Retirement is being extended and lasting longer than ever, and PeachTree Place Assisted Living in Salt Lake City understands that learning financial planning tips for seniors can make a huge difference in the quality of these years. Going far beyond saving for retirement, proper financial education and planning ensure that money is carefully managed throughout retirement. These tips can help set the right course for managing resources and avoiding common pitfalls.
Develop a Solid Budget
You’ve done it! You saved, and it’s time for retirement. Some of the most beneficial financial advice for seniors is creating a foolproof retirement budget and spending plan. Decide if you will need professional help, and then set about creating a plan that sees you comfortably through your golden years. Once the budget and spending plan are established, stick to them. Don’t forget to look forward to the future and make a plan for things like assisted living costs.
Carefully Manage Credit
Senior finances are especially prone to compromise through fraud. It’s essential to monitor and protect all aspects of your credit in retirement. Check your credit reports a few times per year and carefully check credit card statements. You should also consider using your cards infrequently to minimize the chances of your information being stolen. Avoid making decisions about refinancing or other purchases from anyone who has targeted by mail or phone and run decisions by a trusted friend or family member for advice.
Choose a Power of Attorney
Senior living comes with a lot of freedom, but as we age, we also lose some dependence. It’s a wise decision to create a power of attorney and place someone you trust in charge of your financial and legal matters should you become unable to manage them, or incapacitated. The paperwork for this process is straightforward with minimal legal fees; it’s an investment for your own best interest.
It All Comes Down to Preparation
Having a solid financial plan is really about preparation. You can enjoy these years with peace and confidence once your strategies and safeguards are in place. There are dozens of tips to help you create your perfect plan and even some tips for saving and generating extra income like:
- Turning a hobby into a part-time job.
- Looking for deals and senior discounts.
- Pay bills electronically to save on fees.
- Use a health savings account for medical expenses.
- Negotiate and reduce interest rates.
We’re Here to Help
PeachTree Place Assisted Living is a dynamic facility with wonderful activities, amenities and a variety of care options for seniors, including Alzheimer’s care. If you feel the time is right to talk about assisted living options, our experts are ready and waiting to answer your questions and provide a tour of our facility. Contact us today.