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Finance Tips for Seniors

September 18, 2020

Seniors and Financial Security

Unfortunately, the senior population is at a greater risk of financial fraud. According to research from the U.S. Consumer Financial Protection Bureau, older Americans who were exploited in recent years suffered an average loss of $34,200. While this is alarming, there are things you can do to protect your life’s savings. Afterall, you worked incredibly hard for your money and you deserve to spend your savings how you want in retirement.

Fortunately, there are best practices and precautions you can take to better protect your financial situation and avoid financial fraud. If you’re not sure what to do to make your finances go the distance in your retirement, we can help you get started.

5 Finance Tips for Seniors

Here is some easy-to-follow financial advice for seniors to help you better understand your finances and plan for an enjoyable retirement:

    1. Budget Carefully. Budgeting is something everyone should get into the habit of doing at an early age, but it becomes especially important as you reach retirement. During your retirement, your income tends to be lower, which means your expenses also need to be limited to make your budget last. A great place to start with your budget is to track your living expenses to ensure you don’t burn through your savings account too fast.

 

    1. Put Fraud Safeguards in Place. You or your family member can set up alerts on your bank account that will let you know if there are any large withdrawals from your account or if there is any suspicious activity. You can also set up heavier verification screenings for your debit and credit cards, meaning that in order for them to be used, someone would need to speak with you first.

 

    1. Discuss Your Money Plans with Family. Something proactive you can do to better manage your finances is to inform your family members about your plans and wishes of how you want to manage your money as you age. Family members can often play a useful role in helping you manage your money and ensure your desires are met.

 

    1. Establish a Power of Attorney. A great way to protect your finances is to establish a power of attorney. A power of attorney is a legal document you sign to grant someone you trust with authority to make financial decisions on your behalf if you’re unable to do so yourself. By establishing a power of attorney, you are helping to reduce your risk of fraud, theft and financial mismanagement.

 

  1. Get Your Annual Credit Report. You are legally able to request a free annual credit report from each of the U.S. credit bureaus – Equifax, Experian and TransUnion. Your credit report will contain any unusual or potentially fraudulent financial activity on your accounts. If you do notice any unfamiliar activity, you should report it immediately to the credit bureaus, your bank and any other places you do business with regularly, as they can help to protect your account.

Live a Safe, Secure Lifestyle at Episcopal SeniorLife Communities

At Episcopal SeniorLife Communities, our residents’ health and safety are our top priority. With our focus on health and wellness, our Neighborhood Programs allow seniors to age gracefully in their place of choice. Our communities are designed to provide you with a safe living environment where you’re able to live as independent of a lifestyle as possible.

Our dedicated staff is here to make sure all of your needs are taken care of and that you’re receiving the personalized care you need. Whether we’re helping you stay in communication with your family and loved ones or assisting you with daily activities, we truly want to help you make the most out of each day in our vibrant senior living communities.

Contact us today at 585-546-8400 to learn more about our safe, secure community and all that we have to offer you.

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