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Financial Advice for Seniors

You may wonder why you should be concerned about financial advice for seniors, however, people are living longer than ever. Debt free financial advice for this stage of life offers seniors long term financial security.

Without sound financial decisions you too could end up as a retired senior wondering how you're going to pay the bills if you outlive your retirement fund.

Create a Budget

One of the most important pieces of financial advice for seniors is to make a budget. Many retirees forget this step, and that can cause many issues that could have been avoided. You can use Mint to manage your budget for free.

Determine your monthly or yearly income based on the amount of benefits you'll be receiving and how much you can expect to earn on your investments.
Be realistic about your projected expenses.
Pay down any past debt and minimize the accruement of new debt.

Break everything down, and, once a budget has been established, stick to it. Include financial help or handouts in your budget.

Some adult children become dependent on their parents or grandparents to help them out with money. However, it is not fair to you for them to expect you to give more than you can afford. It may seem harsh, but figure out how much you can feasibly give away, without expecting repayment, and don't go over that amount. If you can't afford to help financially, don't be ashamed to let your family know that.

Find New Ways to Save Money

Another bit of sound financial advice for seniors has to do with shopping. Do it. But do it wisely. Look for senior discounts, and remember not all stores advertise them.

Use coupons: You can print coupons right from your computer for many items you buy every week. Access over $100 in printable grocery & drugstore coupons right from your browser. Contains no adware or spyware.
Watch for sales on items you use often.
If possible, shop the grocery stores that double and triple coupon values.
Make a shopping list and stick to it; avoid impulse buys.
Shop on the Internet. There are tons of great deals to be had online.

Stay Healthy

This may not initially seem like financial advice for seniors, but medical costs are one of the biggest financial drains seniors may face. While it's definitely true that there are certain health issues that are out of anyone's control, there are things you can do to help yourself with the basic wear and tear of life.

Get some exercise. Remember the saying, "move it or lose it".
Go for regular medical checkups.
Get a flu shot every year.
Avoid being around anyone who is sick, especially children.
Keep your mind active.
Eat well. It helps to save money and it gives you more control over your diet.

Seek Advice

It's important to understand things such as 401(k) payout plans, tax-deferred savings plans, and other tax rules as they apply to your investments. Many employers offer retirement assistance and guidance. If they do, take advantage of that. If they don't, consider seeking professional advice. However, always check an advisor's credentials before giving them any access to your portfolio. Remember, even if you've been retired for years, some of the best financial advice for seniors is that it's never it's never too late to start making your money work for you.

Be a Bit Suspicious

Unfortunately, there are nefarious characters out to steal what they can from those they perceive to be vulnerable. All too often, they target is you. If you are elderly, you are going to be contacted by telemarketers and scam emails by those after your money. Here are a few rules to protect you:

If it sounds too good to be true, it's a scam.
If you're selling something and a buyer offers you a check or money order for an amount over what you are asking, and says they are going to trust you to send them extra, tear it up. It's a counterfeit check and they want the real cash you send them, usually by Western Union.
Telemarketers? Hang up. They are skilled at getting money from the elderly; don't give them the time of day.
Be wary of strangers asking for money. Report anyone who makes you feel uncomfortable...especially anyone who comes to your home to try to get you to give them money.
Never give out your credit card number, your checking account information or your social security number.
Learn to say "No!" and say it often.

By following this financial advice for seniors, you can will avoid many of the money-related stresses that can crop up later in life.

From Financial Advice For Seniors
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