Creating awareness about finance plan among senior adults:

Creating awareness about finance plan among senior adults:

Only 23% of the elderly have a retirement plan, while 77% do not foresee what they will do when they stop working. The government and the authorities for the protection of financial services of users have researched on this issue and, based on data from a survey, regarding the financial situation of older adults, published that the for the protection of only 23% of the elderly have a retirement plan, while 77% do not see what they will do when they stop working.

Awareness created by the government and finance management authorities:

In this context, The government and the authorities for the protection of financial services of users have establishes that the quality of life must and can be preserved among those over 60 years old, provided they have foreseen their retirement period, however, of those who do plan that stage of their lives, 65% trust that it will continue working, 12% saves money and barely 5% plans, manages and takes care of their resources.Faced with the growing life expectancy, get 2020 Best Medicare Supplement Plans at https://www.medisupps.com/medicare-supplement-plans-2020/
we will all have to reflect on the financial future and facing this, the authorities establish the following steps to achieve it:

  • Prepare a budget, daily, weekly or monthly, with the fixed and variable expenses, from the income and, of course, stick as much as possible in compliance.
  • Plan the monthly expenses, which are not greater than the income so as not to turn the finances into a real chaos
  • Prioritize the costs of housing, food, health care, clothing, and recreation.

Persevere in saving and investments.

How to help them?

For older adults, it is sometimes difficult to use financial resources, so it is recommended:

  • Help them in the use of ATMs.
  • Give them guidance and support in the use of credit cards and that they do not fall into over-indebtedness.
  • Help them in choosing insurance for medical expenses and funds for emergencies, especially for health care.

It is never too late to learn, advises the government, and those who reach the last years of their work and retirement should also consider that good personal finance management will contribute to maintaining an optimum quality of life. Thus, one should always try to create awareness about having a finance plan for their working parents whenever it is foreseen by you. This will ultimately secure the future of both of you and your parents. They will be no more clueless about the left years of their life.