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Financial Fundamentals 50+

Tools for your Financial Journey

Helpful resource to speed you on your journey to achieve your financial goals.

Make a legacy plan

You understand your needs and wants better than anyone else, so make a legacy plan to manage your money and protect it through retirement and beyond. Some of these steps may feel intimidating at first, take one step at a time and don't worry if you have to modify some of your initial plans (especially your budget).

Choose a trusted family member or friend to serve as fiduciary (a legal guardian of your assets):

  • Will you need a Power of Attorney or Trustee?
  • Decide how you and your fiduciary will work together to pay bills, make deposits and monitor your account to make sure that your money is being handled as you have directed.

Organize your financial documents or give direction on where or how to view all your income, expenses and assets.

  • Organize your documents and keep them in a safe place.
  • Where is each account? Be sure to keep track of all of your banking, investment and credit accounts and update it regularly.
  • Create a login and password guide for your online accounts.

Create a budget

  • Having a monthly budget will help you keep track of income and expenses and both you and your support system will be able to see if anything is amiss.
  • Remember to update your budget and account for any emergency or medical expenses that come up.
  • Debt is a budget buster in retirement. Create a debt repayment strategy to pay or minimize all debts before retirement.
  • You may qualify for lower monthly payments, check with your service providers to find out how to apply for senior discounts, where applicable.
  • Track new expenses; estimate amounts for future expenses to help you plan ahead. Some common expenses as we age are: caretaker, health insurance, household support, medical expenses and transportation.
  • Understand where your income will be coming from (e.g. salary, social security, disability, other).

Review your credit report

  • Get your credit report from all three bureaus and review them to make sure they are accurate.
  • We are all vulnerable to fraud and some scams specifically prey on older adults, reviewing your report will help detect identity theft.

Perform daily functions from the comfort of your home by embracing financial technology (Fintech).

  • Consider using a cloud storage app to keep your important information safe.
  • Check out your bank's mobile banking tools (like the Chase Mobile app) since they can help you take care of everyday money needs like depositing checks, making payments, sending money to trusted friends, caregivers and family, and setting up alerts.
  • Download service apps like delivery service, ride-booking or videoconferencing and learn to use them safely in case you need help with grocery shopping, transportation or getting in touch with people you love virtually.
  • Make sure your designated person knows how to access your important accounts.