Financial tips for older adults

Financial tips for older adults

Being smart about the choices we make financially is very important. This means that the older adults who form the senior members of society should be educated and equipped with skills that will put them in a position to make better and informed financial choices. Some of the skills that would place an older adult in a better position to make informed financial choices include the following.

  • Carful budgeting

Income tends to reduce significantly from what it was during the time when one is employed. Older adults therefore need to look for ways to limit expenses to make their nest eggs last.

  • Not being too generous

When grown children are struggling with their own financial lives, it can be tempting to open up your bank account to them. The problem with this approach is that it can stress your finances and lead to family tension. That’s why it is very important to make your number one priority protecting your money even while trying to help your children.

  • Plan with your partner

Even if you’ve been married to your spouse for years, it’s possible that you have different visions of how to spend your retirement years. This will help you come together and share ideas on how best to ensure your financial life is secured for an easier future.

  • Being on the same side as your bank.

Some banks cater to older clients more than others, with perks such as using larger print in communication, meeting outside of the bank and speaking clearly without being condescending. Asking about your bank’s age-friendly policies before you need them can help ensure you don’t get frustrated with its policies later.

  • Putting fraud safeguards in place.

Older adults are at a greater risk for financial fraud, but there are ways to reduce that risk. Family members can be alerted to large withdrawals from accounts, debit cards can be programmed to only work in certain locations and names and numbers can be placed on “do not call” lists.

  • Prepare for cognitive decline

When it comes to managing one’s finances, signs of cognitive decline tend to show up when one is between the age of 60 and 70. This makes it harder to manage bills, calculate tips and make change. Sometimes adult children or others can help prevent bigger problems, like falling behind on bills, by noticing those red flags and stepping in to help. Get a medicare supplement from blue cross at https://www.medicareadvantage2019.org/bcbs-medicare-advantage-plans-for-2019

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