OTHER TIPS TO HELP YOU SURVIVE A SCARY ECONOMY
Maintain Your Insurance
If you begin to feel a financial pinch, you may be tempted to save money by dropping some of your insurance coverage, but this is penny-wise and pound-foolish. Always, always main tain your insurance coverage, particularly your health insurance. For persons 65 and over, this usually means keeping a Medigap insurance policy in force, which will protect you against incurring many large health-care bills. It is essential that you keep this coverage. Also, most retirees will benefit from Medicare Part D drug coverage. If you have a long-term care insurance policy, do your utmost to keep the coverage, even if the premiums increase.
Beware of Scam Artists
Sadly, seniors are all too often the victim of scam artists who will try to sell any number of services or investments to them. They are easy marks and are often too embarrassed to complain to anyone. There are two ways to avoid being taken. First, ask the salesperson to put whatever he is suggesting in writing. Second, mention that you need to check with a family member before making the purchase. Just telling the salesperson that you have to check with a relative before making a decision is enough to make most reprobates flee. We have a “$500 rule” in the Pond family. If parents are going to spend more than $500 on anything
that someone else has suggested, they first check with one of the kids. This has worked very, very well.
Make Use of the Many Programs for Senior Citizens
Be sure to take advantage of any money-saving opportunities available to senior citizens in your local community and elsewhere. There are a great many valuable and money-saving programs, but it is up to you to uncover them. A variety of organizations that represent retirees, including your local or state council on aging and the AARP, will be able to direct you to discounts.
Don’t Hesitate to Seek Advice
Many retirees have been hurt by the Great Recession. If you become very troubled about your financial future, or if you are already experiencing financial problems, by all means seek the advice of qualified professionals or family members. They may be able to help allay your fears, provide a plan that will help you cope with your financial problems, or offer other needed guidance. How do you find experienced and trustwor thy advisors? Don’t go to the yellow pages or, worse, a “free” lunch. Ask your acquaintances or your family lawyer for a recommendation. As with all professionals, word-of-mouth referral is the best way to assure that you get the high-quality advice that you deserve.
Beware of Scam Artists
Sadly, seniors are all too often the victim of scam artists who will try to sell any number of services or investments to them. They are easy marks and are often too embarrassed to complain to anyone. There are two ways to avoid being taken. First, ask the salesperson to put whatever he is suggesting in writing. Second, mention that you need to check with a family member before making the purchase. Just telling the salesperson that you have to check with a relative before making a decision is enough to make most reprobates flee. We have a “$500 rule” in the Pond family. If parents are going to spend more than $500 on anything
that someone else has suggested, they first check with one of the kids. This has worked very, very well.
Make Use of the Many Programs for Senior Citizens
Be sure to take advantage of any money-saving opportunities available to senior citizens in your local community and elsewhere. There are a great many valuable and money-saving programs, but it is up to you to uncover them. A variety of organizations that represent retirees, including your local or state council on aging and the AARP, will be able to direct you to discounts.
Don’t Hesitate to Seek Advice
Many retirees have been hurt by the Great Recession. If you become very troubled about your financial future, or if you are already experiencing financial problems, by all means seek the advice of qualified professionals or family members. They may be able to help allay your fears, provide a plan that will help you cope with your financial problems, or offer other needed guidance. How do you find experienced and trustwor thy advisors? Don’t go to the yellow pages or, worse, a “free” lunch. Ask your acquaintances or your family lawyer for a recommendation. As with all professionals, word-of-mouth referral is the best way to assure that you get the high-quality advice that you deserve.