Make your money work for you. Money market accounts, certificates of deposit and savings bonds are all ways to save money. When deciding which savings vehicle to use to save for retirement, it is important to balance the amount of risk ie amount of potential returns (or loses) with the need for the access to the cash as well as financial sustainability. Clearly outlining your financial goals is important. A Certified Financial Planner (CFP) is an excellent source of information to engage this process. CFP can provide (1) expertise, (2) objectivity and (3) timely choices.

(1) Expertise
I know, I know, there are a lot of you out there saying, "I got this. I do not need to consult with a professional." I understand, it's your money and you have things under control. However, there is a benefit to employing professionals who have additional expertise. I am sure that you see value in going to a professional that knows more about how to heal your body, a doctor. Or you go to the barber shop or the hair dressers to get your hair cut because if you didn't we would all have crazy hairs. Going to a financial professional is simply consulting with a a person who has financial expertise.

(2) Objectivity
There is also something to be said for objectivity. You are emotionally involved with your finances, your CFP is not. They may be able to clearly see an alternative that is so simply that it will make you slap your forehead and say, "why didn't I think of that, it is so simple and makes so much sense."

Sometimes there are circumstances that may require financial changes or the creation of legal documents or purchase of an insurance policy in order to protect you or your family from unintended consequences. A good CFP will take the time to listen to you and explain the risks and benefits of taking or not taking specific actions.

(3) Timely choices
Outlining your financial goals is important to do and the earlier you start the better. When you find the right CFP who cares about you reaching your financial (and life) goals they can be a great informational resource and can outline timely choices to help reach your goals.

For example, someone who is about to retire from their career and they mention in conversation, "I have been saving a good bit of money and I am planning to consult a CFP once I retire." Oh my, they have got it all backwards. They need to consult a CFP before they retire. As soon as feasibly possible would be ideal. All of their circumstances should be examined and then the alternatives or choices can be outlined of when is makes healthy and financial sense to retire. Maybe they can retire earlier then expected, for example tomorrow:). Or maybe they need to wait until after the first of the year so they can make adjustments to their retirement vehicles and save a ton of taxes. If someone waits until after they retire to examine the circumstances surrounding their retirement sometimes the choices are limited.

More Americans are living longer.  What happens when an aging parent can no longer care for themselves? Oftentimes, if arrangements have not already been made, their children step in and take responsibility for them. Here are some interesting facts from AARP:

• This is the first time in history that American couples have had more parents than children.
• Today, the average American woman can expect to spend 18 years caring for an older family member, compared to 17 for her children.
• Almost 40% of all U.S. workers are more involved with caring for a parent than a child.

The odds are high that someday you may be required to care for an aging parent at some point.  It can be hard to know when your parents need help because, often times they will not ask for it. They may not want to be a burden or they feel as if they’re imposing. Before jumping in, you should consider the following:

• How much help is needed?
• If siblings are involved, do you divide and conquer? Geography is a factor when most are not in the same location or town.
• What are the costs involved?
• What type of care is needed?
• Do they have any Long Term Care Insurance?

Once the above questions are answered, you are able to draw a clearer picture of what and who needs to be consulted, such as: an attorney, a certified financial planner and a daily money manager.

Attorney: It is important to remember if you are going to begin to take on the responsibility be sure you consult with an attorney to establish decision making authority so you are able to make the care decisions. 

Certified Financial Planner: You should also consider consulting with a certified financial planner to establish a good working picture of your parents financial status and available funds for payment of care. 

Daily Money Manager: Another professional to consider is a Daily Money Manager. They can take care of your parent's day-to-day financial concerns are provide a report of bills paid, financial events (keep track of important papers and renewals vital of insurance policies) as well as provide a second set of eyes on bank accounts to catch unnecessary fees and prevent identity theft.

Every family is different and the needs for caring for an aging parent are ever changing.
The key is to be proactive and be knowledgeable about your options.