One of the keys to a successful retirement is having a solid financial plan. It’s never too early to reevaluate one’s financial health, so here are some ideas on where to begin.
- Consider your legacy with care
The last thing a family wants is to be in the dark about what their loved one, who has either passed or is no longer capable of providing information, intends to do with his estate. Writing a trust that documents where various assets go is recommended even for adults younger than 50. Some might think of it as a love letter and write it around Thanksgiving or Christmas when thinking about their loved ones and their communities. It is also recommended that aging adults communicate their intentions with their families and designate legacy beneficiaries.
- Plan for saving and spending at retirement
Learn about short term and long term investments. A good place to start might be the U.S. Securities and Exchange Commission’s website. Learn about inflation and adjust for it so money doesn’t run out and have a backup plan in case financial resources are outlived. Planning for how to save money goes hand in hand with planning how it should be spent. Create a spending plan for retirement, and account for large expenses. Make full use of discounts for older adults, and consider new ways to cut costs. Some may consider fun new ways to supplement their income like turning a hobby into a part time job.
- Consult trusted professionals
Whether there are worries about fraud or simply questions that need to be answered about investments, wills, inflation or savings, consulting a trusted financial advisor could help in making important decisions. Consider attending educational seminars hosted by trusted organizations as these can provide new perspectives or considerations for your financial health. Sometimes these events are free, like this one!
- Guard against scams
Senior citizens are one of the more common targets of fraud. Be wary of unsolicited offers from unfamiliar companies. Be careful with sharing information, and look at privacy policies of any relevant companies. Consider being added to the National Do Not Call Registry to protect against telemarketers.
- Plan for happiness
After nearly a lifetime of working, retirement can be a huge change of pace. It’s never too late to plan for a fun retirement by deciding on what interests to pursue. Actively stay in touch with friends, relatives and former co-workers. Stay busy, and leave a legacy with volunteer or charity work. Retirement is an ideal time to focus on personal growth and to experiment by trying new things.
Save the date!
Wesley Homes Bradley Park is hosting a free informational program on Retirement Income Strategies on October 20th. Register for this event here!