Renette Zeelie: 018 786 1882 | Charl Oosthuizen: 083 377 1441 | Johan Potgieter: 072 928 5380

Financial planning for seniors

by | Jun 14, 2014 | Blog, Financial Planning | 0 comments

Many times when financial planning is talked about, it’s usually targeted at young professionals, or families nearing middle age. It’s not often that you hear or see anything about financial planning for seniors. At Ultra Fin, we recognize the importance of financial planning at every stage of life, no matter what your situation is, or what kind of financial health you are currently in. Financial planning for seniors is just as important as it is for a family buying their first home, or a young businessperson entering the corporate world for the first time. Let’s find out why.

Seniors are usually in a much more precarious position than any other group when it comes to finances. Usually living on modest fixed incomes, and with or without retirement savings, life as a senior requires more attention to financial strategies in quite a few areas. It’s mostly the priorities that are shifted, and the management techniques that change.

Just as with all aspects of financial planning, the budget is perpetually important no matter what stage of life you’re in, or what your financial situation is. On a fixed income, seniors may need to make more concessions than other groups. The flipside is that seniors usually have less overall expenses, and less wants than actual needs. Nevertheless, a budget must always be adhered to, taking care that expenses don’t overstretch an income, and where possible some money is left over for short term savings.

By this stage of life, debt should be minimal, but it’s important to clear any residual debt. Create a plan to pay of your debts sooner than expected whenever you have a surplus of budget.

It’s a misconception that as a senior, investment and savings are no longer important. It’s really quite the opposite. Investments and savings as a senior will help to grow wealth while providing security not just for yourself, but for your family too. Investments can be long or short term, but it can be a good idea to have them managed in a trust. This creates a safe haven for your investments as well as a financial legacy to be maintained by your family.

Financial planning should never be ignored, no matter where you’re at in life. Financial planning as a senior will help you to relax throughout your retirement without the burden of financial insecurity. Careful planning can even allow you to create a stronger financial future for the rest of your family through smart investments and savings.

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Renette Zeelie

Tel: 018 786 1882

Fax: 086 617 8136


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