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What is one way a soon-to-be retiree can learn more about personal finance?
To help retirees further their education on personal finance, we asked financial experts and business leaders this question for their best insights. From finding targeted podcasts to taking a class, there are several practical ways for a retiree to learn more about personal finance.
Here are eleven ways retirees can learn more about personal finance:
- Find Podcasts targeted at soon-to-be Retirees
- Use Online Resources
- Look to a Financial Planner for Guidance
- Lookout for Blogs
- Join a Group
- Assemble a Support Team
- Speak to the Professionals
- Non-profit Organizations
- IRS Elderly Benefits
- Read, Read, Read
- Take a Class
Find Podcasts targeted at soon-to-be Retirees
There are plenty of great podcasts out there sharing incredibly useful information on retirement, although many these days are on retiring early, which may or may not be you depending on where in your financial journey you are (not to mention your age range!)
This is why it can really help for soon-to-be retirees to find podcasts targeted at their specific circumstances. One good example is Finishing Well with Hans Scheil, which covers all sorts of topics on retirement planning. You may also want to consider the podcast Retirement Answer Man hosted by Roger Whitney. A Certified Financial Planner, Whitney covers both the money-related aspects of retirement as well as some other questions on this stage of your life that you may have. –– Anna Barker, LogicalDollar
Use Online Resources
There are a number of online resources a soon-to-be retiree can make use of in preparation for this next big step in their life. It’s never too late to learn or improve your personal finance skills. I would urge retirees to get on YouTube and search for personal finance videos aimed at retirees. There is, no pun intended, a wealth of information in these videos about what steps to take and which actions to avoid to keep your head above water as you enter retirement. — Carey Wilbur, Charter Capital
Look to a Financial Planner for Guidance
The best thing you could do for yourself in preparation for retirement is going to a financial planner who can help you organize and explain your financial situation. Hopefully, you’ve been preparing for retirement in the form of something like a 401k, but if you haven’t, a financial planner can help to explain your options: which is what you need plenty of. The financial planner will likely emphasize the realm of tax efficiency, which is typically what matters most to people who are retired. If you want to do some independent research, I would look into literature discussing tax-loss harvesting, rebalancing your portfolios, and back-door Roths (while they last). — Tom Mumford, Undergrads
Lookout For Blogs
Soon-to-be retirees who want to build their personal finance should be on the lookout for blogs that specialize in helping them plan for retirement. Retirees need to familiarize themselves with how to manage their finances and maximize both their savings and Social Security. They also might not know how to make solid and safe investments, and there are blogs that can help them learn. — Allan Switalski, LendThrive
Join a Group
Get involved with an organization that offers information about personal finance. There are many groups, including those geared toward retirees, that have resources that teach about how to have the best relationship with money. Some of them also offer countless book recommendations on the subject. These groups are a great resource. They can also help increase your confidence about personal finance as you head into retirement. — Shaun Price, MitoQ
Assemble a Support Team
Soon-to-be retirees can learn more about personal finance by creating a team of financial professionals that can help guide them to and through retirement. Retirees should consider three categories of financial professionals: a financial professional, a tax advisor, and a trust or estate attorney. Starting with a financial professional can help them understand how they want to envision their life financially and any changes they should consider for a successful transition. A tax advisor can aid retirees in understanding the tax implications of receiving or delaying the receipt of retirement income. An estate planner can help retirees develop a plan for their financial assets and guide them in establishing beneficiaries, wills, or trusts. — Annette Harris, Harris Financial Coaching
Speak to the Professionals
When you’re about to retire, and it’s time to get your personal finances in order, it creates a very important situation. Now, there are multitudes of websites online providing seemingly helpful information, but this isn’t the time to “take a chance” on something you read online. Instead, speak to the professionals on these matters. They can provide you with the best advice, as well as help you to implement an actionable strategy. — Ryan Rottman, OSDB Sports
Non-profit Organizations
There are a wealth of specifically designed non-profit resources with teams of fully qualified experts who can support you in your golden years. Whether struggling with finances or health and well-being, these non-profit organizations are a wonderful place to learn more about managing daily life as you approach retirement. — Saskia Ketz, Mojomox
IRS Elderly Benefits
Not many people would think of going to the IRS for financial advice but there are many benefits that you may be entitled to that will help your retirement be more comfortable. There are thousands of dollars of unclaimed benefits – for example, IRS Elderly Tax Credit – which may help reduce the amount of tax you owe each year if you meet certain eligibility criteria. — Stewart McGrenary, Freedom Mobiles
Read, Read, Read
They should read as many books as they can to get more knowledgeable about finance and their relationship with money. There are more resources available now than ever. Many books have been written on a variety of topics from costly credit card debt to annual distribution strategies. Each book will likely also point to an additional resource the soon-to-be retirees can use. Learning as much as possible in advance of retirement can save a lot of headaches and valuable time. — Sarah Pirrie, Healist Naturals
Take a Class
By taking personal finance classes; there are many informative courses offered these days, including online. Many colleges and universities are offering personal finance classes online as well as companies, including Coursera. They can help soon-to-be retirees pinpoint a financial goal. In addition, the courses can help teach them about treasury inflation-protected security as well as differences in tsp investment. — Adam Reed, Crown & Paw
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