Senior Financial Planning and Estate Planning: What to do During Times of Uncertainty

senior financial planning

Senior financial planning and estate planning is a meticulously thought out course of action to ensure you enjoy the best possible retirement. Although time-consuming and sometimes painstaking, making these plans and successfully executing them is a rewarding process. But what happens when we face the unthinkable?

We’re talking about the COVID-19 pandemic. This worldwide disruption has caused numerous financial and economic aftershocks, to say the least. On March 16, the Dow Jones experienced the second-biggest drop in history, even exceeding the crash of 1929, by losing 12.93 percent in a single day.

But what does this mean for senior financial planning and estate planning? These decisions aren’t made in a vacuum, so you should be able to change your mind. But how?

Take Mrs. Jones, for example. She thought she had everything figured out in terms of senior financial planning and estate planning. But when the pandemic started affecting the economy, she lost some money in the stock market and was worried about what to do next.

Here’s how Mrs. Jones should pick up the pieces to ensure the best possible long-term outcome for her retirement plan.

What is senior financial planning?

Senior financial planning is far different than traditional financial planning. The risk tolerance and goals for seniors aren’t the same for those who are just starting out or who are in the midst of their careers. And that’s a good thing!

But those variables aside, when an economic disruption like the COVID-19 pandemic happens, everyone is affected. In the case of Mrs. Jones, there are a few things she should (or shouldn’t) do:

  • Don’t panic! Wild, unexpected fluctuations in the market have happened before and will happen again. Avoid being reactive or emotional, and let the market to level off before making any major changes.
  • Check in your overall risk tolerance. Although everyone is different, your risk tolerance should be pretty low.
  • Understand how the market works. One day, several days or even several weeks down doesn’t spell certain doom. Times like these are actually filled with financial opportunities—if you know where to look!
  • Contact your financial planner if you want to learn about new opportunities, make changes, or simply need some peace of mind.

Take a moment for estate planning

Estate planning is also very important in tumultuous times like these. You’ve worked hard all your life to leave a legacy for your children and their children, and the last thing you want to do is burden your family when you’re gone.

Mrs. Jones already has an estate plan, but in the midst of the COVID-19 pandemic, she’s considering a reevaluation of how her assets will be managed after her death. Here’s what she should be thinking about:

  • Have any of your investments significantly lost or gained value in the last several months? If so, you may want to reconsider the distribution of your assets.
  • Who are your beneficiaries? Do you need to rethink who gets what for any reason?
  • What’s in your living will? If you become ill, what interventions do you want to take place to save your life?

Time to review your options!

With social distancing and stay-at-home orders in place, now is a great time to evaluate your financial and estate plan. But who can you trust during these unprecedented times?

American Heritage Financial can help! Their experienced team of senior financial and estate planners will help you navigate any changes you might want to make to your plans. Whether that’s embarking on a completely new financial and estate plan, or simply reevaluating and updating a plan you already have, the professionals at American Heritage Financial can assist you.

They offer a wide range of senior financial planning and estate planning services including:

  • Investments
  • Social Security optimization strategies 
  • Life Insurance
  • Workplace benefits
  • 401k/ 403(b)/IRA or pension review
  • Long term care options
  • Wills and trusts
  • Potentially reduce taxes

Contact to schedule your appointment with American Heritage Financial at  866-784-1812 or schedule now online.


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