SENIOR CITIZEN FINANCE CONCERNS

Feb 12th, 2012 | By | Category: Senior Finances

Top of the Top Ten Senior Citizen Worries

Senior finances top the top ten concerns that senior citizens experience. The majority of us are not wealthy.  Some of us have a pension and others of us have investments.  Almost all of us have Social Security benefits.

But we’re not wealthy.

We all experience periodic concerns about whether our nest egg will last our lifetime, or not. Most of us are concerned if we are using our money wisely.  Sometimes we give in to the ‘what-ifs’.  What if a catastrophic illness hits?  What if something happens that incapacitates me or my spouse/partner?  Without long-term care insurance and an exceptionally good Medicare supplement (Medigap) policy, most of us would be facing loss of almost if not all of our financial resources. And for many of us, that includes losing our home.

Other than sitting around and wringing our hands, what can be done to ease our concerns?

Create a Plan and Evaluate it Periodically

Because of the nature of a fixed income, most of us are unable to increase our income without returning to work.  For some, that may be a good option.  For many of us, because of age and health issues, it simply isn’t feasible.  So beyond returning to the work force, the best plan is to work toward peace of mind about your financial health.  And that means getting appropriate financial advice regarding your unique financial picture.

Seek out the services of a reputable financial adviser. Most seniors need good advice regarding their finances.  Finding a good adviser is most likely the best option.  You may not be able to do anything to increase your income, but at a minimum you can have peace of mind that you’re doing the best you can do with your resources.

If doesn’t have to cost a lot of money, by the way.  There are financial advisers in every community who aren’t selling products that you cannot afford.  Start with an officer in your bank.  Ask her/him if they can recommend someone you can talk with to evaluate your financial picture to be sure you are using your money as wisely and efficiently as you can. It is entirely possible someone at your bank is available for such a discussion.

If you have investments, there will be an adviser assigned to your account by the investment firm.  That person has to have education and training to provide advice, and s/he must adhere to a code of ethics that prevents them from taking advantage of vulnerable seniors.

Once you have a plan created, be sure to talk with your trusted adviser at least annually to review any changes that have occurred with laws and regulations, and to make any changes that are necessary in your personal financial plan to ensure the best use of your retirement funds and the safety of your nest egg.

 



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