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Financial Education for Older Adults

Financial Education for Older Adults

By Jessica Leshnoff • January 08, 2019

The landscape of retirement has changed. Gone are the days of one-size-fits-all financial planning. Today’s older adults are active and energetic. Some may even be launching a new career.

Whatever your background or interests, if you’re one of the millions of Americans approaching retirement age, or you’ve already retired, financial planning is likely top of mind.

Even if you’re just starting to prepare for the future, the good news is that for seniors and older adults, a little financial education can go a long way. Here’s a primer on what older adults should know, from Social Security and investing to long-term care insurance.

Social Security

Social Security provides a financial safety net for seniors and older adults, providing a monthly benefit based on your lifetime earnings. This benefit can start as early as 62 years old and as late as 70 years old.1

If you’re a senior citizen and you’d like to learn more about Social Security and how it can impact your finances, the following educational resources will help guide you through what you should know about this important federal program.

Investing 101

The legal age to make personal finance decisions is 18, but, if you’re like most of us, you probably didn’t start investing back then. And if you’re just cracking open the books for Financial Education for Adults 101, you’re not alone.

Wherever you are with your investments — even if you haven’t started yet (and there’s still hope if you haven’t!) — it’s important to know where you stand with your savings and what you’ll need for the future.

We’ve compiled some information to help decode investment strategy and help senior citizens with financial planning.

Retirement paycheck? It’s possible with good financial planning.

If you plan your finances well, you can expect to receive a retirement “paycheck” at regular intervals from a variety of sources, including employer-sponsored 401(k) plans, IRAs, pensions, and more.

Even if you have a retirement paycheck on the horizon, or you’re already receiving one, it’s still important to review your accounts to make sure your funds will last throughout your lifetime. (And if unexpected expenses pop up along the way, personal loans for senior citizens can help bridge the gap so you can stay on track.)

We’ve rounded up what older adults should know about retirement paychecks below.

Don’t let senior health care expenses disrupt your financial planning.

Health care expenses — including long-term care insurance — is often omitted when senior citizens plan their financial future. Older adults should be aware that not only do insurance rates increase as we age, the possibility of long-term care needs rise as well (as does the cost of long-term care insurance).

Feeling like you need to brush up on how to calculate health care costs into your financial plan? From long-term care expenses to senior citizen health care options, the following resources can help prevent health care expenses from damaging your financial plans.

Educate, prepare and prosper

Financial planning for seniors comes down to education and preparation. It can take some legwork, but knowing where you are now, and where you need to be in the future, can be the difference between surviving or thriving during retirement.



1. https://www.ssa.gov/benefits/retirement/

*This article has been updated from its original posting on November 19, 2016. Stephanie Lo contributed to this article.


The information in this article is provided for general education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. It is not intended to be and does not constitute financial, legal or any other advice specific to you the user or anyone else. The companies and individuals (other than OneMain Financial’s sponsored partners) referred to in this message are not sponsors of, do not endorse, and are not otherwise affiliated with OneMain Financial.