Financial Planning for Seniors: Resources and Advice | Everdays
What is an Annuity and How Does It Work?
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What is an Annuity and How Does It Work?

An annuity is a surefire way to ensure you have a stream of income after retirement, lasting long after your 401(k) or personal IRA accounts run out. It’s relatively risk-free and comes with tax benefits and plenty of different options to suit your individual needs.

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Why is Financial Planning for Senior Citizens Important?

Financial planning for retirees is critical to the quality of life as a senior. We all want to look forward to retirement, but it can also be a source of severe anxiety for those without a secure financial plan. How will you pay for healthcare? Your bills? Will you still be able to take a vacation after you retire? Money management for the years after work helps us get the most out of our retirement and reduces the worry that can overcome us. Financial planning for senior citizens ensures you’ll be able to enjoy your time with loved ones, friends and neighbors, the way you should be able to. A sound money strategy for your golden years ensures your retirement will be a relaxing, fun time that you can use to fulfill lifelong dreams, hobbies and projects.


One of the most significant reasons we need a sound financial plan for retirement is the well-being of beloved family members. When we have our finances in order, it means those closest to us don’t have to take on the burden of worrying about our financial stability once we are no longer working. That means we can use our time together with our family and friends to enjoy each other’s company rather than talk about stressful and worrisome topics.


Solid money management for retirement prevents money woes during a time in our life when we should be reaping the rewards of working hard for many years. Lacking a plan can cause anxiety, affecting our health and dragging the overall quality of life down. There’s no question that financial planning for seniors is the first step in ensuring that our retirement is the most it can be.

What Does Financial Planning for Retirement Include?

When we sit down to plan our money for retirement, there are many factors that we need to consider. It can be overwhelming and daunting to look back at all your assets, income and spending; it is also freeing to have complete control over where you stand financially. Thoroughness now means less worry later and more time for enjoying life. As you prepare to plan for the future, make sure you consider the following:

  • Sources of income - Identifying your sources of income for retirement is a significant first step in personal financial planning for retirement.
  • Expenses - what are your costs once retirement rolls around?
  • Downsizing - will your retirement see you downsize your home, vehicles or overall lifestyle?
  • Savings - How much money are you able to put away regularly?
  • Trusts - Trusts come in handy for numerous reasons, but they hold extra benefits for seniors. A trust enables someone you have faith in to manage your assets should you be unable to.
  • Wills - nothing is more complicated than a grieving family trying to figure out where to put a loved one’s assets. Decide for them and ensure, legally, that your assets go where you want them to go when the time comes.
  • Estate planning attorney - Estate planning lawyers are helpful when planning wills and trusts, but they can also be particularly useful in helping you plan for retirement.
  • Consolidating your assets - There are several benefits to consolidating your accounts when it comes time to retire. It helps manage investments, saves on fees, is less to remember and plan for, and is easier on the people you leave behind.
  • Planning your funeral or memorial - Planning this ahead of time takes the emotional and financial burden off the shoulders of your loved ones as they grieve. It’s a compassionate thing to do for those you love.

As you can see, financial planning is more complicated than simply saving for retirement, but your efforts will undoubtedly be rewarded.

When Should You Start Financially Planning for Retirement?

It’s never too early to start planning for retirement, but don’t let it wait longer than your 50s or 60s. The sooner you begin saving, the more financial freedom you’ll have in retirement, and financial independence gives you more ability to enjoy your life. So, if you haven’t begun planning for your years after work, starting today is the best thing you can do, no matter how old you are. If you’ve left your retirement planning until later in life, it’s important not to feel as though you’re already defeated. Even if you've already retired, there's still a lot of planning you can do to give yourself and your family peace of mind for your future.


According to standard financial advice for retirement planning, the optimal time to begin is when you start working. Unfortunately, the forethought wasn’t there for many of us as we were carefree and young. Life got busy, and retirement seemed a million miles away. It’s easy to put off planning for retirement when your days are full of work, raising kids, and keeping a home. Many of us put off basic retirement financial planning much longer than we should but, while starting your financial planning early definitely gives you a head start, it doesn’t mean that planning now has less purpose. Every retiree can benefit from a solid financial plan to ensure quality of life after the days of 9-5 are gone. Don’t wait to start planning for your future. Everdays can help you get started now.

How Everdays Can Help With Personal Financial Planning for Retirement

Deciding to start planning for your future is just the first step. The next step can be even more difficult. How do we get started? That is to say, How to financially plan for retirement? What tools should you use? What are the next steps? To make this part of your plan easier, Everydays has created a free platform for seniors and those eager to plan for their future, for everything from retirement, to health, and even their end of life and funeral wishes. It’s an easy click to set up your free account online or to install the app, and you get all the benefits of planning ahead with Everdays in your pocket.


You’ll be introduced to our bot Eva, your helpful guide through the process, as part of your personal planning platform. She’ll walk you through step by step, with solid financial planning advice for seniors, so you can get your planning done with ease. In no time, you’ll have your decisions made and your plans ready, and you’ll be able to make them accessible to loved ones who play an essential role in your life – all from your free account.


Whenever you’re ready, Everdays makes it easy to fund the plans you’ve made with the insurance that’s right for you, right in the app or from your account. You and your family can enjoy peace of mind knowing that your funds are secured and insured and your plans are protected. We make planning ahead a cinch, and the best part is that there’s no cost to get started on your plans today, which means it’s completely free financial planning for seniors.

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Start Your Free Plan Today

Don’t leave retirement and financial planning a day longer. Let us help you get your plans off the ground, and you’ll be well on your way to a solid financial strategy for the future.

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© 2022 Everdays, Inc. All rights reserved.

The Everdays mark and the Everdays logo are registered trademarks of Everdays, Inc.
* This app is owned and operated by Everdays, Inc., a Delaware corporation doing business in California as Everdays Moments Insurance Marketing.

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© 2022 Everdays, Inc. All rights reserved.

The Everdays mark and the Everdays logo are registered trademarks of Everdays, Inc.
* This app is owned and operated by Everdays, Inc., a Delaware corporation doing business in California as Everdays Moments Insurance Marketing.