Financial planning for older adults and people with disabilities is an essential part of preparing for our future, and ensuring our stability and well-being in later life.
Financial planning and preparation is for everyone, not just some.
Making a financial plan includes:
- Setting goals
- Budgeting (for ourselves or a loved one)
- Building an emergency fund for unexpected expenses
- Thinking about future needs
- Simplifying finances
It’s never too late to make a plan to live with independence, dignity and comfort.
Thinking About Work
Retirement looks different today than it did in the past. A growing number of people are staying longer in the workforce for many reasons, including financial stability and a sense of purpose.
With the end of pensions and increases in cost of living, many people are delaying or coming out of retirement to support themselves and their adult children. Changes to Social Security benefits also play a role now that would-be retirees can’t access full benefits until they turn 67. For those willing and able to delay receiving benefits until after full retirement age, the monthly benefit increases up to age 70.
Regardless of your situation, it’s important to make a financial plan—whether it’s for this week, this month, this year or the next five. The following tips are important to keep in mind:
- Commit to start
- Gather information – financial records, bank statements
- Identify areas of spending – what you need, what you can do without
- Note what might change – think about future needs, health costs, rent increases, etc
Financial Planning Resources
Planning Guides
As you consider your financial well-being now and for the future, these resources can help you create a plan that’s right for you.
10 tips for retirement planning
National Disability Institute
Offers financial wellness guides, articles and counseling for people across the spectrum of disability.
Resource Guides
Guides by the Administration for Community Living on topics such as debt, food resources, health care, housing assistance, and more.
Living on a Budget
Small changes in our daily habits can add up to significant savings over time. Find tips and resources to help you build and live within your budget.
Budget Builder
AARP’s free app walks you through steps for creating a personal budget, setting spending priorities and tracking income and spending.
Budgeting Tips for Older Adults
Top 10 budgeting tips from the National Council on Aging.
Money for Older Adults
Find money-saving programs that can help reduce your monthly expenses.
Monthly Budget Calendar
This simple, visual calendar from the National Council on Aging helps you see your spending all in one place. Learn more about how a monthly budget calendar can help.
Savings Fitness Worksheets
The U.S. Department of Labor has 6 worksheets on different savings topics to help you start your plan.
Tools, Organizers & Calculators
Here you will find tools to help you better manage your money by tracking your income and expenses.
For Caregivers
If you’re helping a loved one with daily activities, there may come a time when you’ll need to help them care for their financial responsibilities. These resources can help you start the conversation and consider when and how to help.
5 Things to Know When Your Child with Disabilities Turns 18
Financial planning considerations from the Social Security Administration.
10 Steps to Help You Manage a Loved One’s Money
Financial Planning for Your Disabled Child
Explains specific trusts and savings accounts for families with a disabled family member.
Four Things to Know About Managing a Loved One’s Finances
How to Provide Financial Caregiving
Financial information and resources for caretakers from CaringInfo, a program of the National Hospice and Palliative Care Organization.
Managing Someone Else’s Money
Free guides for financial caregivers from the Consumer Financial Protection Bureau.
Get Help with Financial Planning
From retirement accounts to estate planning and family finances, get help setting and achieving your financial goals with a Certified Financial Planner professional.
