Over 65? 15 Crucial Money Moves To Adopt During Retirement

You don’t want to find yourself in financial trouble during retirement.
Updated May 8, 2024
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As we age, building wealth becomes increasingly crucial to ensure financial security and peace of mind during retirement. Whether you're already retired or approaching retirement age, adopting sound money habits can help safeguard your financial well-being.

From protecting against scams to planning for the future, here are 15 essential money habits for anyone over 65.

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Invest wisely for retirement

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Review your investment portfolio regularly and ensure it aligns with your risk tolerance and retirement goals. Consider diversifying your investments across asset classes to mitigate risk and maximize returns.

Consult with a financial advisor to develop a retirement investment strategy tailored to your needs and circumstances. Stay informed about market trends and economic indicators to make informed investment decisions and adjust your portfolio as needed.

Stay alert for scammers

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As seniors are often targeted by scammers, it's crucial to stay vigilant and aware of common scams. Be cautious of unsolicited phone calls, emails, or mailings requesting personal or financial information.

Never give out sensitive information to unfamiliar sources, and promptly report any suspicious activity to the authorities or consumer protection agencies.

Comparison shop insurance rates

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Reviewing and comparing insurance rates for home and auto coverage can help you save money on premiums. Consider shopping around annually to ensure you're getting the best deal and take advantage of discounts offered by insurance providers.

Evaluate coverage options and premiums carefully to find policies that meet your needs without overpaying.

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Stay informed about Social Security

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Keep yourself updated on Social Security matters, including when to claim benefits if you haven't already, annual cost-of-living adjustments (COLA), and changes in eligibility criteria.

Understanding your Social Security benefits and options can help you maximize your retirement income and plan effectively for the future.

Make an estate plan

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Creating an estate plan is essential for ensuring your wishes are carried out, and your assets are distributed according to your preferences after you pass away. Consult with an estate planning attorney to draft essential documents such as a will, power of attorney, and health care directives.

Regularly review and update your estate plan to reflect any changes in your circumstances or preferences. Additionally, consider discussing your estate plan with family members to ensure everyone is aware of your wishes and intentions.

Track expenses and create a budget

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Maintaining a budget and tracking expenses can help you manage your finances effectively and avoid overspending. Identify your regular expenses, including housing, utilities, health care, and discretionary spending, and allocate funds accordingly.

Tracking your expenses allows you to identify areas where you can cut back and prioritize your financial goals. Consider using budgeting apps or software to streamline the process and gain better insights into your spending habits.

Plan for long-term care needs

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Long-term care costs can be significant in retirement, so planning for potential healthcare expenses is essential. Explore options for long-term care insurance or alternative strategies for funding long-term care, such as setting aside savings or tapping into home equity.

Planning can help protect your assets and ensure you receive the care you need in the event of an illness or disability.

Protect against identity theft

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Safeguarding your personal and financial information is crucial to prevent identity theft and fraud. Regularly monitor your credit reports for any suspicious activity and consider placing a freeze or fraud alert on your credit files.

Be cautious when sharing personal information online or over the phone, and use strong, unique passwords for your accounts.

Stay physically and mentally healthy

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Maintaining your physical and mental well-being is essential for overall quality of life in retirement. Stay active with regular exercise, eat a balanced diet, and engage in activities that stimulate your mind and interests.

Prioritizing your health can help reduce healthcare costs and preserve your independence as you age.

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Stay informed about tax benefits and credits

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Take advantage of available tax benefits and credits for seniors to minimize your tax liability and maximize your savings. Stay informed about tax deductions related to retirement income, health care expenses, and property taxes.

Consult with a tax professional or utilize tax preparation software to ensure you're claiming all eligible credits and deductions. Consider exploring tax-efficient investment strategies and retirement account withdrawal strategies to optimize your tax situation in retirement.

Plan for end-of-life expenses

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Prepare for end-of-life expenses by setting aside funds or purchasing burial or funeral insurance. Discuss your wishes with loved ones and consider pre-planning arrangements to alleviate the burden on family members during a difficult time.

Research funeral homes and compare prices to find affordable options that meet your preferences. Consider creating a detailed end-of-life plan that includes funeral arrangements, estate distribution instructions, and health care directives to ensure your wishes are carried out as desired.

Explore volunteer and part-time work opportunities

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Engaging in volunteer work or part-time employment can provide additional income, social interaction, and a sense of purpose in retirement. Supplementing your retirement income with earned income can help stretch your savings and keep you active and engaged.

You can look for volunteer opportunities in your community or explore remote work options that align with your interests and schedule.

Stay connected with family and friends

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Maintaining strong social connections is vital for emotional well-being and happiness in retirement. Make an effort to stay connected with family and friends through regular visits, phone calls, or virtual communication.

Building and nurturing relationships provides support, companionship, and a sense of belonging as you navigate the challenges and joys of retirement. Consider organizing family gatherings or social outings to strengthen bonds and create lasting memories with loved ones.

Seek professional advice when needed

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Don't hesitate to seek guidance from financial advisors, estate planning attorneys, tax professionals, or health care experts when making important financial or life decisions.

Professional advice can provide valuable insights, clarify complex matters, and help you make informed choices that align with your goals and values. Schedule regular check-ins with your advisors to review your financial plan, address any concerns or questions, and stay on track toward achieving your retirement goals.

Downsize and declutter

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Consider downsizing your living space and decluttering your belongings to simplify your life and reduce expenses. Moving to a smaller home or apartment can lower housing costs, property taxes, and maintenance expenses.

Purging unnecessary belongings not only frees up space but also potentially generates extra income through selling or donating items.

Bottom line

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Cultivating these essential money habits can significantly enhance your financial fitness and overall well-being during retirement. 

By staying vigilant against scams, managing expenses wisely, planning for future healthcare needs, and seeking professional guidance when necessary, older adults can navigate retirement with confidence and peace of mind.

So, take proactive steps today to secure your financial future and make the most of your golden years.

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Author Details

Adam Palasciano Adam Palasciano is a personal finance-obsessed and money-savvy individual who loves to hash out content on all things saving money. He specializes in writing millennial-friendly personal finance content, covering topics ranging from trending financial news, debt, credit cards, cryptocurrency, and more.

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