Financial issues can be confronting for any age. But if you’re a senior, the stakes are even higher. Not surprisingly, there’s a lot more pressure on older adults to manage their money well. This is especially true if you’re a single senior without extended family or friends to help support you financially. Luckily, however, it doesn’t have to be this way. There are many ways seniors can take charge of their finances—and even enjoy it as well!
Here are 3 of the biggest challenges facing seniors with finances:
1) The need to change with the times
Many people wonder whether seniors can really work at their own pace. But this is a thing of the past! With so many options available, you can set your own schedule and take advantage of flexible hours. And, of course, you’ll find a lot of opportunities to work from home, meaning no daily commute.
This can be a huge advantage, especially as costs continue to climb. You’re also likely to benefit from lower taxes as a senior. Factor in that you’re less likely to need glasses and you could, over time, save hundreds of dollars on prescription glasses alone!
2) Lacking knowledge and skills
As you age, you’re likely to lose some of your income-earning potentials. But that doesn’t mean you can’t enjoy your remaining years. If you apply yourself, you can even make more money once you retire! Here are a few things you can do to maximize your income and financial security.
Start by looking for ways you can add value to your work. Maybe you have a talent for writing or public speaking that you’ve never used. Or maybe you’re a skilled organizer who can manage complex projects. There are many ways to bring in extra income and keep your skills fresh.
3) Not having anyone to turn to for help
For many seniors, the transition from work life to retirement is both challenging and isolating. You may feel like you’re all alone when it comes to figuring out money. But, in reality, some people want to help.
The first thing to know is that this is a common feeling. You’re not alone! Many organizations can provide support, including financial clubs, social clubs, and charities. You can also find support online, including groups that focus on specific topics, like retirement planning or money management. When you feel like you need help, reach out. There are plenty of people out there who are willing to help. You just have to make the first step.
4) Other than a bank, where can seniors go for financial advice?
If you want to learn more about your finances, there are several ways you can do this. You can start by reading more about how to manage your money. This could include books, online articles, or financial podcasts. Reading about finances can help you become better informed about your money and help you identify areas where you may need more guidance.
You can also talk to a financial planner, a tax professional, or a certified financial planner (CFP). It’s important to note that not everyone who tells you to invest in stocks or bonds is qualified to do so. You should only engage with someone who has a professional license and who has been properly vetted. The best way to do this is by talking to a few planners before making a choice. You can find a list of financial planners on NerdWallet.