One third of your life may be ahead of you after age 60. Will you be prepared? The chance of experiencing poverty increases with age, especially for women, minorities, people living alone, and people older than 85. This document offers actions that can help protect your financial security and reasons why achieving financial security can be rewarding.

ACTIONS TO PROTECT FINANCIAL SECURITY

• Learn about and plan for normal later life events. Events may include living longer, changing work, changing health, your aging parents, family changes, and death.
• Talk with others about your later life financial needs, concerns, and goals.
• Identify future income needs.
• Build multiple income sources such as pensions, investments, Social Security, and 401K plans.
• Build savings and assets.
• Evaluate health insurance options beyond Medicare, because it's important to have protection for common expenses such as prescription drugs.
• Identify ways to manage possible, long-term-care needs.
• Talk with aging parents about their estate and long-term-care plans.
• Create an up-to-date estate plan.
• Finally, regularly update legal documents, beneficiaries, insurance, property ownership, and progress to your financial goals.

REASONS TO PLAN

• It gives you more choices and control over your future.
• It lets your wishes be known to family, friends and others.
• It reduces the chance that you'll be a burden on others.
• It reduces potential for conflict.
• It improves potential for higher quality of life.
• It improves potential for independence and dignity as you age.
• It offers peace of mind.

Taking the road to financial security in later life is worth the effort.

Info-U Home Page

University of Minnesota Extension Home Page

Copyright ©  1998  Regents of the University of Minnesota. All rights reserved.