Saving & Investing

Senior citizens often face stressful financial challenges, including how to meet increasing expenses while on a fixed income. There are different saving and investing strategies that you can use to help meet these challenges, but the most important thing to do is to develop a plan to meet your expenses.

For those approaching retirement or who are already retired, it’s important to keep a close watch on your retirement portfolio, if you have one. Maintaining a well-diversified portfolio is important to maintaining your lifestyle in retirement. The FDIC offers a guide, Retirement Strategies for All Ages: A "To Do" List, to help you rebalance your portfolio as you age. The FDIC also offers a guide, "Helping Your Money Last...After Your Last Paycheck" to help you develop a strategy to make your savings last through your retirement years.

An annuity is a contract sold by an insurance company designed to provide payments to the holder at specified intervals, usually after retirement. The Federal Deposit Insurance Corporation (FDIC) offers a guide to help you decide if an annuity is right for you. The FDIC warns that annuities are complex financial products and may not be right for everyone near or in retirement.

For more information, resources and services, please visit the Savings and Investing section of the Your Money New York website located under Tips and Topics.

Next: Retirement