic, with about half of the experts loving it and half not wanting to touch it with a 10-foot pole.

In addition to these larger investing and macro-economic themes, I also find value in speaking directly with portfolio managers about their investing processes and trying to discover new strategies that may be beneficial to our clients’ portfolios.  There is never a shortage of ideas after a few days spent at Morningstar listening and learning!

Angela Palacios, CFP®is the Portfolio Manager at Center for Financial Planning, Inc. Angela specializes in Investment and Macro economic research. She is a frequent contributor to Money Centered as well asinvestment updates at The Center.

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Please note that international investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility. Investing in emerging markets can be riskier than investing in well-established foreign markets. Investing involves risk and investors may incur a profit or a loss. Bob Johnson, Michael Hasenstab, Bill Gross, Cliff Asness are independent of Raymond James. Any opinions are those named herein and not necessarily those of RJFS or Raymond James.

How to Pick Between 3 Types of Life Insurance

 For most couples, having life insurance during the wealth-accumulating years can make a lot of sense. Also, some people may consider having a policy even in retirement, if their goal is to leave a financial legacy.  Life Insurance has a lot of potential benefits to consider such as:

• Replacement for the loss of income of a spouse
• Paying off liabilities such as a mortgage, auto loans, or credit cards
• Covering education costs for children
• Providing a lump sum for the surviving spouse to utilize in retirement
• Leaving a legacy to family or charitable organizations

When it comes to life insurance, it’s not simply deciding if you want it. It’s also deciding which kind. Here are three main types of life insurance:

Level Term Insurance

 This is the easiest type of insurance to understand because it is similar to other types of insurance you have (auto, home, disability etc.).  With Level Term Insurance you pay a premium each year and, if you die, the insurance carrier will pay a death benefit to your beneficiaries.  Typical term periods are 10, 20, or 30 years.  While you are in the level term period, your premium will remain the same.  Once your policy is outside of the level term period, the premium will begin to increase; oftentimes it will increase substantially. A few reasons where this type of insurance is appropriate:

1.  Replacing income in the event of an untimely/unexpected death
2.  Paying off liabilities
3.  Funding education goals

Universal Life Insurance

This is sometimes referred to as “permanent term insurance”.  This product is usually underwritten to make sure a death benefit remains in place until age 90, 95, or 100.  Sometimes there is a cash value in the earlier years of the policy, but this is usually eaten up by internal costs and expenses as the policy reaches maturity.  This product is often used when someone wants to leave a financial legacy to their kids, church, or charity. Also, it can be used to ensure alimony or other similar court settlement agreements are paid, even in the event of an unexpected death.

Whole Life Insurance

This type of insurance is conservatively underwritten, and because of this, it is often the most expensive type of insurance.  It does have a cash component that takes several years to begin accruing.  A lot of the products I have seen take approximately 10 years to break even from what you have paid in premiums compared to what’s available in cash value.  This is another type of permanent insurance that is frequently used in legacy planning.  When Estate Taxes were an issue for many Americans (back when the exclusion amount was $3.5 Million or less) these policies were purchased to provide liquidity to pay Uncle Sam at death.

What is the right type of insurance for you? 

We typically recommend Level Term Insurance for clients when the primary goal is income replacement during the wealth-accumulation years. It’s the most affordable, and usually isn’t a significant burden on cash flow.  However, if your goal is to leave a financial legacy, and you can afford it, then Universal Life or even a Whole Life policy might make sense.

The best strategy, when making these decisions, is to work with a qualified financial professional that understands all the moving parts of your personal situation and is making a recommendation that is in your best interest.

Matthew Trujillo, CFP®, is a Registered Support Associate at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

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The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Center for Financial Planning Inc. and not necessarily those of RJFS or Raymond James. Investments mentioned may not be suitable for all investors. These policies have exclusions and/or limitations. The cost and availability of life insurance depend on factors such as age, health and type and amount of insurance purchased. Policies commonly have mortality and expense charges. In addition if a policy is surrendered prematurely, there may be surrender charges and income tax implications. Guarantees are based on the claims paying ability of the insurance company. C14-019165

The Investment Pulse: What we've heard in the Second Quarter

We’re always very busy with research, but this quarter has been full of broad and diverse perspectives.  In addition to off-site conference attendance, we have also met locally with many experts.

Vanguard: Active and Passive management discussion

Melissa Joy met with Joseph Brennan and Lee Norton from Vanguard Group in May at our offices. Mr. Brennan runs the Index Equity department. He is responsible for managing index portfolios with the firm. Mr. Norton monitors and reviews management teams on both active and passive strategies at Vanguard. Highlights from the conversation included: 

• With more than $1.5 trillion in index investments, they are one of a very small group of dominant players in the index investing world. We discussed what indexes they decide to make available for investment and how the portfolio review team monitors their internal index teams.
• Vanguard was featured in Michael Lewis’ recent book, Flash Boys. Having read the book, Melissa was curious about their take since they were prominently mentioned. They both acknowledged the real problems uncovered by IEX (a fast growing alternative trading system that avoids dark pools and high frequency trading) which was featured in the book.  They also believed that the desire for an entertaining and appealing financial book may have resulted in some additional hype that might not be warranted.
• We talked about Vanguard’s process for identifying active managers for their funds. Not surprisingly, cost was an important factor in hiring managers. Other factors that were favored included enduring teams, teams from employee-owned firms, and teams with ability to hand off succession from one generation to the next.

JP Morgan: A fixed income discussion

Priscilla Hancock from JP Morgan Asset Management sat down for a conversation about bonds, especially municipal bonds with Melissa Joy and Angela Palacios. We’ve known Priscilla for a while and have heard her speak in 2012. We’ve caught up with her three times since then. She has a great conversational way to talk about bonds and how they typically behave in rising rate environments. With many of the investors we like to speak with, it’s not always the first conversation that brings us the most value – getting to know each other over time provides robust information and is a critical part of our research and monitoring process.  Priscilla shared these perspectives:

• The aging US population is helping to keep bond yields lower. As boomers retire and age, they want more bonds, keeping demand high. Likewise, pensions are working to lock in stock market gains and are snapping up bonds any time rates creep up. It’s an interesting dynamic working against rising rates even though it doesn’t completely compensate for the push to higher rates that will probably occur at some point.
• Municipal bonds were last year’s trash with rising rates and headlines about Puerto Rico and Detroit taking the wind out of the municipal market. We discussed the situation in Detroit and why shifting rules on bankruptcy alarm municipal bond investors. That said attractive tax equivalent yields have increased interest in the municipal bond market and rewarded municipal investors this year.
• Proceed with caution when using passive indexes for bond exposure.  Issuers you want to avoid are the ones issuing the most debt.

Columbia: “Lose less in down markets”

This is not the first time that Scott Davis, Director at Columbia Dividend Income has checked in with us and we find that with time we are able to have more nuanced conversations with the portfolio managers. He noted that although stock prices have been headed north, he’s always reticent. In his words, “I don’t want to party like it is 1999 because it was a hell of a hangover.” He then elaborated saying the time-tested secret of investing is to lose less in down markets. Of concern is increasing merger and acquisition activity. On the more optimistic side of things, Scott says that companies are being run in a manner that’s better than he has seen in his almost 30 year career investing at Columbia. As a dividend-focused investor, Scott reminded us that buying dividends alone without understanding the source of dividends can be a dangerous proposition. He compared it to “picking up nickels in front of a steamroller.”

Water Island Capital: Event-Driven Strategy

Angela sat down with Ted Chen, Portfolio Manager of Water Island Capital’sArbitrage Event Driven Strategy, to discuss equity special situations.  Opportunity can abound here because most money managers don’t understand how to evaluate these situations.  The companies take on a negative stigma creating a potential buying opportunity for someone who specializes in understanding special situations.  We also discussed the volatility in the stock market and how it has become so minimal that the cost of hedging a portfolio is very low right now.

The information contained in this report 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. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Angela Palacios and not necessarily those of RJFS or Raymond James. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be suitable for all investors. Past performance may not be indicative of future results. Municipal bond interest is not subject to federal income tax but may be subject to AMT, state or local taxes. Income from taxable municipal bonds is subject to federal income taxation; and it may be subject to state and local taxes. Municipal securities typically provide a lower yield than comparably rated taxable investments in consideration of their tax-advantaged status. Investments in municipal securities may not be appropriate for all investors, particularly those who do not stand to benefit from the tax status of the investment. Please consult an income tax professional to assess the impact of holding such securities on your tax liability.

401(k) After-tax Accounts: Preparing your checklist

 In my last blog, I answered four common questions about an after-tax 401(k). If you’ve decided that this savings options might be right for you, your next step is to sit down with your financial advisor.

Getting ready: A checklist for the meeting

Your financial advisor can help you review your plan documentation to establish whether you have an after-tax contribution option; and, if so, whether it would make sense for you to set aside some of your pay on an after-tax basis. Before you meet with your financial advisor, you may want to gather some important information and documents:

• The most recent statement from your 401(k) plan
• Any plan documentation you may have, such as an SPD (your human resource department can provide a copy or you may be able to access it online)
• The telephone numbers of your current and former employer’s benefits administrators so you and your financial advisor can confirm information
• Any retirement income planning documents you may have accumulated
• The contact information for your tax advisor should you have any tax-related questions

First, review your plan documentation with your financial advisor to establish whether you have an after-tax contribution option. Then determine with your tax advisor whether you should make after-tax contributions to your 401(k) plan and/or proceed with a conversion. Be sure to discuss any potential tax and penalty implications, as well as expenses and sales charges that may result from your decisions.

Rolling after-tax savings into a Roth IRA

Explore whether a conversion of all or a portion of your after-tax account to a Roth IRA or designated Roth account would be a strategy that advances your retirement savings and income planning goals.

If you decide to make after-tax contributions and/or execute a conversion of all or a portion of your after-tax account, work with your financial advisor to execute the proper documentation and authorizations. And, as always, we’re here to answer any questions that may crop up as you consider making contributions to an after-tax 401(k) plan.

Matthew E. Chope, CFP ® is a Partner and Financial Planner at Center for Financial Planning, Inc. Matt has been quoted in various investment professional newspapers and magazines. He is active in the community and his profession and helps local corporations and nonprofits in the areas of strategic planning and money and business management decisions. In 2012 and 2013, Matt was named to the Five Star Wealth Managers list in Detroit Hour magazine.

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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of RJFS or Raymond James. You should discuss any tax or legal matters with the appropriate professional. Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Converting a traditional 401(k) into a Roth IRA has tax implications. An investor should carefully consider the source of funds used to pay the taxes owed on a Roth conversion. Penalties and taxes may apply if the investor uses money from the 401(k) as the source for conversion taxes. Consult a tax professional for details. C14-016529

Team Members Mark Milestones

 Founded in 1985, The Center is celebrating our 29th year! Our success and longevity would not be possible without the support from our team members.

It is with warm appreciation that we acknowledge all of our team members’ Centerversaries! Congratulations to those who joined our team in July! In the words of Matt Trujillo, “Time flies when you’re having fun!”

Client Service Manager Jennie Bauder is the veteran of our July hires, marking 11 years with the team. Gerri Harmer, a Client Service Associate celebrates 7 years with us  “Wow – lucky seven!” Gerri says. “That’s exactly how I feel, lucky. Lucky to work with a great team with great values.”

We’re also honoring a trio of relative newbies. Nick Defenthaler, Kali Hassinger and Matt Trujillo all joined The Center last July. Nick and Matt are both Associate Financial Planners and Kali works as a Client Service Associate. After a year with us, Kali says, “I’ve learned so much in 12 months, and I’m excited to see what the next 12 months will hold!  Thank you to The Center team and family for being so welcoming.”

401(k) After-tax Accounts: The forgotten contribution feature

 Roughly half of 401(k) plans today allow participants to make after-tax contributions. These accounts can be a vehicle for both setting aside more assets that have the ability to grow on a tax-deferred basis and as a way to accumulate assets that may be more tax-advantaged when distributed in retirement.

As you discuss after-tax contributions with your financial advisor, you might consider the idea of setting aside a portion of your salary over and above your pre-tax salary deferrals. By making after-tax contributions to your 401(k) plan now, you could build a source of assets for a potentially tax-efficient Roth conversion.

Here are some questions to consider:

Does your plan allow for after-tax contributions?

Not all plans do. If an after-tax contribution option is available, details of the option should be included in the summary plan description (SPD) for your plan. If you don’t have a copy of your plan’s SPD, ask your human resources department for a copy or find it on your company’s benefits website. You can also talk to your financial advisor about other ways to obtain plan information, such as by requesting a copy of the complete plan document.

What does “after-tax” mean?

After-tax means you instruct your employer to take a portion of your pay — without lowering your taxable wages for federal income tax purposes — and deposit the amount to a separate after-tax account within your 401(k) plan. The money then has the ability to grow tax-deferred. This process differs from your pre-tax option in which your employer takes a portion of your pay and reduces your reported federal taxable wages by the amount of your salary deferrals and deposits the funds to your pre-tax deferral account within the plan.

Are there restrictions?

Even if your plan has an after-tax contribution option, there are limits to the amount of your salary that you can set aside on an after-tax basis. Your after-tax contributions combined with your employee salary deferrals and employer contributions for the year, in total, cannot exceed $52,000 (or $57,500 if you are age 50 or over and making catch-up contributions). Your after-tax contributions could be further limited by the plan document and/or to meet certain nondiscrimination testing requirements.

How does a 401(k) after-tax account help me acquire Roth assets?

When you are eligible to withdraw your 401(k) after-tax account — which could even be while you are still employed — you can roll over or “convert” it to a Roth IRA or a qualified Roth account in your plan, if available. A conversion requires you to include any pre-tax assets that you convert in your taxable income for the year. That means if you convert your after-tax account, only the earnings are included as ordinary income for the year. And if you have pre-1987 after-tax contributions, special rules allow you to convert just those contributions without including any of the associated earnings.

If your plan allows for after-tax contributions and you think they may be right for you, it’s time to talk to your financial planner. In my next blog, I’ll walk you through what you need to take to your meeting.

Matthew E. Chope, CFP ® is a Partner and Financial Planner at Center for Financial Planning, Inc. Matt has been quoted in various investment professional newspapers and magazines. He is active in the community and his profession and helps local corporations and nonprofits in the areas of strategic planning and money and business management decisions. In 2012 and 2013, Matt was named to the Five Star Wealth Managers list in Detroit Hour magazine.

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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of RJFS or Raymond James. You should discuss any tax or legal matters with the appropriate professional. Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Converting z traditional 401(k) into a Roth IRA has tax implications. An investor should carefully consider the source of funds used to pay the taxes owed on a Roth conversion. Penalties and taxes may apply if the investor uses money from the 401(k) as the source for conversion taxes. Consult a tax professional for details. C14-016528

Elder Care Planning: Housing

 Who will change my light bulbs? How will I get an ice cream cone? Who will I have lunch with? These three questions have been the crux of intense research at the MIT AgeLab. Researchers there believe answers to those questions will provide invaluable insight when addressing issues of housing and quality of life for older adults.  The questions can also serve as great conversation starters to address the all-important question, “Where will I live as I age?” This question is often avoided until a crisis occurs.

I am finding the housing issue is coming up more and more often as I meet with older adult clients and their families.  For most, the decisions are less about the money (although the financial component is an important one) and more about the 4 “C’s”:  Comfort, Convenience, Companionship and Care.  Think about MIT AgeLab’s 3 questions with the 4 “C’s” in mind:

Who will change my light bulbs?

Consider who will do the day-to-day maintenance tasks and make sure that the living environment is safe and comfortable. If the older adult cannot do this on his or her own, bring in help to the home or move somewhere that provides these services.

How will I get an ice cream cone?

More than just ice cream, consider how the older adult will be able to access the big and small things that make them happy.  Answers to these questions may help determine where it might be feasible to live based on transportation challenges/needs, proximity and availability of shopping, worship and entertainment.

Who will I have lunch with?

Many older adults face a decline in the number of friends and relatives in their social network; socialization is vital to happy and healthy aging.  Consider availability and access to other people in the older adult’s social network when reviewing housing options.

The options for housing are many – age in place (may require home modifications), independent living retirement communities, assisted living, and Continuing Care Retirement Communities, and many other variations.  It’s important to fully consider the challenges, preferences and current and future needs when making the decision. And a team of advisors, including your financial planner, can help you consider the options.

In future posts, we will look more closely at each of the most common housing options in more detail.

This blog is part of an ongoing series that addresses Elder Care planning topics.  If you have a specific question or issues you’d like addressed, please contact me at Sandy.Adams@CenterFinPlan.com.

Sandra Adams, CFP® is a Partner and Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012-2014 Sandy has been named to the Five Star Wealth Managers list in Detroit Hour magazine. In addition to her frequent contributions to Money Centered, she is regularly quoted in national media publications such as The Wall Street Journal, Research Magazine and Journal of Financial Planning.

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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of Raymond James. C14-020079

Eldercare: Roadmap for Aging Parents encourages Team Approach

From financial strain to the emotional effects, there are many layers to the issues a family faces as a parent ages. At a recent Center-sponsored event, Eldercare: A Roadmap for Aging Parents, our expert on eldercare issues Sandra D. Adams, CFP® teamed up with Peter Lichtenberg, Director for Wayne State University’s Institute Of Gerontology program and Becky Eizen of Feinberg Consulting.

Eldercare Topics of Conflict

When it comes to the most common “topics of conflict” between aging parents and their caregiving adult children, Lichtenberg recommends developing new and more positive communication strategies. One such strategy includes:

1. Learning your older adult’s story

2. Expressing your views and feelings to them

3. Problem-solving together

When a parent and adult child take a team approach with open lines of communication, the important decisions that come with eldercare can be much easier to make.

Caregivers Finding Balance

Caregivers often get lost in the mix and finding time to take care of your own needs can be difficult. There are emotional, physical, and financial effects of being a caregiver and Becky Eizen says you need to know when it’s time to ask for help. That includes knowing how to ask for help, finding the right resources, considering your options, and putting together the right team. It’s important to look at short- and long-term needs and identify different housing options, such as living at home vs. assisted living facilities. Eizen says one question that can be overlooked is: Do you qualify for VA benefits?

Eldercare Resources for You

The Center has a list of resources that available from both speakers.  If you would like more information, call or email Gerri at Gerri.Harmer@Centerfinplan.com. We have a wealth of information on the subject and would love to share it with you. Contact Sandy if you want to know how we can help you build your eldercare team.

Any opinions are those of Sandy Adams and not necessarily those of RJFS or Raymond James. The opinions and services of Peter Lichtenberg, Becky Eizen, WSU Institute of Gerontology, and Feinberg Consulting are independent of Raymond James. C14-018035