After working for a number of years we usually look forward to the time when we retire, having worked for 30 to 40 years we look with eager anticipation for a comfortable retirement.
But older workers are finding that it is very hard to retire at the age of 60-65 After four decades in an office or a factory because their savings have been wiped out or they do not have enough saved to live on during retirement.
It is advised that we need to be prepared to live 30 years without employment as the new life expectancy in 90 years.
Many retirees and soon-to-be retirees are on a fixed income and have to be very careful with their money, or they could be faced with a situation of outliving retirement savings and finding themselves in a serious financial situation.
The way to avoid running into trouble is to regularly do a personal audit to identify any unnecessary expenses or over-spending that may have crept up over time.
It is best to stick to your budget as much as possible because as we know lots of little expenses quickly add up and end up with us spending more than we intended.
A survey done by the Cooperative Credit Union Association has found that as millions of Americans retire over the next decade, financial crimes and abuse against the elderly are occurring at an ever-increasing alarming rate
And as all Americans encounter scams with increasing regularity, studies show that few financial consumers are taking any steps to improve their financial literacy in the digital age.
More than half of caretakers for the elderly have reported an elder being targeted with fraud; more than a quarter of elders, have also fallen prey to at least one financial scam. and the problem is likely to get worse before it gets better