People near retirement must be careful to make a financial planning. They must have so much asset after works more than twenty years. Some of the senior may be unlucky, they may struggle to finance the kid college. The kid still study in college and it need money.
The success of financial planning at senior depends on previous financial planning. If you had a good job at young time, you would have been rich. You could save and invest more. On the other hand, the extravagant young may not have so much saving or investment. They will be difficult at the old time.
Here are the financial advice for the senior:
1. Still contribute to the retirement fund
You will need the money when you retire from the company. More you contribute, more money you will get.
2. Save part of paycheck.
Do not waste your money to the unnecessary things. Wisely use your money to important things such as food, cloth, and others. Save at least 10% of paycheck. It will not loss you.
3. Change the portfolio
You may still have the risky investment at your portfolio. Change the risky investment to safe investment. The crisis has hit our asset and the market index. The stock is not a good investment today. The stockholder does not get the return that they have predict it before.
Seek out the other investment. You can also invest precious metal such as gold, silver, and platinum.
4. Start the business
In my country, the government often assist the near retire employee. They train the senior so they can still work after retire from the government office. My friend's father was a police. He start chicken farm after retire. Surely, he got help from the kid or my friend.
Actually, a man start the business when they are young because they have good power. They can work until night; meanwhile, the senior man is difficult to work until night.
5. change the house
If your children move from your house, you can find smaller house. The smaller house need low maintenance cost and the price is cheaper. You can save some dollar from it. You may not need much money
If you are strong enough, you can continue to work. A lecture can teach until 80 years. In my university, my lecture still work whereas his age is 80s. If the jobs disturb your health, you may find other jobs. For example, An old man is not good to become 18 wheels truck.