People don’t like to talk about money, but that’s not a good thing because it means that a lot of us are left in the dark when it comes to financial issues. When I was younger, I thought a lot about managing my money and saving up for retirement but nobody ever really talks about what happens when you’re older, how do you manage your money then? It’s not like money issues just disappear as soon as you hit 60. I just have different challenges to deal with now that I’m older but a lot of people are unprepared for that because we don’t like to discuss it. That isn’t helping anybody and if you’re going to live a stress free life, you need to be aware of these common money problems for the over 60s.
Planning Your Pension Income
A lot of younger people assume that once you hit retirement, you’ll have plenty of money tucked away in your pension and you don’t really have to worry about money anymore, but that really isn’t true at all. Some people are lucky enough to have a huge pension and they don’t worry about it, but most of us don’t have a huge amount put away. If like me, you don’t have an endless supply of money in your pension pot, you need to find ways to stretch it as far as it will go, and that means planning your pension income. Look at how much you will get every month and start looking over your finances. You might find that you need to make some cutbacks and find ways to be thrifty so you can make sure that your money lasts.
Writing A Will
Who likes to think about what happens after they’re gone? I certainly don’t. It’s not the most pleasant thing to think about but you can’t escape reality and it’s important that you start planning. If you don’t make plans for your estate now, it could cause your family a lot of problems after your gone and nobody wants that. I would recommend getting in touch with a legal company like Keoghs and asking them about their will and estate planning services. The sooner you get it sorted, the sooner you can forget about it and enjoy life.
Claiming Benefits
If you are struggling with your finances for whatever reason, it’s worth looking into the benefits that are available. Once you reach 60, you are entitled to things like free eye tests and free prescriptions (although I try to avoid taking pills as much as possible). You can also get a bit of financial assistance if you have an illness or disability and you need equipment to help you stay independent at home. When you get older and your health suffers, you might need somebody to look after you sometimes. If you have a friend or a family member that acts as a carer, they are entitled to some money as well.
I have learned to deal with these money issues and you can too, now that you know what to expect.
