Financial Tips for Newly Retired Seniors
Many people look at retirement as freedom. Freedom to travel, to pursue your personal interests and hobbies, or to just relax and enjoy a slower pace. However, it’s important to remember that while your working life may be over, you’ve still got a lot of life left to live. And this means being prepared financially for whatever that life might throw your way.
Retirement Planning: Financial Tips for a Secure Future
Being prepared for retirement means more than just thinking ahead about how you’ll pass the time with all your newly-found freedom. You might be ready to take that cross-country road trip or sit back and read that stack of books you’ve been meaning to read forever, but have you recently assessed your financial situation? If your health needs were to change, it’s vital that you have a plan in place to address the costs associated with the future care you may need — especially if it’s for the long term.
Of course, it’s difficult to judge exactly how much money you will need to ensure the most comfortable future. However, by properly planning ahead, you’ll be able to enjoy your retirement to the fullest extent.
Here are six financial tips for seniors to make sure you’re protecting your assets for the years ahead:
- Create a long-term budget plan. Not properly budgeting for the long term is an issue that affects many older adults. In fact, according to a survey conducted by Wells-Fargo a few years back, only one-third of Americans have a financial plan that will see them through retirement. Without a budget, you might eat up all your savings within the first few years of retirement. Additionally, most people will incur costs for long-term care at some point, so be prepared for the changes in your health that could occur as you age is vital.
- Talk to a professional. Getting advice from friends and family members about what worked best for them to prepare for retirement is great. But, when it comes to managing your money, you’ll want to seek professional help from a financial advisor. A trained financial expert can ensure you’re making wise decisions with both your savings and your investments.
- Find ways to eliminate debt. If you haven’t eliminated all your debt before you retire, now is the time to buckle down and pay down everything you can. Additionally, try to avoid taking on any new debt, such as opening a new home equity loan.
- Regularly update your portfolio. Keep a realistic perspective on the fact that aging can bring changes to your health needs. Although you don’t know what your specific needs will be, you should still try to plan ahead as much as possible. Remember, changes in your health and lifestyle can affect your current portfolio, so make sure you’re keeping it as updated as you can.
- Keep inflation in mind. Thanks to inflation, your money will gradually be worth less over time. Understanding how inflation can affect your savings will ensure your hard-earned cash does not get depleted and leave you without adequate funds for the future.
- Focus on your financial health for a while. Along with managing your debt, know that it’s ok to say no to certain things in your later years. For instance, you may need to stop loaning money to family members when they ask, or work on building your retirement savings as much as possible by skipping expensive trips or putting off large purchases.
Plan for a Vibrant Future at Advent Christian Village
Residents thrive at Advent Christian Village, a vibrant retirement community located on 1,200 acres along the Suwannee River in north Florida. Offering a true plan for your future and options for a variety of budgets, you’ll find an array of independent living homes along with supportive services like assisted living and skilled nursing for a continuum of care. If you’d like to schedule a tour or request more information, please contact us today.