Becoming a senior citizen is both rewarding and stressful. You would think everyone who has reached retirement age would have the money to live securely until they pass away, but this simply isn’t the case. There are a lot of money-related discussions seniors should have with their loved ones to make sure they are safe and sound in their bank accounts.
Life insurance for seniors over 70 can be expensive, but it is necessary for final expenses such as a funeral. Not having life insurance as a senior could have a devastating impact on loved ones who are left holding the bag. Taking some time to decide on the best policy as someone over 70 and letting family members help with the process is important.
We’ll also talk about some of the other financial topics seniors should be aware of. People over 70 are sometimes tricked into giving their money to scammers. We’ll also discuss when older people should decide to use some of their money on a vacation or entertainment to enjoy their golden years better.
#1 – Buy Life Insurance
Life insurance is more expensive for those who pose a risk of cashing out the policy. People over 70 are statistically close to death, as the average lifespan in the U.S. is about 79 years old. This means a life insurance policy for seniors is very expensive.
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What seniors should instead focus on is getting a policy that specializes in senior plan coverage. The insurance will be mainly targeted at paying off funeral expenses, such as the casket, the ceremony, and the headstone. Younger people often shop for life insurance catered toward helping a family financially if their main breadwinner passes away.
Seniors theoretically are no longer financially responsible for their children. This means the policy doesn’t have to have the same payout when it is cashed.
There are several things a senior can do to make their life insurance policy cheaper. Good health is always a positive sign for life insurance companies. Non-smokers get much better rates than smokers. Those who do not have hypertension, diabetes, or dementia are also going to be able to get much more affordable policies.
Sometimes you simply can’t control your health as you get older. All a senior citizen can do is make good lifestyle choices. Getting some movement in is always a great thing. Simply walking from the house to the end of the street is great for people over 70.
Eating smaller portions at mealtime will help keep your weight in check. This may help prevent conditions like a heart attack or stroke.
#2 – Don’t Fall for Scam Calls
Scammers love preying on the older generations to get some cheap cash. They also know older people often have reserves of money, such as Social Security or their retirement savings.
Never give a telemarketer your personal information over the phone. Things like credit card numbers, bank account numbers, Social Security numbers, and any other personal identifiers should be left out of the conversation. It can be tempting to give this information away to scammers who sound like they care about your best interests.
Children of older parents should have these conversations with their senior-aged mom and dad, but they shouldn’t be condescending about it. Many older people don’t like being treated like they are incapable of making decisions. Put the power in their hands to make the right choices by educating them about risks, and there shouldn’t be anything to be afraid of.
#3 – Avoid Buying Worthless Products
As you get into your 70s, some of your senses may start to deteriorate. From your eyes to your ears, the way you interact with the world is different than when you were younger, and many companies try to convince you that you can regain your sight and hearing. Miracle products that will revitalize these things are not always realistic.
Rather than create a piece of equipment that will actually help people, the companies use witty advertisements and convincing arguments that what they are offering is unique and helpful. Many drug companies also advertise their supplements and pills for heart problems, strokes, diabetes, and more.
Only use medicine your doctor or medical team has approved of. Never fall for the things you see on TV or Facebook. This isn’t to say there aren’t valid offerings from these ads, but you need to verify their authenticity with a professional before purchasing.
Older people are very vulnerable to these items because they are looking for ways to enjoy their golden years without pain and suffering from physical and mental decline.
#4 – Enjoy Your Golden Years
This is so important for every person over the age of 70. You may be worried you need to keep your money so there is something left for your kids and grandkids, and this is a kind gesture. At the same time, don’t lose sight of the fact that this is a time in your life when you shouldn’t have as many responsibilities.
Go on that vacation that you were never able to when you were working. Get some car insurance for pensioners and go on a road trip. Buy a television or entertainment setup you always dreamed of having in your younger years but didn’t have the money for. If late in life isn’t the time to enjoy these things, there is no more time in the future to do so.
#5 – Don’t Be Afraid to Ask for Help
Pride is a huge thing for any human being. We don’t want to feel like a burden on the other people in our lives. But when you get to be a senior, sometimes there is no other choice but to lean on loved ones for aid. Walking up the stairs, crossing the street, and reaching things on the store shelves might need a helping hand.
Older people also have a lot of different financial assets that need to be tended to. Social Security, 401(k) benefits, and other investments can get confusing during tax season. There are programs out there and companies that specialize in helping seniors with these financial hardships.
It is possible to be independent and still get assistance when the going gets tough. Seniors often think they can only choose one lifestyle or the other. Transitioning into older age doesn’t have to be so rigid. Do the things you are still capable of, and realize when there is no other choice but to ask for help.