Thanks to healthier lifestyles and modern medicine, more of us are living longer!
But with longevity comes the need for more money to take us into the twilight years.
It’s never too early to start saving for any stage of our lives, but when planning our financial futures, we do tend to forget about the last years of our lives and these are the years when we may need the most financial help!
Most of people don’t like to think about getting old or sick, but by some estimates, the older population is growing twice as quickly as all other age groups.
One in four people will need some type of care in their older years.
If you don’t need to be in a hospital but you need care you might have to hire a skilled home care worker or go into a nursing home.
Generally, social security plans do not pay for this care.
And since more people will be facing this challenge everyday, it’s increasingly important for older adults to plan for their old age as soon as possible!
Financial planning is a vital concern to many senior citizens, both to ensure a comfortable and secure retirement, and, in many cases, to protect their wealth for the next generation.
The first step toward wise money management is learning all the details, in order to gain the very basic understanding of the different kinds of investments.
The next step for many is choosing a well trusted financial planner who will be able to provide professional and skillful financial and investing advice.
For those not yet retired, the next important step will be to be able to formulate and put into action an immediate retirement plan.
And for both working and retired persons, the final step is to learn details about specific kinds of investments, including mutual funds, stocks, bonds, insurance products and plans and all other kinds of assets.
In addition, it is essential to be alert to fraud and regulatory resources, in order to avoid financial criminals who prey upon the elderly!