Everyone can use some help getting their financial affairs in order, but especially senior citizens who may face special challenges and decisions involving money management later in life
Simplify your life: Have your Social Security benefits, pension payments and other income automatically deposited into your bank account each month. Direct deposits are safe, reliable and convenient. Also arrange with your bank to automatically pay your mortgage, utility bills, insurance premiums and other recurring charges.
Doing so takes the hassle out of making scheduled payments and helps avoid late charges or service interruptions. You can also have automatic withdrawals from your bank account to routinely put a certain amount of money into a savings account, a certificate of deposit (CD), a mutual fund or a U.S. Savings Bond.
Telephone banking allows you to use your touch-tone phone to confirm that checks or deposits have cleared, get your latest balance or transfer money between different accounts at the same bank. And if you own a home computer, consider banking and bill paying quickly and easily over the Internet, 24 hours a day, seven days a week. Internet banking and bill paying is usually free of charge or it costs less than what you’d spend on postage.
Also consider opening a “cash management account” that combines cash, stocks and other assets into one account with check-writing and credit card services. These accounts usually involve an annual maintenance fee.
Update your will and other legal documents: Who will inherit your savings accounts and other property when you die? Who else should have access to checking accounts to pay bills if you’re hospitalized? What kind of medical treatments do you want to receive