What are your best financial tips for seniors?

[deucher]

In my opinion, people who start investing in old age or simply want to manage their money better do not have time for the long term. Therefore, you need to take risks, if you have a desire to invest, then you need to choose something more risky and with a higher profit. And what advice would you give?

 

[Grant]

There's always a chance they have investments that have worked for them for years. I would say though, that one thing I would do when I get to a certain age, is to downsize. If I don't have anymore kids and only have a wife, I could see myself downsizing my life, maybe moving into a smaller house or a tiny home. I could also then take advantage of senior discounts. I'm sure there are many stores and businesses have a senior discount, just bring it up during your purchase or service and they should let you know if they do it or not.

And you can file for your retirement and social security benefits, but wait until you're at the designated cut off age, because taking them early could mean you lose out on hundreds or even thousands of dollars.

If you're an elderly person who has financial issues or needs help figuring out what to do in retirement, you can also speak to a financial planner or advisor to help.