We are aware of the fact that April is considered as the Financial literacy month and as we’re about to cross March, it is vital to discuss a few financial advice for the seniors so that they can best protect and retain their assets without having to seek the help of someone else. As long as literacy is concerned, just as we never taught ourselves to read and write on our own, we also don’t have enough time to become totally literate about personal finance.
It is seen that majority of the seniors require the assistance of a trusted adviser who can guide them through the basic financial information and also guide them through an in-depth understanding of their finances. Here are few vital points which the advisors should remember to follow regarding their finances.
Know where exactly your money is going
Financial experts acknowledge the fact that 67% of Americans don’t follow a budget. Most experienced analysts will tell their clients that devising a budget and following it is going to be the first step to get your finances in shape. You can never plan your future in case you don’t know where you’re spending your money. So, always keep a tab on your expenses.
Don’t hurry to get your Social Security benefits
Most people think that as soon as they get to retirement, they can start drawing Social Security. Experts advise not to go so fast with grabbing your SS benefits. You can read online to know how you can get the most from your Social Security. You can even use the benefits evaluator for insights on inflation, timing, and adjustments on cost-of-living.
Don’t keep unrealistic expectations
We all indeed love investments but this is definitely not the age for fairy tales. Return and risk are nothing but 2 sides of the same coin. If you’ve seen that ad for 8% returns in the newspaper? Don’t forget that there is always a catch behind that. Your money will be just tied up for 15 years and the 8% might be the return that you get in the first year. Many seniors have learned the harsh way and hence you should be careful while investing money
Stay aware of over-friendly strangers
Senior citizens are considered easy marks by all those who would love to separate them from their money and funds. You should remain aware of anyone who continuously keeps an eye on the personal and financial affairs of a senior. If there are people who do confusing double talk or asks you to sign some document or are excessively friendly, you should steer clear from them.
Therefore being a senior is a big responsibility as you have to be aware that no one can deceive you and take undue advantage of your assets. Follow the tips mentioned above if you wish to stay on top of your finances even after reaching 60.
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