Tips to Help Seniors Protect Their Finances


Darcy Bergen

Darcy Bergen is the founder and president of Bergen Financial Group in Peoria, Arizona. With Darcy Bergen at the helm, Bergen Financial Group puts clients first and assists them with financial planning for retirement.

The FDIC offers these tips to help seniors protect their finances:

* Develop a spending plan, including ways to limit expenses. Consider new ways to cut costs.

* Think about turning a hobby into a moneymaker. For example, those who craft could consider selling items at craft fairs.

* Organize and protect important documents. Papers such as Social Security records, insurance policies, and brokerage statements should be kept in a secure place at home. Papers that aren’t accessed often can be put into a safe deposit box.

* Consult a financial expert who can answer questions such as how much money is needed to live on and how much should be invested.