What are the best money moves for seniors nearing retirement?
Approaching retirement is an exciting milestone, but smart financial decisions can make all the difference in long-term security. Sometimes it’s about putting your money in the right places. But in some cases, it’s about making sure you’ve got everything coming in that you’re fairly owed.
Here are three essential money moves that those preparing for retirement should consider.
Consider These Money Moves for Seniors Nearing Retirement
For starters, it’s never too late to optimize your retirement funds. If you’re still working, maximize contributions to your 401(k) or IRA. Catch-up contributions allow those 50 and older to save more, helping boost your retirement nest egg. Even small increases in savings now can lead to more financial flexibility later.
Healthcare expenses tend to rise with age, so it’s essential to plan ahead. Consider opening a Health Savings Account (HSA) if you qualify, and review your Medicare options before enrollment. Long-term care insurance is another way to safeguard against unexpected medical costs that could drain your savings.
Last but not least, remember that you deserve all of your Social Security benefits. Social Security is an earned benefit that millions of seniors rely on for financial stability. However, fair Cost-of-Living Adjustments (COLAs) and policies that protect its long-term viability are essential. Staying informed and advocating for policies that strengthen Social Security can help ensure a secure future for all retirees.
Navigating these financial decisions can be complex, but staying proactive is key. Our publication provides the insights and advocacy resources you need to make the most of your retirement years.
Help The Seniors Center Protect the Future of Social Security
The Seniors Center is committed to finding solutions to strengthen and protect the Social Security Trust Fund. Social Security is a contract between citizens and the government. Money deposited in the Trust Fund should only be used to pay benefits to eligible recipients.
The Seniors Center is demanding Congress finally put a stop to the careless borrowing and spending by greedy politicians that has put our Trust Fund and our secure retirement in jeopardy.
At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Retirees shouldn’t have to worry about losing their hard-earned benefits to taxes or the agendas of greedy politicians. If you agree, we invite you to sign our petition today! And follow The Seniors Center on Twitter and Facebook for more updates!
