A new year is upon is, and it’s a perfect time for financial planning.

Especially for seniors, who just got a Social Security cost-of-living adjustment (COLA), 2023 holds a lot of promise.

While it does bring some challenges as well, a solid plan can help any senior or retiree live comfortably. Here are a few tips to craft your ideal financial plan for the coming year.

3 Financial Planning Pointers That Retirees Can Use

1. Account for the Social Security COLA

As mentioned, the record-breaking COLA is something seniors should plan for. While there are questions about how it will stack up to inflation, it’s still an increase (albeit not technically a raise).

Planning on where to allocate this additional money will allow seniors to get ahead on their spending or savings, no matter where they’re focused on putting their money. Speaking of which…

2. Plan for the Costs That Seniors Face

Every senior’s lifestyle is different, so it’s wise to customize your financial plan. Some may spend their time and money with family, while others may focus it on travel. Plan out spending estimates accordingly, so you’ll have the resources you need.

There are also some costs that seniors typically face more than other groups. For example, medical costs tend to hit retirees the hardest. Accounting for these expenses will make them easier to manage if and when they come up.

3. Leverage All Available Resources

Seniors should expand their finance plan with all available resources. Here are some helpful options that seniors may find handy. Bookmark this page so you can use it as a reference in the new year and beyond.

Don’t forget you can grow your funds by making smart investments — get some suggestions here. This can supplement your Social Security and savings so you have more money to support you in 2023.

You can also count on NORA to support you in 2023, by fighting for you to get another record-breaking COLA. To help support our cause, sign the petition, then follow us on Facebook and Twitter.