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A few weeks ago, this blog described how a Certified Retirement Financial Advisor (CRFA) can help seniors economically prepare for their aging-in-place futures.

As a follow-up to that story, we are happy to announce that a regulatory agency, the Society of Certified Retirement Financial Advisors (SCRFA) has been formed to make sure that any CRFAs that you may employ are properly educated, certified, and qualified to help make your retirement goals an attainable possibility.

The SCRFA was formed to set standards, maintain educational curriculums, provide opportunities and programs for continuing education, and monitor the quality of the CRFA program.

There is also a Board of Standards which is comprised of individuals from the financial services industry who have 10 or more years experience serving retirees.

The CRFA curriculum includes the following topics:

• Asset Harvesting to Last a Lifetime
• Asset Allocation Appropriate for Retirees
• Taxation of Social Security
• Deductibility of Medical and LTC Premiums
• Tax Deferred vs. Tax Free
• Protection of Principal and Guarantees
• Advanced Directives and Trusts
• IRA and Retirement Plan Distribution Planning
• Health and Finances—Long-Term Care
• Estate Planning and Asset Preservation
• How to Construct Fixed Income Ladders for Consistent Income
• How to Construct and Protect Retiree Investment Portfolios

This list of topics is continually expanding as additional issues become important to retirees, as tax laws change, or as the economic environment changes and requires a need for additional education.

The SCRFA has also established a Code of Ethics for graduates, which embodies five fundamental principles of ethical conduct.

CRFA graduates promise the following:

1.To conduct their business according to high standards of honesty and fairness—and to render that service to their clients so that any “prudent man” would agree that their conduct and business practices are beyond reproach.

2. To provide competent and “client centric” service. If products or services do not fit the prospect or client, they will identify that fact as soon as possible and withdraw.

3. Seek to make a comprehensive review of your financial circumstances and make appropriate referrals to other professionals for services beyond their expertise. In other words, seek to protect your financial well-being, whether or not it is within their specific area of expertise.

4. To provide prompt handling of your financial affairs and immediately address client concerns, dissatisfaction, or complaints.

5. To advertise honestly, and to use appropriate sales materials and presentations.

In addition, the typical CRFA graduate will use a variety of tools to provide appropriate solutions—including retirement planning software, a deferred or immediate annuity calculator, monte carlo simulations, and retirement income estimation projections.

Remember, you don’t want someone who simply “has a job” in the financial services industry who wants to sell products and services. You want a professional retirement advisor who has made the commitment to competency and high standards to serve their clients at the highest levels.

CRFA graduates have made that commitment to stay educated and knowledgeable about the solutions to the financial challenges of retirement. Plus, if a CRFA graduate does not have the expertise in an area important to your circumstances, he can access his network of other professionals in the community to assist him in specialty areas, including:

• CPAs for tax consultations;
• Attorneys for legal issues or document drafting;
• Property and Casualty Insurance agents to insure you have adequately covered your risks;
• Life, health, disability, and long-term care specialists.

Don’t forget, once you’ve consulted the right CRFA about financing your retirement future, be sure to then contact a CAPS certified remodeler like Home Evolutions for all of your aging-in-place needs.

Are you following us on Twitter? — Home Evolutions will give you real-time updates when our latest blogs are posted, as well as timely information on Aging-in-Place news from around the country.

Did you know that approximately 80% of home modifications, renovations, and repairs are paid for by the primary occupants of the residence? And out of these, the majority is funded by personal savings!

But don’t panic…There are many organizations, agencies, and resources (some of which may be right in your town or city) that can possibly help seniors and people with disabilities complete the home modifications necessary for them to age-in-place. A few of these programs are even comprehensive in nature, offering home assessments, providing the renovations and/or equipment, and training the individual to use the modifications at little or no cost.

A recent article for the National Association of Home Builders (NAHB) describes some of these potential money sources and assistance programs that may be available to those who choose to remain living at home comfortably, safely, and independently.

The following list is a general and abridged overview of potential funding sources for home modifications noted in the article:

Insurance Coverage of Home Modifications
Some insurance programs might pay for home modifications. This includes automobile insurance policies, worker’s compensation programs, state catastrophic accident insurance plans, medical trust funds, and long term care policies.

Medicare and Medicaid
Medicare recipients may qualify for an occupational therapy evaluation and treatment. Some Medicaid programs offer waiver programs that permit certain states to use Medicaid funds for services as an alternative to institutional care—such as home modifications.

Federal Programs Administered at the State or Local Level
Agencies like the U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Agriculture, and the U.S. Department of Veterans Affairs (VA) all offer various home modification options as part of the services they provide.

Foundations and Organizations
For individuals who have been diagnosed with disabilities and conditions like Alzheimer’s disease, multiple sclerosis, or rheumatoid arthritis—there are several national nonprofit organizations (such as Easter Seals) with local chapters that may offer home modification funding or services to ease the burden of providing care in the home.

Tax Deductions
If an individual did pay for home modifications out of personal savings, they may be eligible for Internal Revenue Service (IRS) deductions for medical expenses.

Many of the programs and agencies listed here often refer and utilize the services of locally-based contractors and remodelers like Home Evolutions. Such aging-in-place specialists can work with these programs and agencies to help make your home a place where you can continue living in comfort and independence.

Read more about this story in the next and upcoming issue of The Forever Home.

Are you following us on Twitter? — Home Evolutions will give you real-time updates when our latest blogs are posted, as well as timely information on Aging-in-Place news from around the country.