This is a challenging topic because most people 50+ were not anticipating that 30 years would be added to longevity from beginning to end of the 20th century. The best advice for those who have not already done so is to consult with a financial advisor who is well recommended and has a proven record of performance in advising people 50+ on their financial planning. There are, of course, a variety of considerations:
These are only some of the issues people 50+ should consider, and there are excellent books that provide counsel and guidance on the subject.
Financial advisors can review viable options for your future and how best to leverage your investments and assets so you can enjoy life instead of worrying about money. We recommend developing a financial plan that will support the activities you have planned or would like to plan and that is reviewed periodically.
Advisors can also assist with evaluating retirement communities, reverse mortgages, annuities, special discount deals, pension payouts, and moving from private to government-funded financial sources. These are all items to consider now so you can become or remain financially secure.
It is also important that you don’t fall prey to the many scams that target older adults. These ploys are crafty and can play to your emotional heartstrings. Be careful of organizations asking for credit card numbers, Social Security information and other personal data.