Many of us look forward to retirement as an opportunity to pursue new goals or reactivate life-long interests. With the right financial planning, you can be on track to achieve the financial security you need to realize your vision of a comfortable retirement.
By staying informed and taking steps to protect your savings, you are setting yourself on the path to becoming a money-smart retiree. Here are some tips to get you started on the right path:
- Review your investments based on the timing of when you plan to withdraw your money. As you approach retirement, talk to your financial advisor regularly about your goals and any changes that could affect them.
- If you’re still working, maximize your pension contributions to give your savings a boost.
- Assign a power of attorney for property to someone you trust to handle financial and legal matters on your behalf as you age.
- Learn about tax credits available to seniors, including pension income credits and disability credits.
- Educate yourself on elder abuse and fraud. Common forms include burglary, telephone fraud and identity theft. Sadly, most financial fraud committed against older adults involves friends, family, caregivers or social contacts. The more you know, the better you can protect yourself.