Managing Your Finances in Your 70s and Beyond

Congratulations! These are your golden years. You’ve worked hard to raise a family, build your career, and save your money—now it’s time to relax and reap the rewards of a lifetime of sensible financial strategy.

How can you take full advantage of this time of your life? Here are some tips for being financially savvy in your 70s and beyond:

1. Review your estate plan. Develop or review a plan for your property and assets, including your will, trusts, liquidity of assets, and gifting.
2. Re-evaluate budget and cash flow. Creating a budget is crucial to fulfilling your plans for retirement. Be sure to set aside an emergency reserve when evaluating your needs.
3. Communicate. Being retired doesn’t mean that retirement planning is done. Continue to have regular meetings with a financial professional and take prudent steps with your tax-efficient investments and savings.

And your bonus health tip for your 70s and beyond:

Live with purpose. Find a way to feel a strong sense of purpose in your life, despite the messages our culture may send about aging. Religion, family, volunteering, and more can help you feel connected and needed.

Here’s to a healthy and prosperous life!

^{For discussion purposes only and in no way represents legal or tax advice. For advice regarding your specific circumstances, the services of an appropriate legal or tax advisor should be sought.}