Comments on: 7 Money Management Tips for Seniors

By: Dan

Dan — Tue, 28 Dec 2010 15:52:14 +0000

These are good tips. Getting on top of your financial life is not always easy, creating a budget can be tedious and time consuming and it is hard to get a consolidated view of your investments. Seniors don’t always trust websites, but I have found free online budgeting software such as Mint and tools offed by brokerage firms (such as Fidelity or Smith Barney that use a product called Yodlee) can really save time and help you quickly get a handle on your financial life by seeing what you spend and how your investments are performing. If you need to find a financial planner, you can ask friends or get user reviews of local professionals on sites such as Yelp or WealthVisor (which focuses on financial professionals).

By: Nancy

Nancy — Thu, 05 Aug 2010 05:24:43 +0000

As people age, it becomes increasingly difficult to keep track of daily finances. This is due to physical or mental ability associated with aging. Therefore, some bills are not paid in a timely manner.Review checkbooks, bank statements and canceled checks, if necessary. Check all bill payments and check out ones.Double double-checking that all deposits are credited account.Keep right to all forms of revenue and maintain record.Make ensure that all government benefits are received .

By: Jessica

Jessica — Thu, 30 Jul 2009 15:42:13 +0000

Maybe the tips are general, but there was one which was a helpful reminder to me – #5 Stop Giving Handouts. I just loaned (ha,ha,ha) my son a few thousand dollars to purchase a used car and I know I may as well write it off as a gift. It’s a big financial sacrifice to help him out, but no credit equals no vehicle and no vehicle equals no job. Tip #5 has reminded me to harden my heart next time. I think a lot of us senior parents fall into the same trap when we face that kind of decision.

By: Pinyo

Pinyo — Thu, 10 Apr 2008 14:38:38 +0000

@Make Friends and Mark — I am in the 30s myself. I am not sure how old Heather is. I agree, I would love to have guest writers who are already in their golden years to share some of their thoughts.

@Mark — may be you could invite your parents to write about social security, health care, long-term care, estate planning, etc. It would be great to hear these things from their perspective.

By: Mark

Mark — Thu, 10 Apr 2008 02:53:40 +0000

Is Heather a senior herself? There is a lot more involved being a senior and dealing with finances. Both of my parents are senior citizens now and it is amazing how much is involved. Did you know even senior citizens have to pay tax on their social security? Sure the medicare expenses would offset that but neverless, there is much more involved. I would love to see a senior citizen blogger blog about this.

By: Jonathan

Jonathan — Wed, 09 Apr 2008 18:10:31 +0000

These tips are pretty general really and could be applied to most financial situations faced by anyone. Would like to have seen a little more specifics for Seniors, especially as my parents are reaching the age where this would be applicable. Helpful information though.

By: Vered

Vered — Wed, 09 Apr 2008 14:21:09 +0000

Completely agree with “stop giving handouts”.
However, personally I don’t trust financial planners and believe that people can self educate themselves and manage their finances just fine without one.