A Guide for Older Adults: Suggestions for Managing Financial Resources

Age is often associated with maturity, and with maturity comes wisdom. However, at any age, individuals may not make smart money decisions. 

Even though individuals may have made financial mistakes throughout their lives, it is never too late to correct the course.  So for older adults who are still capable of making practical decisions, the subject of money management becomes a primary consideration.  In addition, this is a stage when individuals should think about the potential for a decrease in capacity and to prepare for this potential situation wisely. 

Some things to consider:  what are the things that you can do to ensure your finances are well taken care of if you reach a point of cognitive impairment? How can you protect your financial interests in such a way that it will not be exploited by others?

If you want to secure your financial future today, then we suggest that you continue reading as we are going to share some suggestions for managing financial resources.

Use Your Gift of Wisdom in Securing Your Finances Now

Older adults may want to focus on personal finance management while they can. And not wait for the time when it is possible that they are no longer capable of managing financial resources on their own.

So here are some guidelines regarding securing your financial assets for your own sake and the sake of your family as well:

1. Your legacy – It would be a shame if your kids are left with a financial situation that is in disarray.  That is one reason to focus on organizing money matters as early as possible.  Most individuals do not want their children to have to manage financial problems which is why it is beneficial to plan ahead and get organized. 

2. Be Practical With Your Buying Habits – Don’t be enamored by products and offers that you don’t really need.  Marketers often target older adults.  However, the trend in the United States is “less is more” in terms of material items.  If you haven’t heard of Marie Kondo, we suggest that your read some of her work about keeping things orderly and decreasing unwanted possessions.

3. Manage Your Money Strategically – Try not to be reactive in terms of financial management.  Don’t respond to bills piling up and late fees out of desperation.  Make a strategic plan and follow it.  Disorganization only leads to more problems so do yourself a favor and act now before your next credit card statement and monthly bills arrive.

4. Your Health Is Always A Primary Responsibility –Make sure that you research your benefits so that you can maximize savings.  Look into all health care options including Medicare, Medicaid and supplemental insurance.   There may be benefits that you are not aware of.  A lot of local support organizations offer seminars and educational opportunities to help inform individuals about benefits.  Take advantage of these offerings.

5. Act Now – And finally, don’t depend on others to protect the future of your finances. Consider acting now preemptively and making decisions regarding your assets as well as managing financial resources by partnering with capable, vetted and insured professionals.  By employing professional resources,  like Silverbills, you can be confident that your affairs will be properly handled by qualified individuals on your behalf.