Category : Uncategorized
In today’s world, you will inevitably encounter swindlers and scammers who will test you and determine quicky whether or not they can exploit you financially. If it’s determined that you are an elderly person, these trickers assume that you likely have sufficient savings that they can steal, and they will think endlessly of ways to get their hands on it. You may already know someone who has fallen victim to scam phone calls or “get rich quick” schemes.
Scammers and swindlers are not the only robbers that elderly folk face when it comes to their finances. You must be aware that, presumably, there are two other bandits hiding in your future and they are preparing to slip undetected into your life and remain undetected until they steal your independence and ability to maintain financial security. These bandits are dementia and Alzheimer’s disease. Statistics indicate that nearly a quarter of North Americans over the age of 65 experience some form of diminished mental capacity, putting them at risk for poor financial decision-making and exploitation.
Additionally, you could encounter pressure from your adult children or grandchildren to help solve their financial needs. Ever been asked to co-sign a loan? It is difficult to say no to your own, but you must consider the impact it could have on your own future needs. Putting the needs of your children ahead of your own while you are entering – or are already in your retirement stage of life may cause you to run out of the money needed to support yourself.
Lastly, other family members or well-meaning friends may urge you to devote your money to a hot, “can’t lose” investment, helping you to augment your retirement income.
Any of these issues can derail your retirement income. When you provide some of your retirement funds to others as a loan or gift, you need to make sure you can afford to use those funds for that purpose.
Insulate yourself against all the above by turning some of your retirement savings into an annuity sufficient to provide level and stable long-term guaranteed income to cover your basic needs for the future. Then, if you want to help your children or allot part of your income into that hot investment, you can do so without worrying about your own financial well-being. As you know, lifelong annuities pay for your lifetime and cannot be cashed out. In any event, get expert advice before transferring funds out of your control.