What's Next for a 70-Year-Old With No Emergency or Retirement Savings?

Question: I'm 70 years old and have not saved anything for emergencies or retirement. Where should someone like me seek guidance at this point? What actions can I take?

Answer: Many certified financial planners and other experts in finance typically assist individuals who possess substantial wealth, which might make it necessary for you to explore alternative routes for obtaining guidance. The positive aspect is that numerous options allow people to receive high-quality, free (you heard correctly) or extremely affordable financial counsel.

Encountering problems with your current financial advisor or searching for a new one? Send your queries or issues via email. picks@kor.news .

  1. Think of a financial advisor who volunteers their services for free. Certain advisors provide their services free of charge to individuals possessing minimal resources. If you're looking for a financial advisor who operates on a pro bono basis, consider searching via the "pro bono" filter on XY Planning Network’s Find an Advisor platform. Additional avenues consist of exploring through The Financial Planning Association, utilizing the Foundation for Financial Planning’s Pro Bono Planner Match website, as well as checking out initiatives under the CFP Board’s Pro Bono Program.
  2. Consult with a certified financial advisor. You can locate listings for AFCs on the website. AFCPE website According to certified financial planner Andrea Clark from The Table Financial Planning, AFCs possess both counseling and coaching certifications. These qualifications enable them to help clients navigate intricate financial choices by providing education, information, tools, and resources—regardless of an individual's past financial experiences or present monetary situation. Additionally, as fiduciaries, they must prioritize their client's welfare over their own interests. Typically, AFCs charge for their services on an hourly basis, ranging anywhere from $25 to $250 per hour.
  3. Look locally. "You may want to connect with your nearby community action agency—these are private and public nonprofits focused on promoting self-reliance, especially within the low-income population—as they often provide free financial counseling services. Additionally, you could explore educational courses available at your local library which cover discussions around managing cash flow and utilizing resources during retirement," explains Clark. Financial Empowerment Centers (FECs) can be found in numerous cities as well. "The FECs provide individualized financial guidance free of charge and assist with planning budgets, managing debts, and establishing financial objectives," explains Mark Struthers, a certified financial advisor from Sona Wealth Advisors.
  4. Check these other places. Consumers have additional avenues available to them, as detailed below. this as outlined in the guide, along with this one .

Understand that there are steps you can take to address your circumstances. "It's important to avoid accumulating credit card debt and establish an emergency fund, even if it covers just one month of necessary expenditures. As much as possible, seek employment, perhaps part-time work, to augment your Social Security benefits. Consult with the advisor handling your case to clarify whether extra earnings could result in partial taxation of your Social Security payments, ensuring you accurately adjust your finances," advises certified financial planner Alonso Rodriguez Segarra from Advise Financial.

If part-time employment appeals to you, websites such as FlexJobs, Indeed, ZipRecruiter, and the AARP’s Job Board offer numerous job listings with various openings. These platforms allow you to concentrate on particular fields of interest or filter positions based on your geographic location. Additionally, many roles listed here provide complete flexibility for remote working, enabling you to operate from virtually any place.

Given your current stage of life without any savings or retirement accounts, it’s crucial to investigate every possible avenue. According to certified financial planner Ryan Haiss from Flynn Zito Capital Management, "Engaging with a professional advisor may assist you in assessing various income streams, like optimizing your Social Security entitlements and looking into possibilities should you have accumulated equity in your main home."

Encountering problems with your current financial advisor or seeking a new one? Send your queries or issues via email. picks@kor.news .

By sending your questions via email to The Advisor, you consent to having them published anonymously on Kor.News. These questions might also be featured anonymously across various other media outlets and platforms.

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