Financial Advice for Seniors: 6 Tips for Long-Lasting Security
Managing money in retirement isn’t always the easiest task. From portfolio inquiries to budget predictions, reliable financial advice for seniors can help answer your questions and make funds last, providing a sense of security throughout the later years of your life. Here are six ways to ensure you get the trusted financial guidance you need.
1. Choose Your Advisor Wisely
You should do research before you blindly trust any professional who claims to offer financial advice for seniors. It’s vital to look at their background and certifications to see if they meet the regulatory training requirements specifically needed in order to advise seniors.
2. Designate a Power of Attorney
One of the first orders of business for seniors who are attending to their finances is setting up a power of attorney (POA). It’s responsible to prepare for a time when you may not be capable of managing your own finances any longer. POA laws vary from state to state, so depend on your attorney’s guidance. It’s important to note that you have complete control over who you choose and the limits of control you set.
3. Set Budget Limits
Just because you’re retired doesn’t mean you no longer have to stick to a budget. In fact, it may be more critical than ever to pay attention to your spending. Working with a financial advisor can help you determine your monthly spending limits in order to make your assets last for the entirety of your retirement. Once these limits are identified, hold yourself to strict conservative standards and beware of overspending through use of credit cards or personal loans.
4. Continue Monitoring Your Credit
Even if you no longer need to utilize credit for purchases, continue to monitor your credit profile. This is one of the best ways to minimize the negative effects of identity theft. You can also quickly identify errors and correct mistakes. Good credit is essential if you need to borrow money at any point in the future.
5. Take Advantage of Discounts
Senior discounts abound. Don’t let these savings go to waste. Many grocery stores offer senior discounts on certain weekdays. You can enjoy savings on fun activities like going to the movies or planning a bowling outing. It’s worth it to ask for senior discounts wherever you go – the savings add up over time.
6. Beware of Fraud
It’s no secret that seniors are a targeted group for financial scams. Stay aware of clear scam warning signs, such as unexpected emails or phone calls asking for personal financial information. Don’t fall for offers that seem too good to be true. If you suspect fraud, report the individual or company immediately so that others don’t fall victim to the scam.
You can trust My Senior Health Plan for valuable financial advice for seniors – we’re in the business of helping you improve your quality of life by reducing unnecessary costs and finding insurance plans that meet your needs and increase your long-term security.