Every Senior hopes to enjoy Quality of Life and having financial security makes this goal possible. The following suggestions address controlling debt, planning for retirement, protecting financial investments, and more.
ADVICE FOR RETIREMENT
The goal of retirement is to be self-supporting without receiving a steady income. Although this may seem overwhelming, approaches exist to help retirement goals remain on track.
- Plan an official mortgage Home maintenance is expensive while also paying a monthly mortgage. Determine an end date for house payments and consider adding an additional amount towards the principal to own your home sooner.
- Begin saving early. Every penny invested helps. Avoid borrowing from retirement savings. Early withdrawals from some retirement funds result in added fees and taxes while decreasing the value of investments once earmarked for retirement.
- Plan and estimate retirement costs but leave room for unexpected expenses. It is inevitable costs will increase during retirement. Budget expenses and note the amount spent monthly on basic needs.
- Plan for Health Costs- Review your family medical history. Are there risks for cancer or life-changing diagnoses? These could potentially mean a higher medical bill. Life changes in an instant as we all know.
- Plan for assistance and care needs. It is not uncommon to need additional help with advancing age. A transition to a Senior Living Option could prompt budgetary changes. Schedule a no cost consultation with Bridge to Better Living to receive the answers for Retirement Option questions and avoid making expensive mistakes.
AVOID FRAUD
Seniors are the most likely fraud targets. Most scams involve asking for a Senior’s personal information or financial help and may be presented as phone solicitations, social security ploys, or verifications of account numbers.
Practice caution when providing online information. Do not give out personal info to random callers, click on unsecured links in emails or donate to an unconfirmed organization. Knowing how to recognize fraud is an investment in retirement.
Bridge to Better Living offers consulting at no cost to the client. We are experts at guiding and assisting each individual Senior. Financial security is a result of education, preparation, and practices, all of which are available through our expert Transition Consultants. Contact Bridge to Better Living today. Invest in your future.