Money isn’t everything… but it does help. Past and current spending habits affect long-term goals.

Financial Planning…Are you on track?

Unless Seniors have determined how much money is needed, and where, retirement may come as a financial shock. Social Security alone will not be enough to cover living expenses. Medical care and long-term care could, in the blink of an eye, deplete your hard-earned savings. As we age it is advisable to have liquid assets (paid mortgages, property, easily dispersed valuables) available. Monitoring investments to ensure your appropriate risk factors in the stock market is recommended.

Financial planners may advise spending down taxable investments (IRAs, CDs) first, as tax rates are unpredictable. Consider an affordable tax advantage way to save for education expenses for grandchildren. RMDs (Required Minimum Distributions) required the year one turns seventy-three and a half, may also be rolled into a Roth IRA, be reinvested, or used for additional living costs. This is a good time to consider a portion of your RMD to be given to your favorite local charities. Consult a financial advisor for experienced guidance.

Unsafe investments are 1) gold 2) cryptocurrency and 3) high-yield ventures, such as junk bonds and stocks with big dividends. Always think of the associated risk.

AARP states a mix of stocks and T-notes is safe investing. Treasury bills, Treasury notes, and Savings bonds are three recommended as “ultrasafe.” Remember, however, it is best to start investing early rather than waiting. Watch your money grow.

Money is personal. NEVER give banking information to strangers. Be wary of requests for donations, do not pay for a service until it is completed, and call either the Better Business Bureau or the State Attorney General immediately if in doubt. It is your money.

Designate a trusted family member, friend, or legal representative to fulfill financial obligations if you become unable to pay bills. Let others know who your financial representative is and stick to this decision unless you decide to change it.

Think before giving large amounts of money away. Should Medicaid become a necessity for care, the last 5 years or more will be reviewed to determine if money has been misappropriated. If so, Medicaid assistance could be jeopardized and/or delayed.

Bridge to Better Living not only considers a client’s financial situation, but also physical, social, and medical status. We want Seniors to enjoy Quality of Life. Our Transition Consultants have the resources available to help make the best decisions. Contact us now to discuss Retirement Living options.