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August 17, 2020  -  Senior Living

How to Plan for Retirement: Personal Finance Tips for Seniors

As you age, you must be wise about the financial decisions you make. There are some unique challenges that come with managing senior finances, but it isn’t all bad. After years of working hard, you’ve probably accumulated some wealth and your retirement years are finally a chance to enjoy it.

The important thing about your mature wealth is spending it wisely. Seniors are particularly susceptible to income limitations, fraud and some budgetary concerns. Below are our top tips for helping seniors plan effectively to protect their wealth and still enjoy what retirement has to offer.

6 Personal Finance Tips for Seniors

A simple thing seniors can to do protect their wealth in retirement is set a budget. As earnings start to become a little lower than in previous years, it’s important to limit expenses and create an effective financial plan. Below are just a few tips to help you make smart choices in your retirement years:

  1. Be Cautious About Sharing – While it is very tempting to help out adult children, grandchildren and other struggling family members, you need to cut back on sharing your wealth. It’s important to protect your money, as it can quickly start to cause stress on what is supposed to be an enjoyable retirement.
  2. Make the Bank Work for You – Not all banks are created equally. Some banks work with aging adults by providing perks, incentives and an overall better level of support. Talk to your bank about what they provide for seniors and consider making a switch if you aren’t satisfied.
  3. Implement Safeguards Against Fraud – It is no surprise that aging adults are at a greater risk of being targeted by scammers. To reduce the risk, enlist a responsible family member to be alerted of any large withdrawals or payments to unfamiliar sources. Also, you should try to get your phone number on “do not call” lists. You can even find classes in your area to help provide a refresh of safe practices online.
  4. Plan for Changes in Your Health – No one wants to think about it, but there is always a possibility that your health needs will change throughout your retirement years. Give yourself peace of mind by keeping thorough documentation of your finances, important passwords and information and a plan of action if your health should decline. Reach out to an attorney about appointing a Power of Attorney in the event that something serious occurs.
  5. Supplement Your Income – While you are officially retired, that doesn’t mean you can’t still work. Consider something you enjoy and are good at and see if there are ways you can make a small income. Consider craft fairs, tutoring, online marketplaces or even garage sales as ways to bring in money throughout your retirement.
  6. Work with an Expert – Financial advisors are beneficial at any stage of life, but especially in retirement. These individuals can help answer financial questions, provide you with valuable advice, assist you in setting a budget and even show you how to invest your money for the future.

For aging adults, the last thing you want to worry about is your finances. By getting smart about your money now, you can rest assured you will be protected well into the future.

Get the Most from Retirement at Peregrine Senior Living

If you are looking for ways to get more out of your retirement years, consider the advantages of independent living at Peregrine Senior Living. We support our residents through every stage of retirement and help them to empower themselves in a way that redefines aging.

Learn more about what our senior living community has to offer and contact us today at 315-476-5610 to schedule a tour of one of our communities.

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