Tuesday, August 18, 2009, AM | 1 Comment
The poor economy tends to bring out wolves in sheep clothes, better known as scums, bearing fraudulent offers, including illegitimate home refinancing. To be prepared better against these schmucks is to have a greater financial literacy, at least the terms most commonly used. At any age, we must literate ourselves in financial terminology to beat the fraudsters at their own game.
Here are some experts’ top personal-finance tips for seniors and everyone else who are over 50.
Deferring retirement is probably the best piece of advice a financial adviser can offer in this economy. Working longer generates two things: income and bigger Social Security benefits. A worker’s health status and career opportunities also play important roles in a retirement time-line.
Calculate your financial risks associated with longevity
One option is to use part of your nest egg to buy an annuity that will guarantee you regular payments for the rest of your life.
Don’t give anyone control over your finances
If you don’t keep very close control, you may find your money is not there anymore especially after the scums like Madoff have been so exposed recently.
Don’t give control to anyone to obtain the right to directly debit your bank account for automatic withdrawals, not even legitimate charities.
Don’t give out your personal information, financial and otherwise, to anyone, no matter what unless you are sitting face-to-face with a bank personnel inside the bank or other legitimate financial institution.
Watch your expenses and think about areas where you can save
Even if it means a lifestyle change or rather especially if you have to change your lifestyle. And for that, you have to change your mindset.
In a Nutshell
Some retirees may be overly concerned about outliving their assets and spend less money than they could. Don’t be. Just live a careful life every step of the way.
Having an adequate level of income – from an annuity – may help alleviate some of the stress and allow for a bit more spending flexibility.Facebook.com/doable.finance