Financial Needs of the Elderly: Managing Senior Finances

Financial planning for seniors is essential for a life free from elderly financial problems in retirement. One of the most common financial concerns for seniors is running out of money in retirement or outliving the life of investments.

If you don’t feel confident in setting up your own plan for retirement, contact your local senior citizens’ organization or city hall to find out how to access financial help for senior citizens. They usually have a list of services for seniors in the local community.

Working with a financial advisor will set you up for success and help you manage your money.

The key to managing senior finances is making sure you understand how to live comfortably on your retirement income.

Let’s take a look at some financial advice for seniors and how financial planning for senior citizens can help you have peace of mind and security in retirement.

Here are some useful tips and financial advice for seniors offered by US News. Click on the link for more information.

• Budget Carefully
• Don’t Be Too Generous
• Plan With Your Partner
• Make Sure Your Bank Is on Your Side
• Utilize Fraud Safeguards
• Prepare for Cognitive Decline
• Keep Learning
• Protect Your Digital Assets
• Get Monetary Help from Your Adult Children
• Consider Launching a Business
• Teach Your Grandchildren About Money

Did You Know That Nearly Half of Elderly Americans Have Not Saved for Retirement?

What can you do to offset your expenses if you are one of them?

• Downsize- Moving into a smaller, more affordable place can not only save you money, but it can also be much easier to manage.
• Get a Roommate- A compatible roommate can share expenses and provide company.
• Work Part-Time- Working part-time can help offset your expenses while giving you some socialization and a boost to your self-esteem.
• Move-in with an Adult Child- A multi-generational household is a workable solution for many families.
• Live on Less- Drop that high cable package, get a senior plan for your phone, don’t use credit cards, shop at thrift stores, and cut corners wherever you can.

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What About Financial Help for Elderly Disabled People?

Disabled elderly people can receive help from several community resources or assistance programs that specialize in meeting their needs. Resources are offered by the federal government, your state, Area Agency on Aging offices, charities, or social service organizations.

Click here to find additional resources for disabled seniors who need financial assistance.

The basic needs for the elderly include health care, personal safety, personal security, adequate housing, food, clothing, and mental health care.

It is important to set goals and have a plan no matter how challenging finances may appear. Small savings add up, especially if you begin planning for retirement before the age of 65.

Financial security is the key to healthy aging and contentment in old age. The best advice to anyone who is in their 40’s or 50’s is to plan for your retirement years before they sneak up on you. It happens sooner than you think!