MarketWatch Picks highlights items we think you’ll find useful; we are independent of the MarketWatch newsroom. We may earn a commission from links in this content. More information
Ask: “I’m 70 and have no emergency or retirement savings. Who do people like me turn to for advice at this stage? What can I do?”
Answer: Most certified financial planners and other financial professionals work with people who have financial resources (sometimes quite significant ones), so you’ll likely have to go a different route to get advice. The good news here is that we have several ways for people to get quality, free (yes, you read that right) or very cheap financial advice.
Also know that you can do things yourself to remedy your situation. “You should try to avoid credit card debt and have an emergency fund, even if it is the equivalent of a month’s worth of your essential expenses. Find a job for as long as possible, even part-time, to supplement your Social Security income. Ask the advisor serving you to explain whether your additional income could cause your Social Security check to be taxed in any proportion so you can get your numbers right,” says certified financial planner Alonso Rodriguez Segarra of Advise Financial.
If you’re open to part-time work, sites like FlexJobs, Indeed, ZipRecruiter, and the AARP’s Job Board all list gigs with hiring opportunities. You can choose to focus on a specific area of interest or within your zip code, and some jobs are fully remote, meaning you can work from anywhere.
At your age with no savings or retirement fund, it is essential to explore all available options. “Connecting with an advisor can help you assess potential sources of income, such as maximizing your Social Security benefits and exploring options if you own equity in your primary home,” says certified financial planner Ryan Haiss of Flynn Zito Capital Management.
Questions edited for brevity and clarity. By emailing your questions to The Advisor, you agree to have them published anonymously on MarketWatch; they can appear anonymously in other media and platforms.
