Financial literacy tips for the seniors – Avert taking wrong decisions

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 few financial advice for the seniors so that they can best protect and retain their assets without having to seek 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 through 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 the 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 tab on your expenses.

? Don’t hurry to get your Social Security benefits

Most people are of the opinion 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 the way in which 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

It is true that we all love investments but this are 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 of 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. There are many seniors who have learned the harsh way and hence you should be careful while investing money

? Stay aware of over-friendly strangers

Senior citizens are considered as 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 is excessively friendly, you should steer clear from them.

Therefore being a senior is a big responsibility as you have to be aware that there’s no one who 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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