Finance Tips for Retirees
You recently retired … Congrats! All those years of hard work have finally paid off and you can enjoy your free time. But with that, it’s now time to talk about your financial plan. Here are some tips to help prevent some common mistakes:
- Time to hire a financial advisor: Have you been letting your son tell you what you should and shouldn’t do with your money the past five years? Or maybe it’s a close friend that’s been giving you advice? While it nice to have people that care about your finances, this is a good time to seek professional help as they will point you in the smart direction.
- Make sure to have a long and short-term plan: Never spend more than you can bring in. Many retirees find themselves in the position where they spend too much of their savings too soon. Keep in mind of all the expenses you will still have and mock up a plan of what your next 5+ years will look like. Repeat this process every five years so that you can avoid as many surprises as possible!
- Beware of scammers: Unfortunately, there are scammers out there looking for new ways to cheat the system every day. Elderly individuals are typically at the top of the list because they are seen as vulnerable. If you are questioning a system, do not agree to it; always ask for a second opinion.
- Keep a check for yourself: You never know what could unexpectedly happen tomorrow or even five years from now. Especially when it comes to your health. Keeping notes on what is going on with your health, including doctor visits and medical tests, can help loved ones know exactly what is going on. That way, if they need to start covering medical bills, nothing is left in the dark.
Retiring can be an exciting time in your life! But in order to keep the fun and excitement stress-free, be sure to any know where you stand financially.