Senior Financial Health

As we age, a large part of our independence is tied to our financial health.  Do we have enough money to take care of our basic needs?  Can we afford to do those things that gave us pleasure and purpose in life?  Over time there are things we can do to help keep our finances in good health:

Continue to put as much as you can in your retirement account. Don’t make any withdrawals without talking to a financial advisor.

Take care of your estate planning.  Organize your financial affairs so your money and assets will go where you want them to go rather than to the probate court or the government.

Consider buying long term health insurance.  You may need this if you get disabled or have to go into a nursing home.

Reduce your consumer debt as much as possible.  Those recurring monthly charge card payments can add up quickly.

Use direct deposit.  Have your periodic payments like a pension check or Social Security benefit deposited directly into your account. It’s more secure and convenient.

Check credit card bills and bank statements.  Always check your bills and statements for anything out of the ordinary or suspicious like a missing payment or charge  you didn’t make.

Periodically, check your credit report.  Checking your report alerts you to identity theft if you spot a loan or credit card you never signed up for.

Shred old documents.  Shred any old document that has your Social Security number, bank account number, or other personal financial information so you don’t become a victim of identity theft.

Do you have any other tips for financial health to share?  What works for you?  Comment below.

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