Financial Literacy Tips for Boomer

Assess your finances and plan your retirement. Consider predicted expenses, healthcare costs, and income sources including Social Security and retirement funds.

1.  Make a Retirement Plan

Learn how Social Security works, including the age at which you can start receiving benefits and how early or delayed retirement may affect your benefits.

2. Know Social Security

To reflect your current intentions and circumstances, review and revise your will and estate plan often. This includes choosing beneficiaries, updating power of attorney, and establishing a living will or healthcare proxy.

3. Revise Your Will and Estate Plan

Know Medicare and consider additional insurance for retirement healthcare. Long-term care insurance may help cover future healthcare requirements.

4. Healthcare Planning

Reduce debt, especially high-interest debt. To avoid retirement stress, pay off loans and credit cards first.

5. Manage Debt

Assess your risk tolerance and financial goals to alter your investment portfolio. Consult a financial professional to verify your assets match your retirement goals.

6. Strategic Investments

Keep an emergency fund for unexpected costs. A financial safety net can avoid retirement fund withdrawals in tough times.

7. Fund for emergencies

Set and follow a budget. Track your expenditures, minimize costs, and budget for housing, healthcare, and daily life.

8. Budgeting

Watch out for senior frauds. Learn about financial scams and protect yourself against fraud and identity theft.

9. Stay Scam-Aware

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