Financial advice for seniors.
Financial advice for seniors is basically the same as for all
people, with a few wrinkles.
• Live within your means;
• Control credit card use;
• Have a financial advisor to give you prudent advice
on investments.
• Be careful if you are lending money to your children.
Many seniors sacrifice their own financial wellbeing
to help their children.
• If you have a home with equity consider getting a
CHIP reverse mortgage, a financial solution designed
for senior Canadian homeowners:
Features include:
o You can access up to 55% of the value of your
home;
o You always maintain ownership of your home
and never have to move or sell;
o There are no payments required;
o You can receive your tax-free cash over time or
one lump sum.
o There is more information at https://www.chip.ca/
• If you are suffering from a serious financial problem,
don’t be too proud to seek professional advice. A
Licensed Insolvency Trustee will give you a free
consultation.
I have advised some retired people that since they were
judgement proof they did not have to file bankruptcy to
get protection from their creditors.

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Filed under: Seniors Health

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