Senior Money Management Tips

The following are sound money management tips that all seniors should consider. If followed these tips will help make your and your families life's easier in the event of an emergency.

Make sure your family knows where important documents are located

If you feel reluctant to share this information with your family and friends, set it up so that they can only access the documents only after you have passed away or been incapacitated. Your family must know how to get access to these important documents in the event of an emergency.

Sign up for automatic bill payments

Try to get as many of your bills on automatic payment plans where the money is paid electronically out of your checking account. This will make life easier on your loved ones and prevent delays in bill payments.

Direct Deposit Checks

This will eliminate delays in getting funds or the possibility of checks being lost or forgotten.

Make sure you have adequate insurance coverage

Make sure that you have enough of the proper insurance, so that you don't burden your family in the event of an emergancy. Also refer your policies and make sure that their aren't any overlaps in coverage this is costing you money in extra premiums.

Establish a Will or Estate Plan

A proper will and estate plan can help your reduce the taxes on your estate upon your death.

Write up a 'living will'

It is a good idea to have a living will that outlines the type of medical care you want in the event of an emergency. You should also consider a 'health care power of attorney' that allows a family member to make decisions about your medical care in the event of an emergency.

These are just some simple tips and should not be construed as financial advice. We recommend that you seek professional advice in regards to your situation to determine if these tips are right for you.

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