Helpful tips for managing your money in retirement

Living on a fixed income can be challenging for seniors—especially when monthly bills become an overwhelming task. Seniors also have the concern of predatory scams, which target elderly individuals who may be more susceptible to fraud over the phone or email. Modern money management solutions can avoid these pitfalls of elderly money management and secure a brighter financial future for your golden years. Read on to learn what you can do to spend your money wisely and protect your hard-earned savings. 

Use a daily money manager

Daily money managers are specialized financial planners who deal in the day-to-day finances of senior citizens. They can set up automatic bill pay services and monitor spending to ensure that money is only being spent where it should be. If you have any debt in medical bills or credit cards, a money manager can also negotiate these debts and work out an affordable payment plan. Consulting a professional for money management is a growing trend among retirees, and it takes a significant burden off of family members who might otherwise be responsible for your expenses. 

Be careful with large expenses

It may be more difficult than you think to spot a scam or fraudulent bill collector. Typically these scams will appear legitimate on the surface, but they turn out to be huge losses. You can protect yourself from these scams by consulting your money manager before turning over any money to a solicitor over the phone. Most email and text message scams are easier to identify, because financial and government institutions do not use these communications to collect funds.

For affordable senior living that does not compromise the amenities you want in your retirement, visit the Lakes at Waterford in Aurora. You can explore their facilities and amenities online or call 630-585-8047 today. 

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