Baby boomers and retirees have not been shy about learning what technology can do for them. Most retirees have kept up by using Facebook, email, and other online tools to help them learn more about the world around them and communicate with their family, friends, and businesses. It has become natural for those who are getting close to retirement to consider managing their financial activities online and on their mobile devices.
A recent survey found that Baby Boomers place a high value on the available technology that can assist them in managing their retirement savings. But what are the types of financial technology available to today’s retirees that you can use, maintain, and enjoy as you begin your retirement?
Mint: A Personal Money Management App
Looking for an app that makes managing your money easier? Try Mint. This app can be used online or on a mobile device. It is also available as an app for download on your phone.
Mint is a personalized money-management website that can:
- Balance and track your budget.
- Track and pay bills.
- Offer free credit score availability.
- Follow investments.
- Keep your data secure.
- Send automatic updates.
- Connect to almost every U.S. financial institution connected to the Internet.
- Give you tips on how to stretch your dollars further.
- Give you recommendations on the best checking, savings, credit cards, brokerage firms, and CDs.
QuickBooks Online: A Personal Finance Service
Need something to help you track how much you bring in and spend? QuickBooks Online can help you track income and also help you during tax season. Managing bills, invoices, and expenses can be tedious, but QuickBooks will do the work for you.
QuickBooks Online has a monthly fee that varies according to the type of account you need. This cloud-based service can:
- Track income.
- Organize expenses.
- Maximize tax deductions.
- Send invoices.
- Send estimates.
- Follow sales tax.
- Manage bills.
- Allow multiple users.
- Record time.
- Measure and manage inventory.
- Track 1099 payments.
PayPal: Your Virtual Wallet
PayPal is another online service retirees should use. It can be accessed on computers and mobile devices. Simply put, PayPal is a virtual wallet. It’s a debit card with a reserve funding source that allows you to send, receive, and save money. PayPal also has the option for PayPal credit and can be used to find some great deals online.
True Link now has a digital financial adviser platform known as True Link Financial Advisers. Your adviser will focus on investments geared for retirees and soon-to-be-retirees. The investments you can find using this platform include:
- Guaranteed income products (i.e. annuities, and duration-matched bond ladders)
- Personal data online input
- Person-to-person contact before finalizing investment action
- Exchange-traded funds
Many banks offer special checking accounts specifically for seniors. These accounts have minimum opening requirements, lowered or no monthly service fees, multiple branches, 24-hour phone contact, live chat online, and mobile banking.
TD Bank 60 Plus Checking has free online banking and bill pay, 24/7 customer service by phone, and mobile banking. Online banking sites, in general, have become easy to navigate and allow you to do almost everything you can do in person making it a great tool for retirees, like you!
Hey, We Get It. Technology Can Be Overwhelming…
We know the learning curve that comes with technology can be difficult to overcome, but Chad Garland CPA is here to give you advice that will assist you and other retirees with investing plans, personal finances, accounting needs, and more. Being a CPA is just what Chad Garland always wanted to be, and helping others control their finances in a way that allows them to enjoy the best life possible is our mission.
Don’t feel overwhelmed. Don’t get frustrated. Technology is in place that will make your financial management activities easy. If you are looking for personal service and personal attention, call Chad Garland CPA to help you in your next chapter of life.