Do you feel uncertain about the big financial decisions around retirement and want to know more so you can plan your retirement with confidence? If you want to know more, but don’t want to engage a financial advisor, there’s new solutions for you! The National Council on Aging and Bank of America have come together to help seniors learn more about their finances and retirement options. There are seminars for those who want to learn in person and an online tool for those who would rather answer questions and get a personalized report. If you’re wondering about when to apply for Social Security, take a look at the Consumer Financial Protection Bureau’s new online tool that helps you compare different choices in timing to maximize your benefits so you can plan your retirement with all the information you need!
Financially savvy seniors
The National Council on Aging (NCOA) and the Bank of America Charitable Foundation have joined forces to help seniors get savvier about finances.
NCOA is working with local organizations to deliver financial seminars and advice for seniors in six cities – Buffalo, Chicago, Cleveland, Galveston/Houston, Los Angeles, and Oklahoma City – and refer them to local resources to help them with financial challenges.
In addition, NCOA has developed an online tool, the Economic Check Up, to help seniors assess their own financial situation.
You answer 23 questions and the tool generates a personalized report and suggests ways to improve your financial picture. It also provides links for help with saving money, finding jobs, and addressing housing challenges – property taxes, weatherization assistance, and foreclosure.
Another online calculator comes from the Consumer Financial Protection Bureau. In November, it launched “Planning for Retirement,” that helps you determine the best time to start taking Social Security benefits.
You can test-drive different scenarios to see the effect of claiming benefits early or at full retirement age.
See Consumer Finance on retirement