Specialized Planning Services for Seniors

The need for sound financial planning does not end at retirement or becoming a senior.  If anything, seniors need to modify their existing plan to accommodate a new lifestyle.  Due to the changing goals of seniors, other services may include but are not limited to:

  • Replacing income
  • Repositioning investments to better reflect financial needs of retirement
  • Changing insurance needs: Life, Medicare supplements and long-term care
  • Minimizing income taxes on retirement plan distributions through the Qualified Charitable Distribution strategy (for people over 70 1/2)
  • Incorporating charitable planning with retirement planning strategies to benefit favorite charities and to provide tax and estate planning benefits for donors and/or heirs.
  • Reducing or eliminating estate taxes on retirement plan assets at death

Caution – In recent years, many different professional senior designations have emerged in the marketplace.  It is important for a senior or someone assisting a senior citizen to hire only financial advisors whose designations reflect a high level of training, compliance and continuing education.


  +   Long Term Care Insurance    

  • Long term care policies protect assets from erosion due to the cost of health care needs of seniors.  

    Plans generally provide nursing home care in addition to home and community benefits.  Other benefits may include: inflation riders, flexibility of payment options at time benefits are paid and life insurance.

  +   Supplemental Medicare Insurance    

  • These policies are designed to fill the gaps in Medicare insurance for people over age 65.  The plans are the same, regardless of company, but may vary in benefits, cost and company ratings.

  +   Qualified Charitable Distribution    

  • The Qualified Charitable Distribution (QCD) was made permanent in the tax code in 2015, so it is a relatively new financial planning strategy for seniors. Individuals over 701/2 may give assets to one or more non-profit organizations directly from an Individual Retirement Account (IRA) in life, not just at death.

    An IRA holder may give up to $100,000 per year to non-profit organizations. As IRAs are individual accounts, spouses may also give up to $100,000 per year.

    The individual receives no charitable deduction for the gift and has no income tax on the distribution. Additionally, if the distribution to the non-profit equals or exceeds the IRS Required Minimum Distribution amount, the charitable distribution satisfies the IRS distribution requirement.

    The Qualified Charitable Distribution provides many benefits for the donor:

    • The donor will see his/her money at work.
    • The strategy may be a stepping stone to greater giving opportunities.
    • With careful planning families benefit, income and estate taxes may be reduced, and the donor’s favorite organizations will thrive.