As a retiree, it’s important to keep up-to-date with your finances and ensure that you’re making the most of your retirement years. This April, make the most of Financial Literacy Month with APO Financial.
What Is Financial Literacy Month?
Financial Literacy Month is celebrated every April, and it’s a time to focus on improving your understanding of your financial matters. This includes everything from budgeting, investing, saving for retirement, and protecting yourself against market volatility. With the right information and resources, you can make informed decisions about your money and avoid financial pitfalls.
APO Financial is a well rounded financial firm that has extensive knowledge and experience when it comes to working with retirees. We understand the unique challenges that retirees face, including managing a fixed income, planning for healthcare costs, and maximizing retirement savings.
Our Fiduciary advisors can help you navigate these challenges and create a personalized financial plan that meets your unique needs and goals. If you’re ready to see how financial literacy can help you, follow our tips below!
Review Your Retirement Plan
Reviewing your retirement plan is a big step you can take towards becoming financially secure. Your income sources, expenses, and investments should be reviewed frequently in order to assess if your retirement plan is on track. And if it isn’t, look for ways to adjust your spending or increase your income. It’s important to make sure that your retirement savings will last as long as you need them to.
One of the many key services that APO Financial offers is retirement planning. We can help you determine the best strategies for maximizing your retirement income, including how to take advantage of Social Security benefits, create a retirement income plan, and manage your investments.
Create A Budget
To create a budget, start by reviewing your monthly expenses, including essential expenditures such as housing, utilities, and healthcare, and discretionary expenses such as dining out and entertainment. Categorize your expenses and compare them to your monthly income. If your expenses exceed your income, consider areas where you can reduce your spending.
There are various budgeting tools available that can make the process easier, such as online budgeting apps or spreadsheet templates. These tools can help you track your spending, set savings goals, and monitor your progress.
Creating a budget and monitoring your spending can help you save money, pay down debt, and avoid overspending. It can also give you a better understanding of your financial situation and help you make informed decisions about your money. With the right budgeting tools and strategies, you can achieve financial security and peace of mind during your retirement.
Protect Yourself Against Financial Fraud
Unfortunately, retirees are at higher risk of being targeted by scammers, especially at a time like now in tax season. It’s crucial to be aware of other common scams and frauds and know how to protect yourself from them. One of the most common scams is phishing. Phishing is when criminals send fraudulent emails or text messages to trick people into revealing their personal information. This is information like passwords, Social Security numbers, or bank account details.
Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals.
The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. So these are telltale signs you are being targeted by a phishing scam.
Be cautious of unsolicited emails or phone calls, and never give out your personal information to anyone you don’t know or trust. Other notorious scams include identity theft, fake charities, and grandparent scams, where criminals impersonate a grandchild in distress and ask for money.
To protect yourself from scams and fraud, stay informed about the latest scams and fraud trends by doing your research. Be wary of unsolicited phone calls, emails, or text messages, and never give out your personal information to anyone you don’t know or trust. If you suspect you’ve been a victim of a scam or fraud, report it immediately to the appropriate authorities.
Educate Yourself About Investing
Investing can help you grow your retirement savings, and help make that money work for you, but it’s important to understand the risks involved. Educate yourself about different types of investments, such as stocks, bonds, and mutual funds. Consider working with a financial advisor to create a diversified investment portfolio that matches your goals and risk tolerance.
Risk tolerance is the amount of market volatility and loss you’re willing to accept as an investor. Determining your personal risk tolerance is perhaps the most fundamental step you can take in deciding what types of investments to make.
At APO Financial, our team of financial advisors can help you through your investment journey, determine your risk and help you make strategic moves that align with your retirement goals. Regardless if you’re a new or seasoned investor, our team can help you maximize your return potential.
Plan for Long-Term Care
As you age, you may require long-term care, such as in-home care, assisted living, or nursing home care. Medicare has very limited coverage for these services, having long-term care insurance helps protect your savings and assets while giving you better options for care.
Long-term care insurance helps cover the costs of care in the event that you or a loved one requires assistance with activities of daily living such as bathing, dressing, or eating. This type of insurance can be an important part of planning for the potential costs of care in retirement. It can help protect your savings and assets from being depleted by long-term care expenses.
Plan ahead by researching the costs of long-term care and considering insurance options that can help cover those costs.
Financial Literacy Month is a great time for retirees to focus on improving their understanding of their financial houses. It’s extremely helpful to work with a reputable and experienced Fiduciary advisory firm who can provide personalized attention, guidance, and support to help retirees meet their financial goals.
Every successful journey starts with prudent preparation and an effective travel plan. At APO Financial, we help make sure you haven’t overlooked any key elements as you pursue your retirement destiny. By working with us, you can ensure that all aspects of your finances are taken care of, giving you peace of mind and allowing you to enjoy your retirement years to the fullest.
Ready to get started? Contact us today to learn more.
© 2023 APO Financial. All rights reserved. Disclosure: Communications such as this are not impartial and are provided in connection with advertising and marketing. This material is not suggesting a specific course of action or any action at all.. Prior to making any investment, insurance, financial or legal decision, you should always seek individualized advice from a financial, insurance, legal or tax professional that takes into account all of the particular facts and circumstances of your individual own situation Investment advice is offered through APO Financial Services, LLC (“APO") 10155 Westmoor Drive, Suite 175, Westminster, Colorado 80021-2627, an investment adviser registered with the Securities and Exchange Commission. Registration with the SEC should not be construed to imply that the SEC has approved or endorsed qualifications or the services offered or that its personnel possess a particular level of skill, expertise or training. Important information and disclosures related to APO are available at https://apofinancial1.wpengine.com. Additional information pertaining to APO’s registration status, its business operations, services and fees, and its current written disclosure statement is available on the SEC’s investment adviser public website at https://www.adviserinfo.sec.gov. Information relating to annuities is intended for educational purposes only and should not be construed as comprehensive or all-inclusive. Therefore, it should not be regarded as a complete analysis of the subjects discussed and should not be used to make an investment decision. Annuities can be an important part of an overall portfolio but may not be appropriate for everyone. Before purchasing an annuity, it is important to understand the details of the product. Certain products may not be available in your state. The terms of each indexed annuity varies. It is always important to speak to a financial professional. about an annuity’s features, benefits and fees, and whether an annuity is appropriate for you, based on your financial situation and objectives. Participation rates, cap rates and/or index spreads may be subject to change by the insurance company according to the annuity contract provisions. If the insurance company makes such changes, this could adversely affect the return. Guarantees of an indexed annuity are backed by the claims-paying ability of the underwriting insurance company. The surrender charge period for a product may be longer, and the surrender charges may be higher than other annuity products. Indexed annuities are long-term investments. If the annuity contract is surrendered early, there is the possibility of a surrender charge being imposed and/or the funds may be subject to income taxes. The IRS may also impose a 10% penalty on withdrawals prior to age 59 ½, depending on the circumstances. With indexed annuities, there is the potential to lose money, depending on the product charges and minimum guarantee contract provisions. For additional information on annuities, reference the following websites: The FINRA (www.FINRA.org), the Securities and Exchange Commission (www.SEC.gov), Insured Retirement Institute (www.irionline.org), the National Association of Insurance Commissioners (www.NAIC.org) or your state's insurance department.