3 smart money moves seniors should make for 2024
As the weeks wind down in 2023, many Americans are taking a reflective approach to the past 12 months with an eye toward 2024. This can include looking for ways to improve their financial situations. Fortunately, there are many ways to do so, regardless of age or budget. For seniors and older adults, however, many of whom may be dependent on Social Security and retirement savings, there are some better approaches to take than others.
Below, we'll break down three smart money moves seniors can make to help them protect their existing funds and grow them for months and, potentially, years to come.
Start by reviewing some gold investing ideas here to learn more.
3 smart money moves seniors should make for 2024
Here are three smart money moves seniors can get started on for 2024 now.
Invest in gold
You may have seen the television commercial promoting a gold investment, but do you know the benefits of one? For starters, it can provide a hedge against inflation by maintaining and possibly even increasing in value when the purchasing power of the dollar has eroded (thus the increase in gold investing this year).
But it can also help diversify a portfolio otherwise made up of stocks, bonds and real estate. Gold can provide a buffer when those other asset classes underperform. It can also function as a tangible investment, as it's easy to buy, store and sell when purchased as gold bars and coins (you can easily do so online right now).
For these reasons (and more) a gold investment could be worth looking into as the new year approaches. Learn more about this unique investment opportunity here.
Purchase a life insurance plan
Despite the conventional wisdom, life insurance can be worth it for seniors for myriad reasons. It can cover end-of-life expenses after you've died or, if you get a whole life insurance plan, you may even be able to tap into it while alive.
But it's also useful as a way to protect your estate and loved ones. With a robust life insurance policy, beneficiaries won't have to worry about debt you pass on to them, as a policy can theoretically cover any remaining costs. And it doesn't have to be expensive either (you may qualify for a six-figure payout for less than $100 per month).
Don't let your family members and friends come up short. Start exploring life insurance plans now by getting a free price quote online.
Open a CD
Speaking of inflation, interest rates meant to combat it have been elevated this year (they hit a 22-year high in July). Against this backdrop, borrowers have struggled with higher costs, but savers have benefited due to higher returns on their money.
One great way to take advantage of these returns is by opening a certificate of deposit (CD) account now. While short-term CDs offer slightly higher rates than long-term CDs do, they're both competitive and a great way to earn some extra money. Plus, your funds will be protected from the whims of the market (your rate will be locked for the full term) and they'll be less available for impulse purchases (you'll need to pay an early withdrawal penalty to access them).
See how much more you could be earning on your money with a CD now.
The bottom line
While the final weeks of December can be a hectic time for many, they also mark a great time to review your personal finances. For seniors, especially, it can be a good time to take stock of what worked in 2023 and what can further improve their financial situation in 2024. This can include investing in gold to hedge against inflation and diversify their portfolio. But, for select seniors, it can also make sense to boost their financial protections with a robust life insurance plan while also growing their bottom line with one of today's top CD accounts. As is the case with all financial considerations, however, be sure to do your research in advance to improve your chances of financial success in the new year.
