Financial Tips for Newly Retired Seniors

Financial Tips for SeniorsMost people look forward to their retirement years; it’s a time when we can finally relax, explore new options, travel, and enjoy all that life has to offer without the stress of heading into the office anymore. However, being prepared for the change in lifestyle that’s ahead means more than just thinking about how you’ll fill your days; it also requires being financially ready. Retirement may signify the end of your working life, but it’s definitely not the end of your financial life!

The Importance of Planning for the Future

While you might be anxious to take that big cruise or European sight-seeing trip, it’s important for new retirees to assess their financial situation for future needs. You may still be healthy and independent now, but if your medical needs change, would you be ready to pay for the costs associated with the care needed, especially if it’s for the long term? Properly planning for the future means that you’ll be able to truly enjoy your retirement years to the fullest extent.

Financial Tips and Advice for Seniors

While it can be difficult to judge just how much money you’ll need to ensure a comfortable future and cover all the costs associated with retirement, you can use these financial tips for seniors to make sure you’re protecting your assets as much as possible:

  • Plan for the long term. According to a survey conducted by Wells-Fargo a few years back, only one-third of Americans have a financial plan that is set to see them through retirement. With no plan, you might eat up all your savings within the first few years of retirement. Plus, as mentioned before, being prepared for the changes in your health that could occur as you age is vital, and most of us will incur costs for long-term care down the road.
  • Seek a professional financial advisor. When it comes to managing your money, you’ll want to see professional help. Advice from family members can be helpful, but a trained financial expert can ensure you’re making wise decisions with your savings and investments.
  • Watch out for scams targeting seniors. Sadly, seniors are often the targets of financial scams; in fact, research verifies that 1 in 5 older Americans have been preyed upon by scammers. Educate yourself about the different types of scams out there and beware of those offers that sound too good to be true.
  • Don’t forget about inflation. Over time, prices will rise and your money will gradually be worth less. Understanding how inflation can affect your savings will ensure your hard-earned cash does not get depleted and leave you no money for the future.
  • Try not to rely on Social Security. It’s important not to expect that Social Security benefits alone will allow for a fulfilling, financially-sound retirement. Plus, you can be fairly certain Social Security won’t cover long-term care costs. With the future of Social Security not entirely clear at this time due to government changes that could occur, make sure you have an additional retirement savings plan.
  • Update your portfolio regularly. Changes in your health and lifestyle can affect your current portfolio, so make sure you’re updating it regularly. It can be difficult to know just what type of future expenses you’ll have when it comes to medical costs or long-term care, but keep a realistic perspective that your needs might change.

Planning for the future by using these helpful financial tips for seniors can help ensure a happy, relaxing retirement where you are able to enjoy all the things you’d planned to do!

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