As a senior, you are likely enjoying your life in retirement. There is no more long commute to the office. There is no more answering to others. There is no more wondering if you are going to lose your job.
Along with the above, there is no more income flowing through in the form of a steady paycheck. For this reason, your financial situation today is nothing like it was when you were still part of the workforce.
During this stage of your life, it is imperative to have a firm grasp on your finances. This will allow you to answer questions such as:
- What are your primary sources of income?
- How long will your retirement plans provide you with money?
- Do you have enough expendable income to do what you want?
While the younger generation continues to use technology to their advantage, you should consider doing the same. No matter how old you are or how long you have been retired, there are ways to use technology to better manage your money.
Online Banking
From small local branches to large national banks, such as Wells Fargo, you have many options when it comes to day to day banking such as paying your bills and saving money for a rainy day (or emergency).
Regardless of which financial institution you choose, it is likely that you have access to an online banking system. This allows you to do a variety of things, including but not limited to:
- Review your accounts, including transactions, interest payments, and much more
- Transfer money between accounts
Note: if your current bank does not offer online banking, it may be time to make a change.
Mobile Banking
Are you ready to take your online banking experience to the next level? If so, it is time to see if your financial institution has a mobile app.
Some banks are more advanced than others, and those considered to be the “best of the best” are attracting consumers because of their standing at the top.
With mobile banking, you can do everything the same as you would on your computer, all from anywhere in the world.
Need to transfer money? You are covered. Need to deposit a check without visiting the bank? You can snap a picture and know that the funds will arrive sooner rather than later.
Tip: mobile banking is perfect for retirees who travel often, as it allows them to manage their bank accounts without the use of a computer or visiting a branch in person.
Retirement Tools
There is nothing wrong with taking an “old school” approach to managing your finances. However, most companies are quickly moving towards implementing more technology. For this reason, you don’t want to shy away. Instead, you should embrace the change.
For example, Merrill Lynch recently rolled out a batch of technology driven retirement tools, all of which are meant to help financial advisers discuss goal based planning with retirees.
Merrill Lynch customers have access to a variety of technology driven tools, all of which are meant to help you better manage your money and make decisions that will benefit your financial situation.
Benefits of Using Technology
Everywhere you turn, regardless of what aspect of your finances you are working on, you will have access to technology-based tools that are meant to make your life easier. At first, you may feel that these tools are putting a strain on your finances, as you don’t know exactly what you are doing. Over time, as you become more familiar with the use of the particular technology, things will take a turn for the better.
Some of the biggest benefits of using technology in retirement include:
- Convenience – no more phone calls and/or snail mail
- Time efficient – no more visits to the bank, waiting on the mail to arrive, or sitting on hold (in other words, you can spend more time having fun)
- Interactive – most technology driven tools are interactive, allowing you to better understand your situation and what the future holds
You may have never relied on technology in your younger days, but now that you are retired you have the perfect opportunity to move in this direction. With all the tools available to you, it will not be long before you realize your finances are more secure than ever before.