Elder Financial Abuse Prevention Forum
15 Financial Tips for Protecting Your Finances
As many consumers get older, they often face issues such as how to maintain their lifestyle and pay for medical expenses on a fixed income for years into the future. Here are banking and other money-management tips for you to consider for in your retirement years.
1. Decide if you need financial help from an expert. Then choose wisely.
2. Prepare for the possibility that you may become unable to handle your finances.
3. Develop a spending plan for your retirement.
4. Consider limiting the mail and phone calls you receive from marketers.
5. Review your credit reports even if you don’t plan to apply for a new loan.
6. Think twice before accepting an offer to “advance” (lend) you a portion of your future pension, Social Security or other retirement income.
7. Use credit cards cautiously.
8. Remember that a reverse mortgage will eventually have to be paid back — with interest.
9. Think about ways to turn a hobby or another interest into a part-time job.
10. If you’re considering an annuity, understand the potential pros, cons and costs.
11. Know if you’ve agreed to let your bank cover certain overdrafts.
12. Look into discounts and other deals.
13. Make it easier to manage your money and pay the bills.
14. Consider additional ways to save time and money.
15. Organize and protect your important documents.
More details: 2014 Kupuna 15 Financial Tips