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Practical Planning Tip: Financial Planning In Your 70s

May 13, 2024

There are a few things I want to highlight for folks in their 70s:


1) Downsize: It rarely makes sense for people to have a large home as they get older. More house = More expenses and more headaches. It is also not practical as mobility issues, including difficulty in being able to go up and down stairs, will become increasingly more challening as you age. 2) Move near family: As you get older, certain tasks become harder. Friends are helpful, but family members will feel an obligation to help you. If it's feasible to move near your kids or close relatives, you should do it! 3) Include family in your planning: Elder financial abuse is very common. It's worth having your kids included as POA and other related financial matters to ensure your money is being managed prudently and you aren't being taken advantage of. 4) Spend your money: If you worked your entire life and built up a sufficient nest egg then now is time to spend your money and to stop saving. Enjoy your money. Afterall, you can't take it with you after you die! 5) Gift money: Give money to kids or donate it to charity as a part of your estate planning process. If you are able to do so (meaning, you can afford it), it's better to give while you are alive than at death so you can get enjoyment by helping family and seeing first hand how they benefit from your generosity.


Naturally, there are many other topics I can discuss. I didn’t even touch on investment strategies for people in this demographic, but these points should be sufficient information for a short video. Obviously, speaking with a competent financial advisor can help fill any gaps in your planning and resolve any specific issues that apply to your unique situation.

You can WATCH the full video here.