FundRobot » Child Investment Accounts » What is the best savings plan for a person in their 70's?

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Old   #1 (permalink)
 
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Default the best savings plan for a person in their 70's

the best savings plan for a person in their 70's. the best savings plan for a person in their 70's

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Default the best savings plan for a person in their 70's

I asked an old lady when I should stop saving for my old age.
She said "Thrift till you're 50 then spend to the end."
At 70 what are you saving for. University? Childrens education? Just have fun.
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Default the best savings plan for a person in their 70's

Depends.

total assets?
annual income?
annual expenses?
risk tolerance?

but, as you know, currently CD's pay very little. Even the best of conservative advice could only improve your results marginally.

Higher returns require riskier investments, that would not be described as savings plans.
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Default the best savings plan for a person in their 70's

What is the best savings plan for a person in their 70's?

Congrats you made it and you may not have many years left so your plans should be

To Bounce your last Check

You have your retirement cushion, SSI Checks I do not see why you are having a saving plan

Take Care
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Default the best savings plan for a person in their 70's

Mike,

Really matters what your saving for? First do you have a proper emergency fund, separated from your savings? Is there a Child, friend who has power of attorney to access funds in case your incapable to help yourself? There are safe, liquid vehicles that you could place your money in! You possibly have two, even 3 more decades to look forward too! Wouldn't make sense to spend down everything now, what would you do at 80 or 90.
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Default the best savings plan for a person in their 70's

Same as any other age, a budget is the best plan. If you are working now and saving for when you are too old to work put it in the bank or credit union. Same answer if you are living on 100% of income and trying to squeeze out money for home repairs or something, do a budget then bank the money.

If you are saving to put a grand child through college consider a 529 plan. If you are saving for old age invest some of it in taxable securities, if you are saving for heirs make sure you have plenty for your old age then invest theirs more aggressively. Consider giving some inheritance early if you are sure you have plenty.
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