3 Steps to Simplifying Your Financial Life as a Senior Citizen
Aging brings unique financial challenges. Senior citizens need responsible retirement, savings, and home financing for a prosperous and happy time throughout old age. Senior citizens are also more susceptible to scams — they usually have a lot of assets, good credit, and are less likely to recognize fraud. These risks make it even more important for seniors to be aware of all the financial resources and advice at their disposal. Here are three tips to make finances safer and simpler for senior citizens.
1. Make a financial plan
Planning for retirement and life as a senior citizen can be daunting. It’s hard to know how much to save, how much to budget, and how long you need to plan in advance. The FDIC recommends seniors seek help from an expert. Statistics show that local banks provide superior customer service — so if you need personal attention to explain and set up a financial plan, consider visiting a local bank branch. A financial expert can help set spending and borrowing patterns for you as you age.
2. Learn about unique financial problems for seniors
There are a number of unique financial opportunities for seniors. Reverse mortgages, retirement loans, social security, and pensions can be complicated financial assets. Understanding and balancing your finances around these assets is tricky. Furthermore, seniors are more susceptible to scams — particularly online scams. The AARP recommends speaking with a banking professional about safe online banking habits. You may need new equipment and new security strategies, including regular account monitoring and notifications for online and mobile banking.
3. Look into special accounts for senior citizens
A number of banks also offer special checking accounts and deals for seniors. These accounts can get you higher interest rates as you save for retirement but may have different interest rates and minimum balances. Speak with a professional about all of the packages available to seniors. These services can help organize and streamline your finances. Ask your bank about any special incentives for senior bank users.
But the number one tip for seniors: Seek outside help. Financial representatives from your local bank can help explain these daunting challenges. These members of your community work with seniors, homeowners, and businesses in the area all the time to help them work towards financial security. Their financial services help keep citizens secure and also support the local economy. Citizens National Bank exemplifies many of these benefits — reach out to a representative today.