Financial Planning Strategies for Today’s Seniors

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For America’s seniors, financial planning is a necessity. Ensuring that your savings last as long as you need them to and that you can afford the lifestyle you want takes time and attention.

Kiplinger’s recent article “The Perfect Storm for Retirees” outlines some of the adjustments that seniors may need to make. In the past, retirees could depend on pensions for their retirement income. While the move to 401(k)s has given seniors more control over their money, it has also put more risk on retirees. Factors like market volatility can impact the savings that seniors are planning to use.

What can seniors do to ensure their savings last? Kiplinger offers a few potential solutions:

  • Review your savings at least every six months
  • Meet with a financial advisor regularly
  • Look into the tools your investment platform offers
  • Talk to an asset manager about downside protection

Using these different strategies can help you be more prepared for changes in the future.

Financial Planning for Retirees

It can be difficult to plan for all of life’s variables. Changing interest rates, rising inflation, and market volatility can affect the savings you’re relying on for retirement.

Many retirees depend on Social Security for at least a portion of their retirement income, and some use their benefits for the majority of their expenses. However, recent cost-of-living adjustments (COLAs) haven’t been enough to cover the rising cost of everyday expenses. At NORA, we believe that seniors deserve to receive all of the benefits they’ve earned. A guaranteed COLA of at least 3% would help retirees weather more of life’s storms.

We invite you to learn more about the legislation we’re supporting, The Guaranteed 3% COLA for Seniors Act. To help American seniors even more, we are also asking Congress to make this act retroactive to 2010. Social Security beneficiaries could receive thousands in unpaid benefits.

Help NORA as we call on Congress by signing our petition today! And join us on Facebook and Twitter to find out more about the issues affecting retirees.

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