Personal Finance for Older Adults

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Become knowledgeable about personal finance

With all the important things that we learn in school the one area that seems to be overlooked is personal finance. It is extremely necessary to learn to read and write and do math but shouldn't it also be important for to learn about how to manage your money. Of course a lot of folks learn as they go and usually they end up financially secure and others not so much. Most folks think that when you get older somehow the knowledge of how to manage money miraculously appears and you are able to keep track of money and make it work for you. Unfortunately that doesn't happen, that is why understanding and learning personal finance is as vital to young people as it is to older adults.

Making a budget

The best place to start with a household budget, which shows where the money is coming in and where it is going out. Writing down everything that you spend might surprise you. There probably is a lot of things that you could do without each month. But the main point to a budget is to make sure you don't spend more than you are taking in.
If you have a spreadsheet on your computer like Excel then it wouldn't be that difficult to start and keep up a budget.

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Saving is crucial to personal finance

You may think that the most important time to save is when you are younger, actually saving money should be done at any time of life especially when you are older.

There is one definitive item that needs to be in a budget and that is a savings account. Each month no matter how small the amount is you should be saving something. This is a must do matter how old you are.

"Pay yourself first!"

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Investing your money

Not everyone is comfortable investing in the stock market and with good reason there is a good deal of risk involved even if you are in what is considered a "safe" investment. Just because a fund or stock make a good deal of money before doesn't mean it will do it again.
If you are uncomfortable then you might want to stick with bank CDs.
Motley fool dot com has many helpful articles on investing whether you are a beginner or you have had some experience in the stock market.

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Car Insurance for the Elderly

Unfortunately car insurance goes up after we reach a certain age, make sure that you know all you can about car insurance for the elderly

Tax counseling for senior citizens

Filling out end of the year tax forms can be a real challenge for senior citizens, unless you have a tax professional to help you. But what if you don't? The government and AARP provide assistance to those over 60 who need help with their taxes.

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Scams targeting older adults

Sadly senior citizens are often the victim of various scams usually resulting in the loss of a great deal of money that they can't afford to lose. The best protection against scams is support from trusted families and information that can be found at the library and on the internet.
One of the best sites is from the FBI dot com which is a thorough source of all types of scams.

Good sites on older adults and personal finance

Senior Citizens' Resources: USA.gov
Official information and services from the U.S. government
AARP - Health, Travel Deals, Baby Boomers, Election News, Over 50, Online Games, Retirement Plan
AARP is one of the best if not the best overall sites for information for senior citizens and older folks.
Senior resource
Senior Resource for retirement communities and retirement planning,
senior housing, assisted living, aging in place, long term care insurance and financial planning

Let me know what you think...

  • zap1994 Dec 28, 2011 @ 6:30 am | delete
    Great advice here

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davidstillwagon

Hi, I'm David Stillwagon. I live in Atlanta with my wife and son. I blog on health and age issues.
I am originally from Uniontown Pa. I have lived in...
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