Whether divorced, widowed or never married, single seniors deal with more age-related concerns than the rest of the population. Here are tips to consider to ensure a better financial health in your twilight years.
- Write your legacy.
Single seniors ought to really think about who will need what information after their passing or when they are no longer capable of providing it.
Aging individuals need to convey their intentions with their children while they still can. A love letter can be used to chronicle information you want to communicate to others. Through this love letter, you can tell your story.
Even seniors who have already revealed their beneficiaries are not exempt from this either. If you’re single now, you might not have always been single. Every time someone opens an IRA, buys life insurance or sets aside money for retirement, they need to name a beneficiary. So even if your will has already been drafted, having a legacy beneficiary means the money will go to that person or entity.
- Always get a second opinion.
Whether you’re looking for the best health insurance quotes in California or any state for that matter, or even buying real estate, you need a second opinion to avoid becoming a victim of fraud or a scam. If you have set up a trust, make sure you get a second attorney to look at it so that what you want to have happen will actually happen.
- Prepare for inflation.
If you’re still in your early 60s then inflation is your biggest risk. Every year, it eats away at buying power and if you don’t plan for it early on, you could run out of money after just a few years.
- Have a backup plan.
Here’s something you need to plan for as well – living longer than you thought. What’s going to happen if you do outlive your financial resources? Women in particular, tend to outlive their husbands and this is why it’s highly recommended that they set up a bigger retirement fund for themselves.
Here are some tips you can consider:
- Work part-time in your retirement.
- If eligible, make catch-up retirement contributions.
- Know the impact of divorce and/or death on your Social Security benefits.
You need to look into long-term care health insurance, which is offered by some insurance companies as it protects you and your assets should you require long term care after your regular health insurance coverage runs out.
- Plan for an enjoyable retirement.
It’s not enough that you set aside funds that will pay for your day-to-day expenses in your twilight years. You should also see to it that you’ll be able to make your retirement fun and enjoyable. When you have always worked your whole life, it may not occur to you to plan for a fulfilling life after you retire. But this should not be the case. Take a vacation every year (or once every two years), keep in touch with former co-workers maybe for dinner once a month or so, and join social activities. If you keep yourself busy, you’ll have a more positive outlook and disposition in life, which is vital for any senior.
Daryl Green