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Strengthening Your Finances During Old Age
Growing old? Scared of dealing with your financial situation? Well, fret not, because you can manage your finances quite effectively as long as you have a proper plan. We'll give you some advice, and if you act on our suggestions, you should be able to do quite well.
Get professional help
Before making any major moves, you should get good advice from the pros. They’ll ask you about your interests and goals, determine your financial positions, assess your risks, and accordingly come up with a suitable plan for you.
Invest in precious metals
There is too much security in gold and other precious metals, and so they should definitely be a part of your investment portfolio. You can invest in gold, silver or platinum, whatever is more appropriate and feasible for you. While jewellery will be a kind of investment, it is better to buy some bars along with it.
Generally, old age is a time when you are kids are already married, and it’s only you and your partner. Even if the kids have yet to tie the knot, they will probably move out, instead of living with you. As such, your warm, huge house may not be such a great idea anymore. You can rent it out, and move to another smaller home that is sufficient for the two of you. Or if you want you can divide your home into two units, and rent out one of them. The rental returns that come will make a notable difference to your income, and improve your financial situation.
Buy an insurance plan
You should definitely buy an insurance policy to cover yourself for all emergency situations. Health insurance is definitely top of the list, but you should consider other plans as well. If you have a car, then you should get auto insurance. Depending on your particular situation, life and funeral insurance coverage may also be a good idea, and if you want extra protection, then go for an umbrella policy. Make sure that you are getting the right coverage with each policy.
And by the way, if you bundle up your chosen insurance plans, you can get significant discounts in terms of premiums.
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Stock up on your cash reserves
It’s always a good idea to have some cash in hand. Put an amount that is enough for three months in a bank account.
Get rid of your debt
The earlier you get rid of your debt, the better it is. Try to pay off all of your debts in your 40s and 50s, when you stoke have a stable job. Try to stop using credit cards; if you rely on then too much, then make sure you are availing the lowest possible interest rates. Needless to say, pay off the monthly amount soon, or it will just become bigger and get more difficult to manage.
So heed the advice that we have provided. Here’s goodbye to all your financial worries, and a welcome for a stress-free old age.
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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 3rd May 2017.