Planning and managing your finances throughout life is like navigating the open seas. You first set sail with youthful vigor, guided by a compass of ambition while bravely exploring uncharted territories and taking calculated risks. As you get older, however, you want to navigate with precision and caution toward the calmer waters of retirement and financial security.
Financial planning and management shift from short-term goals and higher-risk investments, to focusing on saving money for your future. While the winds may change, having well-honed strategies and carefully adjusted sails helps you transition gracefully into retirement on a steady course. When comparing financial planning during different phases of your life, consider these factors:
Retirement savings vary widely depending on income, lifestyle, and individual circumstances. Older adults should adopt strategies that address the changing needs and priorities that come with aging while maximizing the value of your hard-earned assets.
Preparing for retirement requires dedication and consistency in your savings approach. Time is a crucial ally, so start saving as early as possible. Consider consulting with a financial advisor who specializes in retirement planning, can provide personalized guidance, and help optimize your savings strategy.
“The unknown can be overwhelming and finances certainly fall into this category,” says Kim Ciccarelli Kantor, CFP, CAP and president of Ciccarelli Advisory Services. “Knowing the questions to ask is an important first step to educating yourself on the principles of money management. Take time to educate yourself, build confidence by learning financial terms, and discuss with your advisor on how they might apply to you.”
Here are some best practices and guidelines to bolster your chances of building a solid foundation for long-term financial well-being.
“Note financial success is as much the result of your decision-making process as it is about savings, investing, tax management and living within your means,” says Kantor.
Older adults also may not realize the wealth of discounts available to them. Many establishments don’t openly advertise their deals, so it’s worth asking about special offers wherever you go. Additionally, member organizations like the American Association of Retired Persons (AARP) offer a range of exclusive discounts and perks.
By taking the initiative to inquire and explore, you can unlock savings and enjoy the advantages of aging. Here are some opportunities and places where older adults may score discounted deals and other benefits: retail stores, restaurants and cafes, cultural and entertainment venues, public transportation systems, prescription medications, travel, fitness and wellness centers, recreational facilities, cell phone providers, and financial service organizations.
Many older adults dream of aging gracefully and independently in their own home, a place where they can remain active and stay connected to what they love most. The Glenview at Pelican Bay is a unique, nonprofit, equity-owned LifeCare community in Naples, Fla. that delivers a lifestyle of health, wellness, activity, and much more.
As a controlling member and equity holder, you participate in community decision-making, have the opportunity for your home to appreciate in value, and have access to a continuum of care—a welcome relief for residents and their families throughout all stages of life. Premier Place, our 5-star health center, and GlenCare Home Care services operate right on-site so you’ll never have to worry about where to turn for health care.
A monthly fee covers resort-style services and amenities and exceptional personal services to support a retirement lifestyle inspired by stunning community living spaces for socializing, fitness centers, fine dining, housekeeping, maintenance, scheduled transportation, activities, social events, lifelong learning opportunities, and live entertainment.
Residents at The Glenview continue homeownership along with all the perks and privileges of owning a home in Pelican Bay. They include membership to the Pelican Bay Foundation, private access to Pelican Bay Beach and membership to the 25,000-square-foot Pelican Bay Community Center.
Setting sail to worry-free living at our LifeCare community provides true peace of mind and ultimate control in a gorgeous setting. Discover what your life could look like at The Glenview.
Featured Image: Stock. ID 178015817
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