On this upcoming National Senior Citizens Day, local financial analysts warn that, despite their enormous contributions to society, today’s seniors face unprecedented financial hardship. According to the Bureau of Labor Statistics, more seniors are now working long past their planned retirement dates because of large losses in their savings accounts due to the economic crash in 2008. Added to that, older workers displaced during the recession have had a much tougher time finding work.
Jan Butensky, co-founder and President of B&C Financial Advisors, says these hardships are compounded by the fact that today’s seniors comprise the largest demographic segment of our population and millions of them are financially insecure.
“It’s a sad irony that on August 21st we will celebrate the amazing accomplishments of senior citizens in our community and around the world. Yet, while we celebrate them, it’s hard for today’s seniors to enjoy our praise when they don’t have the financial security they worked for all of their lives.”
Butensky adds that losses in traditional pensions and 401k funds don’t have to spell financial disaster, but today’s seniors and those moving toward retirement should look for expert financial advice.
“Retirement is not as simple as it once was; today, there are few company pension funds and there are questions about how long social security will be around. That means people have to be more engaged in their own financial planning. A financial advisor can provide guidance, but even that decision is one that should be well thought out.”
Butensky says one tip for a golden future is to ‘follow the money.’ “When you choose a financial advisor, follow the money. If someone is working on commission, you need to ask lots of questions to make certain what they sell you is what you really need.”
He also says it’s important for seniors to be careful about providing strangers with their personal information. People claiming affiliation with financial institutions have made a career of calling senior citizens with the purpose of getting personal information to use fraudulently.
“When searching for a financial expert, be cautious,” advises Butensky. “Companies who deal with your privileged information will not call to ask for it over the phone.”
According to AARP, people over 50 represent the largest demographic in the history of the world. That should make this year’s Senior Citizens Day on August 21st quite a celebration, but financial experts agree that today’s party doesn’t have to create tomorrow’s pauper.
Finally, senior citizens can enjoy a more secure financial future, but the planning for tomorrow should start today.
About B&C Financial Advisors
B&C Financial Advisors specializes in money management with a focus on preservation of capital. They also advise clients on all other financial planning needs, including retirement and estate planning. B&C Financial Advisors will create an investment strategy specifically tailored to your financial objectives. Each plan is based on an original model created by B&C Financial Advisors. B&C Financial Advisors manages your money, not by selling you annuities or mutual funds, but, rather, by utilizing individual stocks and bonds. This independent firm has no product inventory, no markups and earns no income from your transactions. B&C Financial Advisors instead charges a set fee to manage your accounts to ensure the best service and return on your investment. Go to bandcfinancial.com today and schedule a free consult.