Page 10 January 14, 2021 EL SEGUNDO HERALD
Seniors Finance
Most Americans Say They’re Optimistic
About A Brighter Financial Future In 2021
(BPT) - As we enter 2021, here’s one more
essential item to put on your list in addition to
canned goods and masks: a financial checkup.
According to Fidelity Investments’ 2021 New
Year Financial Resolutions Study, more than
two-thirds of Americans experienced financial
setbacks in 2020, often from the loss of a job
or household income or another emergency
expense. Even those lucky enough to maintain
their income still may have had to tap
savings to help others, as nearly one in five
attribute their financial setback to providing
“unexpected financial assistance to family
members or friends.” Despite this, many
Americans remain optimistic and determined
to make their money work harder in the
New Year, with 72% confident they’ll be in
a better financial position in 2021.
“Americans are clearly ready to leave 2020
behind and start 2021 off on the right foot,
including when it comes to their finances,”
said Stacey Watson, senior vice president with
oversight for Life Event Planning at Fidelity
Investments. “This year’s top financial resolutions
are consistent with what we’ve seen in the
past, however, what makes 2021 unique is how
people will achieve them, given the financial
pressures and major life events many continue
to experience throughout the pandemic.”
This year, 65% of Americans are considering
a financial resolution for 2021, which
is down marginally from last year (67%),
but still quite strong given the headwinds
experienced by so many families. Younger
generations appear to be more committed to
actively improving their finances in the new
year, with 78% of all Gen Z and Millennial
respondents considering a financial resolution
compared to 59% of all Gen X and Boomers.
“Younger generations are building up their
careers, families and finances, so it makes
sense they have important financial resolutions
to make. Still, Gen-X-ers and Boomers also
experienced significant financial challenges in
2020 and may want to consider making some
resolutions of their own to build a stronger
financial future particularly when it comes
to retirement readiness,” continued Watson.
Resolutions are an important start, but the
key is to keep good financial routines going
strong well beyond January - and ultimately
have them become life-long habits. The study
reveals the key to a successful resolution is
the good feeling of making progress and
setting clear and specific financial goals.
Having someone to help keep you on track
and hold you accountable also plays a role,
as nearly one-in-five indicated this was a
major reason they were able to stick to a
financial resolution last year. In fact, more
than three-quarters (77%) of people working
with a financial professional were able
to stick to their financial resolution in 2020,
compared to just half (50%) of those who
did not work with one.
To help build a better financial future,
consider these three things you can do to
move forward:
• Begin with a budget
• Of those who said they were in a ‘better’
financial situation this year compared to last,
more than one in five attributed the success to
budgeting better. With so many online tools
to make tracking your spending and savings
easier, including Fidelity’s Budget Checkup,
there are simple ways to create and stick to
a budget aligned with a ‘50-15-5’ guideline.
• Replenish that rainy-day fund
• More than 8 in 10 Americans say they’ll
build up their emergency savings in 2021,
an important money move considering that
many may have tapped into their stash of
cash due to financial setbacks in 2020.
• Find new sources of income
• Nearly two-thirds say they plan to find
new ways to make money in the new year,
whether with a side hustle, selling items
online or getting a part-time job. And with
30% of Americans planning to ‘declutter’ their
homes in 2021, there’s a good opportunity
to find more than just loose change in those
cushions and closets.
To get more tips for making and keeping
your financial resolutions, visit Fidelity.com. •
Tips To Bring Joy To
Seniors All Year Long
(BPT) - Many seniors and their loved ones
are taking special precautions to stay healthy,
including limiting or eliminating visits and
other activities that can cause COVID-19
to spread. That’s because the older you are,
the higher your risk of severe illness from
the coronavirus, according to the Centers for
Disease Control and Prevention.
While these important steps help keep
seniors physically healthy, they can have a
negative impact on mental well-being. Many
elderly people already felt isolation before
COVID-19 limitations. Now that many
activities and interactions they previously
enjoyed are no longer an option, this can
be particularly disheartening.
In fact, 76% of people 65 and older are
anxious to spend time in-person with their
loved ones, according to a COVID-19 impact
study by Comfort Keepers, providers of senior
in-home and respite care. What’s more, 57%
are eagerly awaiting the chance to embrace
a loved one as soon as they can.
“Seniors are struggling with the emotional
impact of isolation now more than ever due
to COVID-19,” says Carl McManus, CEO,
Comfort Keepers North America. “Fortunately,
with a bit of creativity and outside-the-box
thinking, friends and family can still bring
joy to older loved ones to elevate the human
spirit even from afar.”
Send joy in the mail: Many seniors still hold
close the art of the handwritten letter, so try
sitting down and writing out your thoughts
to share with a loved one. An alternative
would be a greeting card with a salutation
and positive thoughts for the future. While
sending mail for special occasions is always
a welcome idea, consider sending letters
periodically just to brighten the day.
Share meaningful memories: Show seniors
you’re thinking about them by sending imagery
of your times together over the past
few years. This could be a photo either via
text, email or mail. You can also have children
paint or draw their favorite memories
with senior loved ones. A picture is worth a
thousand words and by sharing imagery of
meaningful experiences you’re showing that
you cherish time together also. And sharing
photos can help older adults feel connected
and loved.
Make movie magic: Plan a time to virtually
connect and watch a joyful movie together. It
might be a classic, an option that’s been on
your must-see list for a while, or a new release.
A video meeting app can work best for this
activity as it allows for easy interaction as
you watch your flick, plus you can see each
other’s reactions throughout the movie. For
seniors who are less comfortable with technology,
consider sending them your favorite
film and theater treats to enjoy, and share
your thoughts together later over the phone.
Get grandkids in on the fun: For grandparents,
grandkids are their pride and joy. Invite
your kids of all ages to participate in activities,
including singing contests, book reading,
board games, crafts and more. Even a simple
conversation sharing their interests, what’s
happening at school and any craft projects
is a pure joy. Also consider asking grandma
and grandpa to have a Zoom class to teach
kids a treasured craft, activity or recipe. And
many seniors love to connect with children
in their community, so consider having kids
write cards or draw pictures for seniors that
may be feeling lonely or isolated.
Become baking buddies: If you both have
the ability, it can be a fun experience to bake
together simultaneously. You might try a
new recipe or one that is a family tradition.
Get all the ingredients ready and then set a
time to meet online virtually to start chopping,
mixing and blending until you bake
and compare results. Kids love participating
in kitchen adventures as well. You can also
make your favorite treats and gift them to
seniors in your local area.
“Having a connection is so important to
so many seniors, which is why a simple
act of kindness can mean the world even if
that looks a little different this year,” says
McManus. •
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