Today it is more important than ever to plan early for your retirement. Great advice for thirtysomethings, but that doesn’t necessarily mean every retiree can sit back on his or her haunches and reap the benefits. For some, circumstances change, and others simply find that retirement has crept up on them.

Whichever applies to you, the truth is that some aspects of financial planning can be fraught with additional difficulty and complexity for seniors. Here, we take a look at the top three areas that keep retirees awake at night, and what to do about them.

Life insurance

Nobody likes to think about their own mortality, but as Benjamin Franklin famously said, ‘death and taxes’ are the only certainties in life. He is equally famous for saying that in failing to prepare, we are preparing to fail.

If you have left it till late in life to take out a life insurance policy, don’t panic. It is not a disaster, and you are not alone. The most important thing is to stop procrastinating and do something about it. There are a variety of life insurance options for seniors, depending on the exact benefits that you need and your personal circumstances.


The problems facing pension funds across the United States are well publicized in the media, and one of the biggest concerns among retirees is that they will not have enough money to live on. The good news, however, is that there are a greater number of ways to leverage your assets than ever before.

From gold and bitcoins to investment properties to reverse mortgages, the real challenge is getting the right advice for your specific circumstances. Families are often unwilling to talk about money, but if you have a son or daughter with some financial knowledge, try to get past the embarrassment and get their opinion. Better still, talk to an independent adviser to get some impartial advice on the pros and cons of the various options.


As we get older, we are more likely to require healthcare, and the latest headlines regarding President Trump’s Healthcare Act do not inspire confidence that it will be affordable.

The links between the outgoing Obamacare, the incoming “Trumpcare” and the ongoing Medicare are complex and interrelated, but in short form there are still options open to retirees. Those who wish to have their own plans in place that do not depend on the vagaries of government policy can still can opt to take out long-term care insurance, both to cover medical expenses and to allow them to choose where care is provided.

Take advice and act

The most important thing when it comes to senior financial planning is to avoid delay and take action. Today’s financial landscape is more complicated than ever, but for those who weigh up the options and take the right advice, increased choice can only be a good thing.