Retirement can bring a refreshing feeling for many people looking forward to that time when they can take things easy, visit places, explore new horizons and savor life without the former daily challenges and anxieties. But preparing for such lifestyle change requires more than merely looking forward to enjoying your care-free days. Getting financially ready is the other half of the story. That is because ending your working life does not mean ending your financial life!
Why You Should Plan for the Future
Although fulfilling your dream to visit Europe on a cruising trip can be a wonderful goal, new retirees must first evaluate their financial status for essential needs in the future. For those who may still be active, healthy and independent today, remember that your medical needs will eventually change and you must consider how to address the expenses related with the healthcare needs, particularly for long-term medical care. Doing so will assure you to fully enjoy your retirement life.
Financial Advice and Tips for Seniors
While it is hard to determine the exact amount needed to ensure the required retirement lifestyle you envision and also cover all the accompanying costs, these financial tips will help seniors safeguard their assets adequately:
• Prepare and plan for the long haul. A Wells-Fargo survey showed that in recent years, only a third of Americans made a financial plan for their retirement. Having no plan will tend to erode all your savings a few years into your retirement. And as pointed out above, preparing for the health changes is crucial aspect to consider since it is highly possible that long-term medical care will arise.
• Seek help from a good financial advisor. It is always wise to seek professional help in managing your money. Also get advice from relatives, although a qualified and experienced financial advisor will assure you of making effective decisions with regard to your investments and savings.
• Beware of scams victimizing seniors. Seniors, unfortunately, are common targets of financial scammers; 1 out of 5 seniors Americans having been targeted by such scams, according to surveys. Read up on how scammers do it, especially on those get-rich-easy schemes to fleece people dry.
• Cover yourself against inflation. In time, prices eventually go up, bring down the worth of your hard-earned money. Know how you can shelter yourself from the effects of inflation to safeguard your assets and assure your future financial security.
• Do not depend on Social Security. Social Security benefits alone will not suffice to secure for yourself a comfortable, financially-stable retirement. Moreover, it will not cover long-term health care expenses. It is best to seek additional retirement funds, especially with uncertainties in the government regulations with regard to Social Security.
• Keep your portfolio updated. Certain health and lifestyle changes will impact on your present portfolio; so keep your portfolio updated. Although it is hard to predict future long-term medical expenses exactly, protect yourself by maintaining a realistic view of any future needs due to health changes.
Preparing and planning for your retirement life through these valuable financial hacks for seniors will assure a fulfilling, financially-sound retirement, allowing you to savor all the goals you have set out to achieve!