Financial Planning Tips for Retired Seniors

It’s no secret that retiring costs money. Not only do you have to be prepared for rising expenses and the eventual costs of assisted living services, but also you need to ensure that your money is protected from scams and spent within a realistic budget. Here are some helpful tips on financial planning for seniors from a leading assisted living facility in south New Jersey.

1. Cover all of your bases: When making a financial plan, be sure to consider your current and future living expenses, current and future sources of income (including benefits), the current and future value of assets, tax planning, insurance, and investments.
2. Get professional help: Financial planning can be complex, especially if you don’t have a background in finance or have managed your finances without professionals. However, it is essential that you get help from a qualified, reliable professional to ensure that your money remains safe and secure. The Financial Industry Regulatory Authority’s website helps explain what each qualification means and how to select a financial advisor.
3. Prepare for the worst case scenario: No one likes to think there will be a time when they will be unable to manage their finances, but it’s always best to prepare just in case. Have a list of the financial institutions you use along with account numbers and keep it in a safe place that is accessible by a trusted family member in emergencies. Consider hiring an estate planning attorney to draw a financial Power of Attorney document that puts your finances in the hands of someone you trust in case you are unable to manage them yourself. You can also work with your bank to add a co-owner to one or more of your accounts – but again, extend the privilege to someone reliable and trustworthy, as they will be able to withdraw from your account.
4. Be on the lookout for fraud: Seniors are a target for con artists, scams and fraud – whether from family members and caregivers or from professional fraudsters. Some indicators of fraudulent activity include unsolicited requests to pay a sum of money for an emergency situation or before receiving goods or services; any unsolicited requests for your bank account number, social security number or PIN; and investments that promise an excessively high return. Even financially savvy people can fall victim to fraud, so keep a close eye on your accounts, credit card bills and bank statements, and report anything suspicious as soon as possible.

High value assisted living in South New Jersey
United Methodist Communities at The Shores, a well-appointed residential assisted living community in southern New Jersey, offers customized services ranging from independent living to short-term rehabilitation, respite, and hospice and palliative care. Our dedicated team is happy to work with you to discuss assisted living costs and the services we offer.
To find out more about our individualized assisted living services and our senior living community, please contact us today and organize a visit.
This content was originally published at https://umcommunities.org/blog/financial-planning-tips-retired-seniors/.