In the Wall Street Journal, Ruth Mantell wrote an article entitled “Making Seniors More Money Savvy.” She points out that many scam artists target seniors in a bid to get rich quick by bilking others. Seniors also have lost a lot in the economic markets. These are just a couple of the reasons that older Americans need sound financial advice. Jean Setzfand of the AARP stresses that while there are many resources offered to young adults, seniors tend to get advice from family and friends because those resources don’t really exist for them. This is why Mantell gathered her top four financial tips from experts in the field.
The first tip is to wait as long as you can to retire. This will not only earn you more income, but higher payouts from Social Security. Experts advise to make a decision to retire because your finances are in order rather than because you want to leave a job or think that you are the right age to retire. “Calculate you longevity risk” is Mantell’s next piece of advice. Since people are living longer and healthier lives, many experts advise making a 401k annuity purchase because annuities can guarantee you monthly income for life. The third tip is to maintain control over your own finances. Giving up control over the phone or to salespersons can be a huge financial misstep. Experts say that ones children may be alright to give control to, but otherwise seniors need to know what’s going on with their money. The final tip in the article is to monitor your expenses carefully. Knowing whether you need to cut back in some areas or if you are cutting back too much is important. Having a monthly annuity payment that you know will cover your expenses is a good option in retirement.
