We all could use more help managing our money, right? The help that you need will vary throughout life—so, the money tips that help you in your 20s are different from what helps you in your 40s or your 60s and beyond.
Here are six money tips best suited for older adults:
- Get help with Medicare planning. Every year, you have a chance to review your Medicare coverage. With proper planning, you can lower the amount of money you spend out of pocket on healthcare. Find out which plans could benefit you, but also compare plan costs so you aren’t just lured by fancy brochures or advertising.
- Remember to help yourself first. This doesn’t mean you need to be stingy. Still, it’s all too common for big-hearted older adults to want to give money to help loved ones and sometimes help organizations that they support. However, that money may be better spent on your own life expenses, especially if you are on a tight budget.
- Use automated deposits and withdrawals. If you haven’t already, find out how you can automate deposits and withdrawals to and from your bank account. This can include deposits such as Social Security or bill payments (withdrawals) that you must make each month. Automation unburdens you with the task of losing a check or forgetting a payment.
- Continue to watch your credit report. Even if you aren’t taking out loans at this point, your credit report still can alert you to fraudulent use of your personal or banking information. Your credit report results also may become relevant if you are buying a new life insurance policy. You qualify for one free credit report a year from each of the credit bureaus (visit AnnualCreditReport.com). Some banks also will let you check your credit score at any time.
- Request to get less mail. How much mail do you get each week to request a donation, special offer, or big sweepstakes reward? Older adults are often more likely to receive this type of mail. It clogs up your mail system but it also could make you more vulnerable to giving up your funds needlessly. The Federal Trade Commission shares ways to get less junk mail, including offers from marketers, credit card companies, and life insurance companies. It usually involves a phone call or letter.
- Think carefully about Social Security. Although you can start receiving Social Security benefits at age 62, you can save money by waiting longer to receive those benefits. In fact, if you wait until age 70, you increase your benefits as much as several hundred dollars a month. Talk with a financial professional and do your research to make sure you maximize your Social Security benefits. Here is an explainer from the Social Security Administration that shows how your money goes farther if you wait on receiving your benefits.
Call Secure Aging to Find Out How We Can Help Seniors With Financial Management
At Secure Aging in Bradenton, we transform the weight of the world into a sigh of relief for our senior clients and their concerned family members. The mission of Secure Aging is to protect care management. As our clients age, it is their desire to remain independent and age with dignity. Our services protect our clients from talented con artists looking to exploit and deplete the financial resources of our vulnerable seniors. Secure Aging helps families in Manatee County and Sarasota County and in and around the communities of Anna Maria, Bradenton, Bradenton Beach, Ellenton, Holmes Beach, Lakewood Ranch, Longboat Key, Myakka City, Palmetto, Parrish, and Sarasota. Call us at 941-761-9338, or visit us online at www.secureaging.com.