Seniors and money worries
If you are only waiting for a rainy day, you will never see the sunshine.
Everyone in fundraising development, at some point, comes across a widow (yes, usually women) who is asked for a major gift of tens of thousands of dollars, usually in memory of her late husband who was devoted to that organization. When asked for a $25,000 gift, the 87 year old will reply, "I can't do that, I only have $2 million left in the bank!"
When someone is no longer receiving a paycheck, every expense may be scrutinized and worried over, even for people with millions to their name. It is legitimate to worry for some people with limited savings and significant health problems.
If you do have money, how do you decide how much to spend and what to save? The first thing to do is talk to a trusted financial advisor, either an accountant, banker or financial planner. They can give you a good idea of your financial position and whether you can take that trip on your bucket list, help grandchildren with college or support your favorite charity.
While it is good to think about saving for long-term care, don't let the possibility ruin your life. If you are only waiting for a rainy day, you will never see the sunshine.
If your advisor says you will have enough money to last until you are 95, spend it. As the saying goes, "caskets don't come with pockets." Make sure you are enjoying your life if you are financially capable of doing so. There are no do overs in this life, especially as we age.
What about supporting children or grandchildren either while you are alive or saving for them in your will and scrimping on yourself? I will address that in the next blog.