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3 Things Super Senior Citizens Can Do To Manage Finances Effectively

Financial planning is crucial in every stage of life to achieve specific needs in each phase.

June 12, 2024
June 12, 2024
Tips to Manage Finances

Tips to Manage Finances

Managing finances in old age can be tricky, especially for a super-senior citizen. If you have someone to help you, there will be no problem, but if you don’t, then it can be a huge challenge. However, by habit, some people keep financial records tidy, like filing taxes, tracking investment returns, updating pension accounts, etc., and this task may be less burdensome for them as they age. This situation in people’s lives shows that longer life has brought in a new set of challenges.

Also Read: Ayushman Coverage To All Over 70 Years, Roll Out Of U-WIN In Govt’s 100-Day Agenda

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Here are a few things super senior citizens can consider to manage their finances efficiently.

 

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Consolidate Your Investments: 

This is one of the key steps for reducing the burden of managing finances, particularly if you hold many investment and savings accounts, some of which you may not need now. Consolidating them into a few manageable ones is a great idea. Reduce the number of bank and investment accounts as appropriate for ease of record-keeping. Experts suggest no more than two bank accounts for a senior citizen. They should also have a comprehensive health insurance policy instead of several policies. Also, consolidate all your mutual funds schemes, gold and stock assets, etc., to reduce financial stress. Additionally, they can automate a few services for bill payments and seek professional advice if required.

Also Read: Things Elderly Travellers Should Know Before Visiting Europe For The First Time

Estate Planning:

Few people do estate planning, although the topicis discussed on various financial platforms. Generally, people are aware of the functions of a Will, but they don’t know how to write it. If you are a super senior citizen (80 years and above) and have not written a Will already, this is the time to write one to ensure smooth distribution of your wealth among the family members as per your wish. So, don’t neglect it anymore. Furthermore, they must assign a trusted person, having knowledge of your Will and where it is stored, so it can be retrieved when the time comes. So, super seniors may choose to leave their legacy through estate planning and write a Will for its execution. The Will comes into force after you are gone. Alternatively, they can create a trust or appoint a power of attorney to handle estate matters while still alive.

 

Managing Dependency:

 

Super seniors can create a trust or appoint a power of attorney to handle their health or finance-related matters while they are alive but not in a condition to make decisions. It could be due to severe illness or disabilities. If you have a supportive family in these circumstances, there will be no problem, but it can be difficult if you don’t. So, a trust or power of attorney can come to your rescue if you have them in critical situations.

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