Thursday, October 31, 2013

How A Senior Bachelor(ette) Can Stay Financially Stable



So I have an uncle Charles (not pictured above), the eldest brother of my dad. Unlike his other siblings, he never thought of marrying and settling down. He did have a handful of relationships, each lasted a good number of years, but never did it end up in tying the knot.

Uncle Charles is now retired, and is actively country-hopping around Southeast Asia. He is a man of modest means, and despite his relatively happy-go-lucky, eternally young lifestyle, he hasn’t ended up broke or in deep financial straits.

One time, when the family got together a few months ago, I quizzed him on how he manages to live a financially stable lifestyle without overspending or becoming a miser (he’d be the last person I’d call that). As of the moment, I didn’t have any plans of settling down, and I thought it prudent to receive some advice from a perpetually swinging single with experience.

Of course, he happily shared his wisdom with me, his favorite niece. Now, I’m sharing them with the Internet, because paying it forward and sharing knowledge is the right thing to do.

Always Set Something Aside


Just because you’re collecting your monthly social security checks doesn’t mean you should stop setting something aside for a rainy day. Life has a way of catching people unawares, and it is always a good policy to have some easily accessible liquid assets, just in case.
Bachelor and bachelorette seniors, assuming they have no dependents to take care of, definitely have no excuse in this regard.


Make Money Work For You


There are a lot of ways you can have your money grow. Aside from the emergency savings, do allocate some of your hard-earned savings on investments that are stable and relatively low-risk. If you plan to do some high-risk gambling, make sure it’s with money you can lose.
This piece of advice is pretty universal, regardless of your marital status.

Take Advantage of Senior Citizen Discounts


There is definitely no shame in partaking of any discounts and promos aimed at the more senior members of our society. Don’t let your guard down, however: there are a lot of unscrupulous people and companies that are bent on parting the senior from their savings, so always scrutinize any offer or promotion before jumping in.
Uncle Charles, for instance, takes full advantage of senior citizen cruise discounts.

Protect Your Assets


If by some instance that you do find a romantic connection, and you wish to formalize it with marriage, it’s not unthinkable to protect the money and properties you have earned via a prenuptial agreement.
A lot of people might think this move to be a little anti-romantic or even downright paranoid, but do realize that divorce rates would tell you a very convincing story on why you should do this. This is particularly important for single seniors, as they have a considerable amount of resources earned from their years of work, and to lose a good chunk of their hard-earned money and properties to a divorce settlement would simply be crippling.

Seek further legal advice from family law practitioners and lawyers with similar specializations. Online-enabled firms like Gower & Bluck offer free consultations, so it would be best to seek their initial opinions on such matters.

Keep on swinging, seniors!

About the Author
Stacey Thompson is a professional writer, marketer, entrepreneur, and a lover of weird little animals. She is based in San Diego, California, and maintains a blog with her gal pals, Word Baristas.


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