5 Tools to Help Older Adults Manage Finances
Retirement is a season of life when older adults finally have time to follow their dreams and reconnect with hobbies they may have left behind when they were busy working and raising a family. But many retirees face the challenge of pursuing their interests on a limited retirement budget.
Finding tools that allow you to quickly and easily track spending can help you stay on budget, even when you’re on the go. Fortunately, technology makes that easy to do. From websites to cell phone apps, here are a few tools seniors might find helpful:
- Mint: An all-in-one financial tool, Mint helps users manage everything from bill paying to spending and investments. You can link credit cards and monitor their status. Visit Mint.com to sign up and get started for free.
- Acorns: This savings app is based on a simple premise: rounding your purchases up to the next dollar and investing the money in an IRA or other savings account. You can also boost your accounts at any time. Acorns costs between $1 and $3 a month for most savers.
- Pocket Guard: For seniors who want to know how much money they have left to spend in a month, Pocket Guard can be a solution. This free app allows users to set up a budget for each category of spending (e.g., groceries, clothing, and utilities) and track how well they are sticking to their goals.
- Albert: Albert is a financial assistant you can use to create a budget based on your own spending and saving patterns. You can track all of your financial accounts in one convenient location. For a small fee, you can also receive recommendations on how to improve your financial health.
- Personal Capital: If you are looking for an easy way to track all of your investments, the Personal Capital dashboard might be it. The app allows you to track fees, monitor individual investments, and much more. It will even send you an alert if your asset allocation is over- or under-weighted based on your age and risk tolerance.
The Value of Senior Living
Senior living communities are a value-based housing option that make it easier for older adults to plan for the future. The monthly fee often includes expenses such as utilities, housekeeping, maintenance, meals, transportation, and more.
Knowing what expenses you are likely to incur in a month can help you relax and enjoy your retirement. You can learn more about financing senior living by visiting our “Affording Senior Living: Financial Options” page.