Knowing where to turn to for advice is one of the most valuable assets to have as you get older. Financial advice, in particular, can become more and more important. You need to know how to manage your money as you approach retirement age and need to start considering things such as a possible need for care when you’re older. Older adults can sometimes assume they know all there is to know about a few things, thanks to all their life experience. While you likely have more knowledge and experience than someone twenty years your junior, it doesn’t mean you’re an expert in everything. Financial advice is one thing you should always be willing to seek, even if it’s your area of expertise. There are plenty of ways you can get the advice and support you need to manage your finances well.
Read Online Resources
Many older adults are now adept at using a computer and making use of online resources. Soon, it’s likely that pretty much everyone will be completely comfortable finding whatever they need online. The internet offers a huge number of resources to make your financial planning easier, and plenty of them are free. From blogs like Diversified Finances to free information from banks and financial institutions, you can find a lot of ways to learn and even get personalized advice. If you don’t like reading, there are always videos to watch and other materials that can benefit you. You can even download some things or access them on mobile devices to take them on the move.
Find the Best Books
Things might be a lot more digital than they used to be, but books are still highly relevant in many areas of life. As well as giving us enjoyment, they can teach a lot about financial education and planning. And now you can have your books in digital format, instead of just as physical paper books. There are so many books giving financial advice, many of which are specifically for topics relevant to older adults like retirement planning or paying for care needs. Some of the best retirement planning books include titles like ‘The Five Years Before You Retire’ by Emily Guy Birken and ‘The New Rules of Retirement’ by Robert C. Carlson.
Attend Free Workshops
If you prefer to learn from someone in person, a workshop that can teach you some valuable skills and knowledge could be a good idea. You can often find free or inexpensive events to attend that can help you out. The Hal Hammond Foundation for Financial Education is one of the organizations that put on these types of workshops, often in community spaces like the Roser Community Church. You can have the opportunity to learn from a financial expert without having to pay professional prices for the advice you receive. Workshops can be a great chance to start putting things into practice and to talk to other people who are in similar situations to you.
Talk to Your Bank
Banks will sometimes have financial advisors who will speak to you free of charge as part of their customer service to you. Of course, they might be aiming to sell you certain products when offering you advice, but it’s in their interest to treat you well and steer you in the right direction. They can help you do the things that any financial advisor might offer advice with, from going over your past and current finances to making recommendations for how you can prepare for the future. You can take note of any products they recommend to you, but you don’t have to feel like it’s essential to buy them.
Speak to Younger Generations
A surprising way that you might learn about managing your finances is to speak to younger people. It’s easy not to notice how much things have changed over the years, and what you might think is still relevant advice, could actually be out of date. Speaking to younger people can sometimes help you realize the realities of managing your money in the modern world. If you have children or even adult grandchildren, they might have some useful advice they can give you about how to protect and grow your money and assets. It might give you a new perspective on your finances.
Pay for Financial Guidance
As well as getting free advice from a financial advisor at your bank, you can pay for someone to give you independent advice. While spending money to sort out your finances might seem nonsensical, it’s often worth spending a little money if it’s going to help you save more and make sound investments. A professional financial advisor can speak to you about your goals and help you work out what decisions are best to improve your financial health.
Approach Charities and Resources for Older Adults
You can also discover that there are charities and nonprofit organizations set up specifically to help older people with their finances and other aspects of their lives. For example, AARP helps people aged 50 or older and has some useful financial resources. One of the things they offer is a service for anyone who may be unable to afford to pay someone to do their taxes. The AARP Tax-Aide helps you get your taxes done for free, so you have one less thing to worry about.
Getting Legal Advice
When you’re looking for financial advice, legal advice is also often helpful too. It can be particularly useful for older adults who might be wondering what will happen if they become ill or want to ensure they organize their finances for after their death. Speaking to a lawyer who specializes in wills and probate or looking into options like setting up a power of attorney will help you decide how you want your money to be handled if you can no longer look after your finances. Taking these steps protects you and your family.
There are plenty of places to turn to if you want legal advice on managing your finances as you get older, and many are free or low-cost. Don’t try to go it alone when you don’t have to.