By Drew Allen
The world is changing rapidly, and it’s crucial for seniors to stay on top of financial trends, personal finance issues, and economic news. It’s not that older adults don’t know about money. Most, in fact, understand the concept of budgeting, saving, and investing quite well. But, for those who haven’t had to deal with buying or selling a house, cashing out a life insurance policy, adjusting an investment portfolio, paying for health care, or dealing with cryptocurrency, it’s a good idea to take a refresher course in modern finance. The following ideas can help you readjust your monetary knowledge and boost your personal bottom line.
Buying a Smaller House is a Wise Money Move
Most older adults know that downsizing their living space can save them a huge amount of money. What many don’t know is that there are real estate professionals who specialize in helping seniors sell their current homes and find much more economical ones that meet their needs. If you plan to sell your home as part of a financial downsizing process, spend time finding an agent who has experience in getting the best prices for your home and finding smaller homes for older buyers at the same time.
You Can Turn Life Insurance Policies into Instant Cash
Even those who are financially sophisticated often don’t know about life settlements. They are arrangements that allow you to sell your life insurance policy for cash to a third party. It’s a smart and fast way to acquire some needed cash for any purpose under the sun. But, because the industry has not been around for a long time, the process is relatively unknown to large numbers of seniors. The first step for turning a policy into cash is to research life settlement companies and you can choose a reputable option that suits your needs. Company reps can explain how the process works, how you can apply, and what the amount is that you can get for your policy.
Preventive Healthcare Can Save You a Bundle
Annual, or better yet, twice-yearly, health checkups can save you money in the long run. One reason is that preventive care has advanced considerably in the past few decades. Many serious conditions are easier to detect through simple blood tests and in-person physical exams. Consider visiting your physician, dentist, and eye doctor regularly. Speak with your primary care provider for advice about which specialist you need to visit, if any.
Balanced Portfolios are Like Financial Armor
You were probably told to start planning for retirement in your 30’s, and hopefully you listened. As a result, if you have an investment portfolio or self-directed IRA, consider readjusting it occasionally to maintain diversification and balance. It’s common to have a small percentage of a portfolio in precious metals, like gold or silver. Likewise, you don’t want your investments to be top-heavy with higher-risk stocks and bonds. Instead, aim to achieve a balance of equities, debt securities, commodities, cash, and precious metals. Speak to a financial advisor to find out how best to balance your assets. You might even want to add a small amount of cryptocurrency due to its unusually high upside potential. Bitcoin and Ethereum are the two most popular choices.