Whether retirement is years away or just around the corner, it is important to have a solid financial plan in place for the future.
Financial planning allows you to maintain your lifestyle as well as pay for medical expenses and long-term care on a fixed income.
Consider working with a financial advisor on how to make the best investments with your money, or how to manage your savings.
The Federal Deposit Insurance Corporation (FDIC) offers these tips for protecting your finances.
In case of an emergency, write down a list of your financial institutions and account numbers, and keep it in a safe place. You can also talk to an attorney to learn more about power of attorney, which would allow one or more people to make key decisions on your financial or personal life.
Keep other important documents like insurance policies, Social Security and company pension records you or your family might need on short notice. Birth certificates, property deeds and car titles are also best stored in a safe deposit box.
Stop unwanted mail and phone calls by using the national Do Not Call Registry. This can help prevent overspending from outside marketers. Older adults are particularly at risk from scam artists.
Plum Landing, a retirement community in Aurora, can help protect your finances from scam artists.
The retirement community has a guaranteed rate for life, allowing residents to lock in their rate for as long as they live at Plum Landing. Please call for details.
At Plum Landing, everyone is greeted by a receptionist, preventing scam artists from knocking on your door!
Develop a spending plan for your retirement that includes funds for short-term purchases like gifts, but limit your expenses and use credit cards cautiously. Accumulating debt can be costly, so consider whether you will be able to pay your balance in full when the statement arrives.