![]() So it's important to have a realistic idea of what you can afford-both now and in the future. But different options have different costs associated with them. Lifestyle planning: America's seniors have a growing number of living options when it comes to their residences and activities.But if you have an emergency fund, then you'll have a better chance of getting through hard times without taking a big financial hit. Emergency savings: Do you put any money away for a rainy day? Unfortunate events can occur without warning.As a result, they draw down their savings too quickly and end up with unexpected changes to their lifestyles. ![]() Your potential life span: Is it possible that you might outlive your money? Many people underestimate how long they'll live.Consider important aspects such as the following (based on guidance from sources like AARP, Suze Orman, and the Consumer Financial Protection Bureau). Otherwise, you risk greatly underestimating how much money you'll actually need going forward. Establishing smart strategies-based on your goals and special circumstances-is vital for good money management. As you take your current situation into account and start thinking about future possibilities, it may become apparent that you need to engage in more thoughtful and detailed planning. Here's where some of your goals may start coming into sharper focus. ![]() (For example, did you know that, according to the National Council on Aging (NCOA), about one-third of Americans over the age of 60 are considered economically insecure?) By re-establishing your goals (and reviewing them on a frequent basis), you'll create a more solid foundation from which to build greater financial security and life satisfaction. Doing so can help you avoid some of the pitfalls that other seniors experience. Map out a vision of what you want for the rest of your life. Do your goals reflect that possibility and take into account how you'd like to be cared for in the event that you experience health challenges? Remember to consider fun things like your hobbies, leisure activities, and potential travel.Īlso, keep in mind that, as you age, you may need elderly care or assistance with certain aspects of everyday living. What do you hope to accomplish? What do you hope to sustain or improve upon? What do you hope to leave behind for your heirs? Be honest. So take the time to really hone in on what your future wants and needs may be.Ĭonsider all aspects of your life-from your health to your living arrangements to your relationships. After all, you can't get where you want to go if you aren't even sure about where that is. Here are some things to consider:Īre you happy with your current lifestyle and overall situation? Do you hope for something better? Either way, narrowing down your goals is important. Plus, you can't ignore your health care needs or the fact that protecting your money becomes increasingly important as you age. You also may have close relatives who want to help you, who need financial assistance of their own, or who may inherit your assets. For example, your goals for the immediate and more distant future are probably very different from what they were a few decades ago. That's true whether you're currently retired, planning to retire, or working by choice or out of necessity.īut, of course, it's important to remember that sustaining healthy finances as a senior or elderly individual often requires taking some special factors into consideration. By managing your money well, you'll have an easier time achieving the lifestyle-and other goals-you want.Īnd isn't that the whole point? The more you know about your financial affairs and the options available to you, the brighter your senior years are likely to be. That's why it's a good idea to take a step back and make sure you're on a financial path that truly serves your interests. And new realities may influence your spending and saving habits. After all, at this stage of life, priorities often change. But, as a senior, finances may play an especially large role in your well-being. Achieving Better Finances: What Every Senior & Elderly American Should Think Aboutįinancial matters affect the lives of all Americans.
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