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As you approach retirement age, you're probably looking to make some changes in the way you manage your finances. Banking for senior citizens often has to accommodate planning for future medical expenses as well as everyday spending. Proper management of your checking account can help you ensure you get as much as you can out of your retirement savings. As you may be on a more structured income, it's also important to step up safety measures when it comes to senior citizen banking. The following tips will help you avoid checking fraud and keep your account more secure.
If one of your children or a trusted family member is currently helping you manage your finances, it may be beneficial to visit your bank together and open a joint checking account or sign a power of attorney to grant them access to your account.
For senior citizens, a joint checking account provides convenience and security, but it also means that both parties are jointly responsible for the account and the funds in it. In this scenario, your chosen advocate will have full access to the funds in the account, including the ability to write checks and draw on the account. They can actively help you manage daily finances, larger purchases and medical expenses. They will also be able to conveniently transfer funds from their account to yours if you need money, or withdraw on your behalf if you are unable to.
As an alternative, if you sign a power of attorney, the person you select will have full access to your funds, but not shared ownership of them. They will also have a legal obligation to act in your best interest at all times. You can use a lawyer to set up a power of attorney agreement if you choose, or you can choose to simply have one signed in front of a notary.
The most important thing you can do when giving someone else access to your funds is choose someone you trust implicitly to do the right thing.
As a senior citizen, a checking account may help you manage your retirement funds more closely. Consider setting up direct deposits and automatic bill payments through online banking. For senior citizens with social security checks, pension checks and veterans benefits, direct deposits mean easy access to these funds with fewer trips to the bank.
Banking becomes simpler and more manageable when you can make automatic payments from the comfort of your own home. With online banking, you can pay medical bills, utilities, credit card bills, and more without mailing checks or worrying about making payments on time. You can even set your account to make payments when you're on vacation. You can also set up automatic transfers into savings accounts or money market accounts to continue to grow your funds during retirement.
When exploring senior citizen banking options, you may want to consider an account with minimal fee and activity requirements. Discover a low-fee checking account option from Citizens Bank that supplies you with all the benefits of online banking. For more information on how to open a checking account, speak to a representative at 1-877-360-2472.
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