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I am a single senior with no kids and need financial advice

I'm single 70yr old female without family who currently lives alone. To my knowledge I have no serious health issues other than arthritis. I need to consult with an advisor to discuss what plans--other than trust docs--I should make for my financial and housing future. For example, do I have enough health/auto/home insurances? When should I move and to what type of housing--e.g., CCRC, apt??? Am I spending too much in relationship to my current assets??? Are there "certified/trained" advisors for people in my situation?
Status: Open    Feb 17, 2015 - 08:28 AM


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Expert Answers

Aug 04, 2015 - 03:20 PM

You are smart to plan ahead for our future. Unfortunately, we all don’t live forever and sooner or later we develop health problems. There are only a handful legitimate estate planners in North East Ohio who are familiar with the unique problems of older adults. You need someone who is familiar with Medicaid rules (to protect your assets), the Veterans Administration rules (if you or perhaps a spouse are a veteran for health care benefits), and the ever present IRS rules (for the tax consequences of implementing an estate plan).


APFM Staff Answers

Aug 17, 2015 - 01:01 PM

I'm not a finance expert but we do have an article on our blog that discusses how single seniors can prepare for long term care. The article is called Preparing for Long-Term Care Without Children.


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Feb 22, 2015 - 07:16 PM

All good questions. It's important to know family history of progressive diseases such as parkinsons and dementia as the costs associated with those types of ailments will most likely have an influence on your planning. The costs for care can be regional so it's important to work with an advisor that is familiar with different types of health care costs in your area. Be careful as there are a lot of professionals that may come off as advisors when they may be more motivated by selling insurance. This isn't to say that insurance products should be avoided as certain types of insurance or annuities may be appropriate. Just be careful not to be oversold. I think the best advisor is someone that has experienced these things with previous clients or with their own family so I would ask any advisor I came across for some real life examples or referrals they have dealt with.



Feb 23, 2015 - 11:46 AM

My first stop would be at the local senior citizen center in your city. They ususally have attorneys who can direct you to the nearest financial counselling center.

I would also ask my bank. They may have people who provide this service. They can also send you to other resources. The best of luck.

Jun 04, 2016 - 12:20 PM

I am 60, single too without children. i am disabled and my health insurance is through Medicare/my former employer. I would go have Medicare and go through AARP for a supplement. I was in insurance and bought long term care in my 40's. It usually kicks in when you are needing assistance with two daily living issues (bathing, etc). It is more expensive as we age. I got a financial advisor through referrals from coworkers. i live in a condo (2 story) and need a 1 story but moving will be hard for me. I would downsize to a one bedroom apartment in a 55+ community where there are activities to meet people. I looked at Continuing care places and they were buyins. A lot of people like to age in place and bring in home care when they need it. I would try the senior center, AARP or friends for advisors. I also reached out to a local service organization that has a program called Home Not Alone whereby someone helps you with light housekeeping, meals and be a companion. It's through Jewish Community Services and they help people who happen to be non-jewish. You may want to look into something like this in your community too. Good luck to you. 😊
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