The hardest part of financial planning for seniors is trying to figure out much it will cost! The cost will vary on a number of factors. One of them depends on the amount of luxuries you would like to be able to afford.
Another factor (one that you can’t control) is how long you will live. It’s an unpleasant fact, but most of us have no idea how much life we have left. This needs to be taken into consideration. Don’t plan your finances to last you until your 90 because you could live to be 105! It’s important that you leave room for surplus. This money can always be passed down to your children or grandchildren (Having a legal will is another important part of financial planning for seniors).
You might want to look into hiring someone who specializes in financial planning for seniors. Often they work with you to create a plan of action. This isn’t for everyone, but it is worth taking into consideration. All in all, if you start planning your retirement now (no matter how old you are) you’ll be in a much better position later on in life.
Andrew Patrick is the creator and founder of Financial Health Zone, a popular blog that provides online financial advice [financialhealthzone.com]. Andrew covers a variety of financial topics for both the financial idiots of the world and the financial geniuses. Part one of his Senior Financial Planning Guide can be found on his site.
Andrew prides himself on the fact that he was once financially illiterate and studied hard to become one of the internet’s leading financial advisers in only a few short years.
