9 Financial Literacy Basics to help with Retirement


What are the basics of financial literacy that can help with retirement? 

To help professionals gain financial literacy to understand their retirement future, we asked business professionals and finance experts this question for their best tips. From attending financial workshops to creating a roadmap for your unique needs, there are several financial literacy basics to help you plan your retirement. 

Here are 9 financial literacy basics to help with retirement: 

  • Attend financial workshops
  • Talk to an attorney about Estate Planning
  • Books on Financial Literacy
  • Reach out to your Insurance Providers
  • Consult a Certified Financial Planner
  • Talk to a Budgeting Coach
  • Start researching
  • Customer Support for IRAs often is of high quality
  • Create a roadmap for your unique needs

Attend Financial Workshops

Financial literacy helps workers understand what avenues are available to build wealth for retirement. 401ks and Roth IRAs are valuable means of building passive income streams to grow nest eggs. However, there are many means of saving for retirement. Financial education can make professionals aware of available approaches and can help these individuals build a combination plan to manage finances. One way aspiring retirees can learn more is to attend financial workshops offered through community programs or workplaces, especially if these events provide the chance to ask an expert questions. –– Tasia Duske, Museum Hack

Talk to an attorney about Estate Planning

Estate planning is heavy business, as it involves creating a plan for everything you want to happen after your death. This can include details about inheritance, funeral arrangements, and so on. When made with an attorney, the right estate plan will ensure that these important tasks are completed correctly the first time. Doing this can save your family significant additional stress after you’ve passed. — Carey Wilbur, Charter Capital

Read relevant books on Financial Literacy

If you are retired or approaching retirement, get some books about personal finance. Consider these books an investment in your future. A solid library of books on financial literacy can help you to build financial awareness and navigate retirement. Being financially literate will give you the knowledge you need to make sound financial decisions now, and help you maintain control of your finances once retired. — Henry Babichenko, European Denture Center

Reach out to your Insurance Providers

It’s important that retirees utilize every financial resource they have, and insurance providers are one such resource. Make sure all of your personal information is up to date, especially regarding your beneficiaries. While every insurer is different, don’t be afraid to get in touch with any questions you have. You should always feel free to ask your insurance provider questions you have about payouts, payments, and packages that could save you or your loved ones money. — Vicky Franko, Insura

Consult a Certified Financial Planner

Retirees need financial security to live happy and fulfilling lives after retirement. It is important to make a plan for your living arrangements, income, and expenses as soon as possible to avoid financial trouble down the road. A Certified Financial Planner can help you make a sound financial plan that fits your needs and goals. Seek out a CFP’s help so you can enjoy retirement to the fullest. — Brian Greenberg, Insurist

Talk to a Budgeting Coach

Making a realistic monthly budget is necessary if you want your money to go as far as you need it to after retiring. Consider talking to a budgeting coach for financial guidance. They can help you prioritize your expenses and calculate how much you need each month to cover them. A budgeting coach can also help you stay on track by checking in and ensuring you’re sticking to your budget. — Chris Abrams, Abrams Insurance Solutions

Start researching

You can learn more about financial literacy by doing research. Learn about the different types of retirement accounts and how they’re taxed. If you were employed with a company, you can also choose to speak with their financial department or whoever manages your 401K to learn more about your benefits and how the account works. I would recommend going back to your college days and spending some time at the library or your computer and seeing what kind of resources or answers you can get for your questions. A good place to start would be googling basic accounting like budget analysis, balance sheets, cash flow statements. These are good because they apply to everyone and will show you what you currently have going on.  Saneem Ahearn, Colorescience

Customer Support for IRAs often is of high quality

Many IRA and brokerage account managers are more than willing to help retirees through the basics of their accounts, and their help needs to be better taken advantage of. Quality customer service in retirement accounts is a premium at both large and small banks, and even automated retirement accounts have agents on staff to walk account holders through the basics. These meetings are free of charge, so there’s no reason you shouldn’t be well versed on the details of your retirement accounts. — John Jacob, Hoist

Create a roadmap for your unique needs

Financial literacy is the first step to not only gaining financial independence but also truly understanding what your needs are and how you can make the right choices to get there. Given our unique needs and interests, the journey will be different for everyone. A young adult won’t be making the same financial decisions that a retiree would. That said, it’s never too late to get started and a retiree can always enlist the help of a financial professional if they feel too overwhelmed by the vastness of the subject. — Riley Beam, Douglas R. Beam, P.A.

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