Category: Personal Finance

Did you know that the average retirement age is sixty-six years old? If you’re nearing retirement age, you might be getting nervous about all the expenses that accompany this life transition.

Whether it’s healthcare costs or day-to-day expenses, retirement can be intimidating. But, it doesn’t have to be. With proper financial planning, you can take a lot of the guesswork out of retirement funding.

That’s why we organized these five financial planning tips for seniors. That way, you can start feeling confident about the future. Let’s get started!

Why is Financial Planning Important for Seniors?

Financial planning is important for seniors because retirement is likely coming up. When you decide to stop working, you will need to rely on your savings and other assets to make up for the lack of income.

Specifically, you need enough money to maintain your standard of living. This standard can differ from person to person. But, it all requires some degree of financial planning.

You will also need funds in cases of emergencies, like an unexpected medical problem or family issue. Proper financial planning gives you peace of mind for these two areas. Not only that, if you do it properly, you can increase your savings.

That means that in the end, you’ll be able to pass something on to the ones you love. Now let’s take a look at some tips that can make your financial goals a reality.

1. Map Out a Realistic Budget

The foundation of any good financial planning for seniors is an accurate budget. This helps you determine how much money you regularly spend and how much you need to save. For starters, gather common expenses like:

• Rent or mortgage payments
• Food and groceries
• Utilities
• Transportation
• Insurance payments
• Healthcare costs
• Home maintenance
• Any outstanding debt you have
• Travel expenses
• Recreational funds

It’s important to be as realistic with your personal finances as you can. Unless you’ve been diligent with planning, likely, your retirement income won’t be as high as your peak earning years.

That means that you will need to limit any unnecessary expenses to maximize your savings. You can do this by going through your budget and cutting back on certain things.

No one likes to give up things like entertainment and travel for money management. But, cutting back for a few years can save you a lot of money for retirement.

In the meantime, you can also look for additional ways to save money. Senior discounts on food, movies, and other expenses are a great place to start.

2. Automate Your Finances

There’s no point in hiding the fact that cognitive decline is a natural part of getting older. There’s nothing wrong with being forgetful when you’re older. However, it can be problematic when you forget an important part of your finances.

The solution is to automate everything. That way, you never have to worry about forgetting it. You can start by automating your sources of income, like your pension, social security, any disability payments, and investments.

Find out how to automatically transfer these payments to your account through direct deposit. This can be a bit of a headache, but it’s worth it in the long run. You should also do the same with any regular payments your make.

Bills and care costs can also be automated. Just make sure that you’re occasionally checking your accounts to make sure that you aren’t coming up short.

If there’s not enough money in your account for direct deposit payments, you will get charged with penalities.

3. Consider Power of Attorney

You need to be prepared for the unexpected once you reach senior age. And, that involves accepting the fact that one day you might be unable to make financial decisions, whether through cognitive decline or a medical emergency.

Setting up power of attorney can be a good buffer for this event. It gives a family member the ability to make financial decisions on your behalf. Think of it as a living will that carries out instructions if you aren’t able to do it yourself.

Unfortunately, there have been cases of financial fraud when it comes to power of attorney. You can prevent this by appointing more than one agent.

4. Create a Will

No one likes to think about their death. But, the reality is that it happens to all of us. And, without a will in place, it can make sorting through your assets a challenge for your loved ones.

Make things easier on them by clearly spelling out how you want your assets divided. The good news is that making a will is pretty straightforward these days. In some cases, you can even do it online.

5. Consider Future Living Situations

You will also need to decide on future living situations. Many seniors want to stay independent for as long as possible. Sadly, this isn’t possible most of the time. At some point, almost all seniors will require some form of care.

The good news is that you don’t need to give up your independence to get this care. There are likely lots of solutions for senior living in my area that provides whatever level of assisted living you need.

Best of all, you get to connect with a community of fellow seniors.

Enjoy Learning About Financial Planning Tips for Seniors? Keep Reading

We hope this article helped teach you some financial planning tips for seniors. Everyone’s finances are different. That means that no two retirement circumstances will be the same.

But, regardless of whether you are a CEO or a small business owner, you can benefit from this financial planning advice. However, if you need extra help, don’t be afraid to contact a retirement planning specialist.

Do you not want this article to end? We don’t blame you. Luckily, there are hundreds more that you can check out by continuing to explore our site. So, get started!

According to a recent report, the average American spends almost $300 each month on subscription services. Even though each subscription service that a person signs up for might not cost all that much money, these services can really add up over time.

Some of the recurring bills that people pay aren’t worth it at all. If they did their due diligence every time they chose to take on a new subscription fee, they would see this.

But other recurring bills are well worth the money that people pay for them. Find out about five recurring bills that are actually worth the money below.

1. Internet Service

Internet service used to be a luxury in many American homes. But these days, it would be difficult for most people to survive without it.

More than 90% of people use the internet on a regular basis. This has turned internet service into one of the most justifiable recurring bills.

2. Cell Phone Service

Just like internet service, having cell phone service used to be seen as a luxury. But today, almost 100% of American adults have cell phones.

As a result, cell phone service is another fully acceptable recurring bill. Anyone who can afford to pay for it should look into getting cell phone service ASAP.

3. Gym Membership

Sadly, one study after another has shown that far too many Americans don’t get enough exercise each week. It’s a big part of the reason why so many Americans struggle with weight issues.

If you want to avoid falling into this category, you should make working out a bigger priority in your life. You can do it by signing up for the gym and paying a monthly gym membership. It’s one of the recurring bills you won’t mind paying as long as you put your gym to good use.

4. Maid Service

If you don’t stay on top of all the cleaning that you need to do in your home, it can affect everything from your home’s appearance to your health. It’s why it might make total sense for you to bring a maid service on board to assist you with your cleaning needs.

Detail Cleaning Services can lend a hand to you if you need help cleaning. This maid service’s recurring bills will be worth their weight in gold.

5. Identity Theft Protection

Every year, millions of Americans are the victims of identity theft. If you want to steer clear of becoming the next victim, you should sign up for identity theft protection.

Of all the recurring bills on this list, this one could save you the most time and trouble. You won’t have to worry about identity theft as much as you might now when you have identity theft protection in place.

Start Keeping a Closer Eye on Your Recurring Bills

It’s a good idea to go through your bank statements every so often to see how many recurring bills you have at any one time. You might be paying more than you have to every month to get your bills squared away.

Consider keeping all of the recurring bills listed here. They’ll make life easier for you and benefit you in so many other ways.

Browse through our other blog articles for more money-saving tips and tricks.

Did you know that over 9% of Americans have no insurance coverage whatsoever?

If you’re disabled or retired, then health coverage is even more of a necessity. However, it can be difficult finding a plan that’s perfect for your needs.

Are you wondering how you can do it? Keep reading to learn all about how to choose the best health insurance coverage.

1. Make a List of Needs

Simply put, health insurance is not a one-size-fits-all situation. Everyone has their own needs that they’d like to be covered, whether it’s related to vision or a specific type of drug.

Before you start looking for the right plan, you should take the time to write out a list of all your specific needs. That way, finding a plan will become a lot less daunting. All you have to do is skip the ones that don’t have the coverage you’re looking for.

2. Don’t Get Hung up on Premiums

To find the best coverage, you’ll need to look at more than just the premium cost. While this is certainly a factor worth considering, you’ll get a fuller picture when you consider the total cost.

Whether you have to pay out of pocket for certain things or cover copays, a lot of fees can add up to a cost that might not make the premium worth it.

3. Talk to a Health Insurance Navigator

One way you can save on health insurance is by seeking free advice from a health insurance professional. There are people out there who can help you choose the perfect plan at no extra cost to you, whether it’s Medicare Advantage or something else.

Certified application counselors, for instance, get a commission on each new sign-up, but they should never ask you for a direct payment. Best of all, they can help you with the process of signing up, which can include a lot of complicated documents.

4. Look into the Health Network

If you want the best health insurance, you should also look into the health network that comes with the plan. If you don’t have access to the best doctors, then the plan will essentially be worthless.

Nowadays, you can easily use a search engine to look up doctors who are within a potential network. You can find reviews that have been left by past and current patients. This is one of the best ways to envision what it’s like to have a specific doctor before even visiting an office.

Are You Ready to Get Health Insurance Coverage?

Now that you’ve learned all about how to choose the best health insurance coverage, you can have peace of mind knowing that your medical needs will be met. No one should have to worry about how they’re going to fill their next prescription, for instance.

Whether you want the latest info on beauty tips or want marketing strategies to boost your business’s success, look no further than our dedicated website. By bookmarking us, you can make sure to stay informed and never miss out.

Did you know that the healthcare industry is worth almost $12 trillion?

With so much money involved, it can be intimidating choosing a healthcare plan. Fortunately, there are tips and tricks you can use so that you won’t break the bank.

Are you wondering what you can do? Keep reading to learn all about 3 ways to save money on your long-term healthcare.

1. Pick a High-Deductible Plan

When it comes to medical costs, there are pros and cons to choosing between a high deductible and a low one. The first thing you should do is assess how often you go to the doctors or get prescription medicine.

If it’s not often, then you can save money by getting a high-deductible plan. This will allow you to pay less on your premium every month.

However, health isn’t a static thing. Just about anyone can fall ill at any time. If that happens, you can end up paying a lot more because of your high-deductible plan.

With this in mind, it’s important to be realistic about your health and take the time to weigh the pros and cons.

2. Invest in a Health Savings Account

If you want to save money on your long-term health care, then you’ll want to make full use of a health savings account (HSA). The great thing about an HSA is that every dime you put into it is free of tax.

As if that wasn’t enough, you also have the option of making tax-free withdrawals to pay for certain healthcare costs, such as a visit to a reliable orthopedic doctor. You can even write off some of your contributions to the account as deductions when doing taxes.

Simply opening an HSA can give you lower premiums every month on your high-deductible healthcare plan.

You’ll be glad to know that all contributions to your HSA roll over every single year. That way, your money doesn’t go to waste.

3. Don’t Go Outside Your Plan’s Network

Whether you’re paying for preventive medicine or other services, you’ll always save money when you stay within the network of your healthcare plan. This is why it’s so important to do research ahead of time.

If you don’t like any of the doctors or facilities that come with your plan, then you shouldn’t be paying for it to begin with.

Once you find the perfect health insurance plan and provider, be sure to use what their network has to offer so that you can save money.

Are You Ready to Save on Your Long-Term Healthcare?

Now that you’ve learned all about 3 ways to save money on your long-term healthcare, you can get the coverage you need without breaking the bank. Be sure to let your friends and family members know how they can save too.

There’s always plenty to learn when it comes to health and fitness, technology, business products, and other hot topics. You can be sure to stay in the loop by bookmarking our site and checking in whenever you get the chance.

Due to the ongoing pandemic, a lot of people face drastic changes in their work and finances. Sources of income end up hampered or halted, making it even harder to make ends meet. In such a situation, most turn to side hustles or alternate cash flows to get by.

Today, we will look at five ideas on how you can get quick cash in case of such a situation. These methods can help you get the money needed to get through the day. Some of these even provide you the means to earn a living.

Curious about these particular methods? Read on to learn about each of them.

1. Selling Clothes

If you have clothes that are in good condition and are dispensable, you can have these sold. The good thing about this is that you can conduct this both offline and online.

Check out local consignment shops within your area to expedite the process. You can also try sites like Poshmark to help you find buyers. When online, make sure to have clear and well-lit photos to showcase the best of the clothing you plan to sell.

2. Conducting Online Surveys

An online method that you can try your hand on is by conducting online surveys with websites like Survey Junkie. This method is quite effortless in terms of time commitments, letting you take surveys during your free time or breaks.

You can get about $45 an hour, or even more when you qualify in some sites. Try these out as these surveys take about five minutes or less to complete.

3. Taking on Quick Gigs

Another is to try out quick gigs that you happen to be good at. Sites like Fiverr, let you offer your services using the skills you excel in. These could be a good starting point for freelancing as well. Graphic designers and other artists are often scouted on these sites, so do your best!

The usual rate for Fiverr is at $5 per gig. Recent changes, however, have expanded further to offer a higher rate. This is a setup that you can consider as a source of income.

4. Taking on Short Term Loans

This method works as an emergency measure that’s useful when you need quick cash to make ends meet. These short-term loans tend to be of the no-credit-check variant. As long as you have the means to pay back as soon as possible, it will work in your favor.

Try this option for quick cash even when you are at crossroads, struggling to find a job after a previous one.

5. Offer Online Courses

This is both a side hustle idea and a good starting point towards a new career. All you need is a good amount of effort and investment. 

Consider teaching something you excel at. If you have a knack at sharing your skills and teaching others, you can check out the website Teachable. Here you can develop an interactive course that can help others learn.

Try These Methods to Get Cash Quick

It pays to have other ways to get cash, especially when they can come quick and fast when you need them. Weigh your options and research. You will have something that can help you turn your situation around.

Did you find this financial guide useful? We also have other articles talking about a variety of topics, such as finances and more so don’t hesitate to check them out here today!