Managing Your Money
Money management for senior adults is a pivotal aspect of securing financial stability during retirement.
Establish a comprehensive budget that reflects your fixed income, including pensions and Social Security. Certain things are essential. Prioritize essential expenses like healthcare, housing, and utilities, ensuring these needs are met comfortably.
Many people of the Sage age downsize to reduce living costs.
If you have funds in retirement accounts, diversify investments, balancing risk and return. You may want to consult a financial advisor for tailored guidance.
It seems that each week, there is a new scam hoping to take advantage of seniors. ??? Is a website that is kept up to date on scams and fraud. (I don’t know the website, but I”m sure one exists. Be vigilant against scams and fraud targeting seniors, safeguarding your assets.
Explore government programs and senior discounts to maximize savings.
Regularly review your estate planning, updating wills and beneficiaries.
Leverage technology for convenient banking and bill payments, easing the financial management process.
It is never too late to embrace financial education. Many libraries and universities offer FREE classes on a broad array of topics, including managing your money. Be cautious of free “training events” that in the end offer to manage your money for a fee. There are almost always less expensive options. In your financial planning and management continue to be a faithful financial steward. God’s favor is on those who tithe. Also, it may be that you have come to this season of life financially blessed. Consider adopting UPCI Sages as a monthly partner or with a one-time gift. Here is the link to set up your contributions.
The Stewardship Department of the UPCI also has many options to contribute beyond your life. UPCI Sages is in the process of establishing an endowment fund that in time. will undergird the ministry. Consider making your local church, district, UPCI Sages, North American Missions, etc. part of your estate plan. See the UPCI Stewardship Group for details.