July 11, 2013

Six Financial Questions to Ask in Your Senior Years

Filed under: Boomer,Retirement — seniorlivingguide @ 12:34 pm

Courtesy of Hannah Whittenly [hannahwhittenly@gmail.com]

Your senior years are supposed to be a time of relaxation and freedom from financial burdens. Although you will certainly have more time to participate in activities that you love, you still need to be smart about finances. What are some financial questions to ask yourself when you reach these years?

Do I Still Need to Work?
Even if you have officially retired, you might find that you are in need of a little extra income. Many seniors do not work full-time, but they will spend a few hours each week working at a local historical site, cafeteria, national park or another similar type of entity.

What Will My Social Security Cover?
Now, if you do not feel as though you’re receiving your full social security benefits, you need to contact a social security lawyer Charleston. After you have the proper amount of social security income, you should set a budget to see if additional money is necessary.

Am I Entitled to Any Specific Benefits?seniors finance
You should also speak with your lawyer about any additional benefits that you might be entitled to. For example, if you are divorced or if your spouse is deceased, you might have extra benefits that can help you to maintain secure financial standings.

Do I Have The Money to Enjoy Myself?
Your retirement years are supposed to be a period of rest. You do not want to be scraping by to make ends meet for the remainder of your life. If you do not have enough money for recreation, you might have to make some big decisions. Maybe the time has come to sell the big family house and to retire to a condo out in wine country or on the beach.

Where Can I Go for Financial Assistance?
Right now is the time to figure out what your resources are. Even if everything is okay financially at the current moment, things could change. Understand that plenty of options are available for you including assistance with housing, money for food and so forth.

Is Anyone Still Dependent on Me?
At this point in your life, you should not have to pay for the expenses of another person. When you first enter into your senior years, explain that everyone will have to start contributing to the monthly bills.

Asking tough questions at a supposedly relaxing time in your life might seem frustrating, but doing so will promise a brighter path for tomorrow.

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