FeaturedPersonal Finance

Managing your money after 60

Many older Americans are struggling to make ends meet. You spend most of your life putting money away in a retirement fund so you can live off of it once you stop working and retire. Managing the money once you are no longer working can be quite tricky. Here are some tips and advice that can help you manage your funds a little bit better.

  • If you have the option to leave your tax-deferred savings for last then do so. When it comes time to retire and you are no longer working, use the funds from your accounts that are not retirement savings. You might want to consider making use of any other assets as well because withdrawing too early might hit you with high tax penalties.
  • If you have a retirement fund try not to withdraw too much of it at a time. Many financial professionals suggest that you only withdraw between 3 and 5 percent of your funds each year. This will keep you from taking too much money and spending it all only to find out that you might not have enough funds to last you a long time.
  • Keep track of every financial move you make. It is best if you keep charts or sheets with details of your assets, accounts, and properties. This will give you a better idea of where you’re standing.
  • Reduce your expenses as much as you can. This does not mean that you will have to live in a shabby apartment it’s only a suggestion to go over your expenses and see where you can cut down costs. For example take a look at your internet, cable, and phone bills, if they are a bit too high make a little investigation and see if you can get a cheaper provider.
  • If you have credit card debts give them a call and ask for lower rates. If you have a good record with them you can try to work this out by saying that you received a new card from a different institution and they have given you a lower rate. Most of the time they will try to match that rate.
  • Do not leave your financial decisions solely to your financial advisor. Always stay informed of your own expenses and deadlines. Also, keep in mind it is smart to be alert and always know what is going on in the financial world.

Getting retired after a certain age does not mean you cannot keep working. Many people over 60 have started to use the internet to find online work for an extra income. Feel free to give it a try but always keep in mind to keep clear records of your expenses in order to always make intelligent decisions.

Leave a Reply

Your email address will not be published. Required fields are marked *