Financial health in old age: planning and financial management

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Financial health in old age: planning and financial management

I. Assessment of the current financial situation

A. Assets:

  1. Real estate:
    a. Basic housing: Assessment of market value. Consider the location, size, condition, demand and offer in your area. Conduct an independent assessment to get an exact figure. B. Investment real estate: Rental profitability (if any). Calculate the annual rental income minus the costs of maintenance and management. Evaluate the potential of cost growth. C. Second Real Estate (cottage, rest house): Liquidity and potential need for sale. Consider the costs of maintenance and taxes. Evaluate whether the content of real estate corresponds to your financial capabilities in the future. D. Alternatives: Consider the possibility of a reverse mortgage (Reverse Mortgage) to receive income, while remaining in your house. Evaluate the risks and advantages.

  2. Pension savings:
    a. State pension (old -age insurance pension): Size, conditions of receipt, indexation. Specify the size of your future pension on the website of the Social Fund of Russia or through your personal account. B. Corporate pension (if any): Payments, investment strategy, risks. Analyze the terms of the pension plan for your company. Find out how pension savings will be paid upon retirement. C. Individual pension plan (IPP): The amount of savings, profitability, risks, tax benefits. Analyze your pension plan. Evaluate its profitability and compare with other investment capabilities. D. Non -state pension funds (NPF): Terms of the contract, investment strategy, the reliability of the fund. Check the NPF reliability rating. Check out the terms of the contract and the commissions. E. Alternatives: Consider the possibility of transferring pension savings from one NPF to another, if you think that the current fund does not meet your needs.

  3. Investment:
    a. Stock: Portfolio diversification, risk level, potential profitability. Evaluate your investment assets. Diversify your briefcase to reduce risks. B. Bonds: Reliability, fixed income, maturity. Consider bonds as a more conservative investment option. C. Poyal investment funds (Pyths): Management strategy, commission fees, historical profitability. Study the history of the profitability of Pyths and commission fees. D. Exchange investment funds (ETF): Diversification, liquidity, low commissions. ETF offer diversification and low commissions. E. Precious metals: Inflation protection, volatility, commission fees for purchase and sale. Consider the investment in gold as protection against inflation. f. Other assets: Cryptocurrencies, art objects, collecting. Evaluate the risks and potential profitability of alternative investments.

  4. Saving:
    a. Bank deposits: Interest rates, deposit insurance, accessibility. Compare interest rates in different banks. Make sure your contribution is insured. B. Accumulative accounts: Flexibility, interest rates, removal conditions. Consider the accumulative accounts as an alternative to bank deposits. C. Cash: Liquidity, lack of profitability, risk of inflation. Maintain a small supply of cash in case of unforeseen expenses.

  5. Personal property:
    a. Automobile: Cost, maintenance costs, potential sale. Evaluate the cost of your car and the cost of its maintenance. B. Furniture, appliances, other values: Insurance, potential sale. Insure the valuable property.

B. Passives:

  1. Mortgage: The balance of debt, interest rate, monthly payments. Evaluate the possibility of early repayment of a mortgage.
  2. Loans: The balance of debt, interest rate, monthly payments. Put out loans with high interest rates.
  3. Credit cards: Debt, interest rates, fines for delay. Avoid loan card debt.
  4. Other debts: Loans have relatives, utility bills, taxes. Timely pay utility bills and taxes.

C. Income:

  1. Pension: Size, indexation, stability. Specify the size of your future pension and the procedure for its indexation.
  2. Social payments: Benefits, subsidies, surcharges. Learn about social payments and benefits available to you.
  3. Investment income: Dividends, interest, rent. Consider the income from investment when planning the budget.
  4. Income from work (if any): Size, stability, possibility of increasing. Evaluate the possibility of continuing work after retirement.
  5. Other sources of income: Rental, sale of property, assistance from relatives. Consider all sources of income.

D. Expenses:

  1. Basic expenses:
    a. Housing: Communal payments, rent (if any), repair, insurance. Calculate housing. B. Nutrition: Products, food outside the home. Make a food budget. C. Transport: Travel, fuel, car maintenance. Evaluate transport costs. D. Medical service: Medicines, visits to a doctor, insurance. Consider the costs of medical care. E. Clothes and shoes: Update the wardrobe. Plan the costs of clothes and shoes. f. Communications: Phone, Internet, television. Optimize communication costs.

  2. Optional expenses:
    a. Entertainment: Cinema, theater, concerts, hobbies. Make a budget for entertainment. B. Trips: Rest, trips. Plan travel in advance. C. Present: Birthdays, holidays. Consider gifts for gifts. D. Charity: Donations. Make a budget for charity.

  3. Unforeseen expenses:
    a. Repair of equipment, car: Create a reserve fund in case of unforeseen expenses. B. Medical expenses: Create a reserve fund in case of unforeseen medical expenses. C. Other unforeseen situations: Create a reserve fund in case of other unforeseen situations.

E. Analysis of the financial balance:

  1. The ratio of assets and liability: Determine whether your assets are exceeding your liabilities.
  2. The ratio of income and expenses: Determine whether your income exceeds your expenses.
  3. Definition of financial stability: Evaluate your financial stability and ability to cover expenses in the future.
  4. Identification of problem areas: Determine the problem areas in your financial position.
  5. Development of a plan for corrective actions: Develop a plan for corrective actions to improve your financial situation.

II. Budget planning and cash flows management

A. Budget creation:

  1. Definition of goals:
    a. Short -term goals: Repayment of loans, the creation of a reserve fund. B. Medium -term goals: House repair, buying a car. C. Long -term goals: Providing a comfortable retirement life, transfer of the inheritance.
  2. Accounting for income and expenses:
    a. Using software: Excel, specialized financial management applications. B. Making records manually: A traditional method that requires discipline. C. Automatic operations tracking: Connecting bank accounts to applications for accounting for finance.
  3. Separation of costs into categories:
    a. Mandatory expenses: Housing, food, transport, medical care. B. Variable expenses: Entertainment, travel, gifts. C. Savings and investments: Reserve fund, pension savings, investments.
  4. Installation of limits on expenses:
    a. Monthly limits: Control of expenses for each category. B. Weekly limits: More detailed expenses control. C. Daily limits: Maximum cost control.
  5. Budget analysis and adjustment:
    a. Monthly analysis: Comparison of the actual expenses with the planned. B. Quarterly analysis: Assessment of budget effectiveness and adjustment. C. Annual analysis: General assessment of the financial situation and adjustment of long -term goals.

B. Cash flows management:

  1. Creating a reserve fund:
    a. Reserve fund size: It is recommended to have funds for 3-6 months of basic expenses. B. Place of storage: Highly lodging assets, such as bank contributions or accumulative account. C. Replenishment of the reserve fund: Regular deductions from current income.
  2. Optimization of expenses:
    a. Search for more profitable offers: Comparison of prices for goods and services. B. Refusal of unnecessary expenses: Analysis of expenses and abandoning those that do not benefit. C. Using discounts and stocks: Search for discounts and shares for the necessary goods and services. D. Energy saving: Reducing electricity and water costs.
  3. Increased income:
    a. Continuation of work (partial employment): Part -time job or work on part -time. B. Renting property: Renting an apartment, room or car for rent. C. Sale of unnecessary things: Sale of things that are no longer needed. D. Enoperation of additional skills and qualifications: Advanced training or gaining new skills to increase income.
  4. Automation of payments:
    a. Automatic payment of accounts: Setting up automatic payments to avoid delays. B. Automatic transfers to the reserve fund: Setting up automatic transfers to the reserve fund. C. Automatic investments: Setting up automatic investments.
  5. Debt control:
    a. Putting off loans with high interest rates: Priority repayment of loans with high interest rates. B. Avoiding new debts: Try not to take new loans. C. Debt consolidation: The combination of several loans in one with a lower interest rate.

C. Financial tools for managing cash flows:

  1. Bank cards:
    a. Debtic cards: Ease of use, cost control. B. Credit cards: The possibility of making purchases on credit, accruing bonuses and cashback. C. The choice of a card with optimal conditions: Comparison of the conditions of different maps and the choice is the most profitable.
  2. Electronic wallets:
    a. Ease of payment of online purchases: Fast and convenient payment of online purchases. B. Cash translations: The ability to transfer funds to other users. C. The choice of wallet with favorable conditions: Comparison of the conditions of different wallets and the choice of the most profitable.
  3. Finance management mobile applications:
    a. Accounting for income and expenses: Automatic operations tracking and expenses analysis. B. Budget planning: Creation of the budget and setting limits on expenses. C. Analysis of the financial situation: Assessment of financial stability and identification of problem areas.
  4. Internet banking:
    a. Account management: View balance, transfers, payment of accounts. B. Opening deposits and investment products: The possibility of opening deposits and investment products online. C. Transaction Control: Tracking all account operations.

III. Investing and creating passive income

A. Definition of investment goals:

  1. Preservation of capital: Protection of savings from inflation.
  2. Increase in capital: Receiving income above the inflation rate.
  3. Creating passive income: Receiving regular income without active participation.
  4. Achieving financial goals: Financing large purchases, paying for education, providing a comfortable retirement life.
  5. Transfer of inheritance: Increase in capital for transferring to the heirs.

B. Assessment of risk tolerance:

  1. Conservative investor: Low risk level, priority of preservation of capital.
  2. Moderate investor: The average risk level, balance between the preservation and increase in capital.
  3. Aggressive investor: High level of risk, priority of increased capital.
  4. Factors affecting risk tolerance: Age, financial position, investment goals, temporary horizon.
  5. Tests for determining risk tolerance: Online tests, consultations with a financial consultant.

C. The choice of investment tools:

  1. Bank deposits:
    a. Reliability: Insured by the state. B. Low profitability: It does not always cover inflation. C. Liquidity: Easily available for removal.
  2. Bonds:
    a. Relatively low risk: Less risky than promotions. B. Fixed income: Regular interest payments. C. The risk of changes in interest rates: The cost of bonds can decrease with an increase in interest rates.
  3. Stock:
    a. High profitability potential: The possibility of making high profits. B. High risk: The possibility of loss of part or all capital. C. Diversification: It is recommended to invest in shares of different companies and industries.
  4. Poyal investment funds (Pyths):
    a. Diversification: Investments in a wide range of assets. B. Professional management: The fund management is carried out by professional managers. C. Commission fees: It is necessary to take into account commission fees when choosing a fund.
  5. Exchange investment funds (ETF):
    a. Diversification: Investments in an asset basket repeating a specific index. B. Low commissions: Usually lower than that of Pyths. C. Liquidity: Easy to buy and sell on the exchange.
  6. Real estate:
    a. Rental income: Receiving regular rental income. B. Potential cost increase: The cost of real estate can grow over time. C. High entry threshold: Significant capital is required for the purchase of real estate. D. Low liquidity: It is difficult to quickly sell real estate.
  7. Precious metals:
    a. Inflation protection: Retain their value during inflation periods. B. Volatility: The cost can fluctuate depending on the market conditions. C. Lack of income: Do not bring regular income.
  8. Alternative investments:
    a. Cryptocurrencies: High profitability potential, but also high risk. B. Art objects: They require special knowledge and examinations. C. Venture investments: Investments in startups, high risk, but also high profitability potential.

D. Investment strategies:

  1. Diversification:
    a. Capital distribution between different assets: Risk reduction by investment in different classes of assets. B. Investments in different industries: Risk reduction by investment in different sectors of the economy. C. Investments in different countries: Risk reduction by investment in different countries.
  2. Long -term investment:
    a. Investing for a long time (more than 5 years): Allows you to get a higher profitability due to a complex percentage. B. Ignoring short -term market fluctuations: Do not succumb to panic and not sell assets during the fall of the market. C. Regular replenishment of the investment portfolio: Increase in capital over time.
  3. Portfolio Rebalace:
    a. Regular adjustment of the portfolio to maintain a given structure: Restoration of the initial ratio of assets in the portfolio. B. Sale of assets raised in price, and buying assets that have fallen in price: Maintaining diversification and risk reduction.
  4. Investing taking into account age:
    a. Young age: A large share of shares in the portfolio, a higher level of risk. B. Middle age: Balance between shares and bonds, a moderate level of risk. C. Elderly age: A large share of bonds in the portfolio, low risk.
  5. Automatic investment:
    a. Regular automatic transfer of funds to an investment account: Facilitates the investment process and allows you to adhere to a long -term strategy. B. Using robo editors: Automatic management of an investment portfolio based on the specified parameters.

E. Creating passive income:

  1. Rent rental:
    a. Regular income: Obtaining rent. B. Passive income: It does not require active participation after leasing. C. Content costs: It is necessary to take into account the costs of the maintenance and repair of real estate.
  2. Investments in dividend shares:
    a. Regular dividends payments: Obtaining part of the company’s profit in the form of dividends. B. The choice of companies with sustainable dividend payments: It is important to choose companies that steadily pay dividends. C. Reinvestment of dividends: Increase in capital due to reinvestment of the received dividends.
  3. Investments in bonds:
    a. Fixed income: Regular interest payments. B. Reliability: Bonds are considered less risky than shares. C. The risk of changes in interest rates: The cost of bonds can decrease with an increase in interest rates.
  4. Creating online business:
    a. Creating a blog, site, online store: Receiving income from advertising, affiliate programs, sales of goods or services. B. Passive income: After creating a business, he can bring income without active participation. C. It takes time and efforts to create and promote business: It is necessary to spend time and efforts to create and promote business.
  5. Author’s fees:
    a. Writing books, creating music, software development: Obtaining fees from the sale or use of copyright works. B. Passive income: After creating the work, it can bring income without active participation. C. Talent and skills are required: It is necessary to have talent and skills to create high -quality works.

IV. Risk management and insurance

A. Risk assessment:

  1. Medical risks:
    a. Age diseases: The risk of developing diseases associated with age. B. Accidents: The risk of injuries as a result of accidents. C. Long -term care: The risk of the need for long -term care due to disease or disability.
  2. Financial risks:
    a. Inflation: The risk of reducing the purchasing power of money. B. Market risks: The risk of capital loss as a result of fluctuations in financial markets. C. Credit risks: The risk of non -return of debt. D. Fraud: The risk of becoming a victim of scammers.
  3. Legal risks:
    a. Heritage: The risk of disputes between heirs. B. Real estate: The risk of loss of property ownership. C. Contracts: The risk of concluding unprofitable agreements.

B. Insurance:

  1. Medical insurance:
    a. Voluntary medical insurance (VHI): Provides access to quality medical care. B. Covering for treatment costs: Covers the costs of treatment, medicine, hospitalization. C. The choice of an insurance company with a good reputation: It is important to choose an insurance company with a good reputation and positive reviews.
  2. Life insurance:
    a. Protection of the financial well -being of the family in the event of the death of the insured: The payment of the insurance amount to the heirs in the event of the death of the insured. B. Accumulative life insurance: The combination of insurance protection and capital accumulation. C. The choice of an insurance program that meets the needs: It is important to choose an insurance program that meets your needs and financial capabilities.
  3. Property insurance:
    a. Insurance of the apartment, houses, car: Protection against losses as a result of fire, flooding, theft, accident. B. Coverage of expenses for the repair or replacement of property: Coves the costs of repairing or replacing damaged property. C. The choice of an insurance company with a good reputation: It is important to choose an insurance company with a good reputation and positive reviews.
  4. Accident insurance:
    a. Payment of the insurance amount in case of injury or disability: Provides financial support in case of injury or disability. B. Covering for treatment and rehabilitation: Coves the costs of treatment and rehabilitation after an accident. C. The choice of an insurance program that meets the needs: It is important to choose an insurance program that meets your needs and financial capabilities.
  5. Liability insurance:
    a. Protection against financial claims in case of harm to third parties: Covers the costs of paying compensation in case of harm to third parties. B. Civil liability insurance: Covers the costs of paying compensation in case of harm to the health or property of third parties. C. Professional responsibility insurance: Covers the costs of paying compensation in case of harm to customers as a result of professional activities.

C. Risk management:

  1. Investment diversification:
    a. Capital distribution between different assets: Reducing the risk of capital loss as a result of fluctuations in financial markets. B. Investments in different industries: Reducing the risk of capital loss as a result of economic problems in individual industries. C. Investments in different countries: Reducing the risk of capital loss as a result of economic problems in individual countries.
  2. Creating a reserve fund:
    a. A stock of funds for 3-6 months of the main expenses: Provides financial stability in case of loss of work or other unforeseen situations. B. Highly liquid assets such as bank contributions or accumulative account: Easily available for removal if necessary. C. Regular deductions from current income: Gradual accumulation of the reserve fund.
  3. Debt control:
    a. Putting off loans with high interest rates: Reducing the cost of payment of interest. B. Avoiding new debts: Prevention of deterioration in the financial situation. C. Debt consolidation: The combination of several loans in one with a lower interest rate.
  4. Fraud protection:
    a. Caution when communicating with strangers: Do not report personal information to strangers. B. Verification of information before making decisions: Make sure the reliability of information before making financial decisions. C. Using reliable passwords and antivirus software: Protection of personal data and financial accounts from hacking.
  5. Inheritance planning:
    a. Customing of a will: Distribution of property between heirs in accordance with your wishes. B. Denalial design: The transfer of property to the ownership of the heirs during life. C. Consultation with a lawyer: Obtaining a consultation on inheritance law.

V. Tax planning

A. Tax benefits for pensioners:

  1. Exemption from property tax:
    a. Conditions for obtaining benefits: The presence of a pensioner’s status. B. The size of the benefits: Full or partial exemption from property tax. C. Necessary documents: Pension certificate, property documents.
  2. Land tax benefits:
    a. Conditions for obtaining benefits: The presence of the status of a pensioner, the presence of a land plot. B. The size of the benefits: Reducing the tax base for a certain amount. C. Necessary documents: Pension certificate, documents for the land plot.
  3. Tax deduction when buying housing:
    a. The conditions for receiving a deduction: Buying housing, availability of income taxed by personal income tax. B. Deduction size: The maximum deduction amount is 2 million rubles. C. Necessary documents: The contract of sale, documents confirming payment, certificate 2-NDFL.
  4. Social tax deductions:
    a. Dedications for treatment, training, charity: Return of part of the personal income tax. B. The conditions for receiving a deduction: The presence of costs for treatment, training, charity. C. Necessary documents: Documents confirming expenses, certificate 2-NDFL.
  5. Liberation from personal income tax from some types of income:
    a. Pensions: Pensions are not subject to personal income tax. B. Social payments: Some social payments are not subject to personal income tax. C. Revenues from the sale of property owned by more than 3-5 years: Freed from personal income tax.

B. Optimization of tax payments:

  1. Using tax deductions:
    a. The maximum use of all available tax deductions: Reducing the tax base and reducing the amount of personal income tax to payment. B. Timely provision of documents for deductions: Do not miss the opportunity to get a tax deduction. C. Consultation with a tax consultant: Obtaining a consultation on tax planning issues.
  2. Investing through an individual investment account (IIS):
    a. ISIS types: IIS type A (tax deduction for a fee), IIS type B (exemption from income tax). B. Tax benefits: The possibility of receiving a tax deduction or exemption from income tax. C. Restrictions: Restrictions on the amount of the contribution and the investment period.
  3. Property planning:
    a. Sale of property after the minimum of ownership expiration: Freation from personal income tax with income from the sale of property. B. Determining the most profitable moment for the sale of property: Accounting for market conditions and tax consequences. C. Consultation with a tax consultant: Obtaining a consultation on tax planning for the sale of property.
  4. Heritage management:
    a. Putting of a will: Determining the procedure for inheritance of property. B. Denalial design: The transfer of property to the ownership of the heirs during life. C. Consultation with a lawyer: Obtaining a consultation on inheritance law and tax planning in the transfer of the inheritance.

C. Tax legislation and changes:

  1. Tracking changes in tax legislation:
    a. Using official sources of information: Site of the Federal Tax Service, Consultant Plus, Guarantor. B. Subscription to newsletters: Obtaining information on changes in tax legislation by e -mail. C. Participation in seminars and webinars on tax planning: Obtaining relevant information from experts.
  2. Consultation with a tax consultant:
    a. Obtaining a consultation on difficult tax planning issues: Professional assistance in solving complex tax issues. B. Development of an individual tax optimization plan: Creating a plan taking into account your individual circumstances and goals. C. Representation of interests in the tax authorities: Protection of your rights and interests in the tax authorities.
  3. Independent study of tax legislation:
    a. Study of the Tax Code of the Russian Federation: Obtaining basic knowledge about tax legislation. B. Using online services and calculators: Calculation of tax obligations and the use of tax deductions. C. A careful study of tax returns and instructions for filling them out: Proper filling and timely submission of tax returns.

VI. Protection against fraud and financial abuse

A. Recognition of fraudulent schemes:

  1. Telephone fraud (Viching):
    a. Calls from supposedly employees of the bank, police, social services: Warning about suspicious operations, requests to provide personal data. B. Requests to transfer money to a “safe account”: Fraudsters convince to transfer money to a stand. C. Using social engineering methods: Manipulation of a victim to obtain information or perform actions.
  2. Internet captivity (phishing):
    a. Fake sites of banks, shops, social networks: Theft of login, passwords and data of bank cards. B. Emails with a request to follow the link and provide personal data: Fishing letters are disguised as official notifications. C. Lempting proposals for winning, inheritance, work: Fraudsters use bait to attract attention.
  3. Investment fraud:
    a. Proposals for high -profit investments with guaranteed income: Examm with profitability promises that do not comply with market conditions. B. Pyramids and financial pyramids: Payments to participants by attracting new participants. C. Illegal credit organizations: Proposals for loans on disadvantageous conditions.
  4. Social payments fraud:
    a. Proposals for help in receiving social benefits for remuneration: Fraudsters promise to help receive payments to which the victim has no right. B. Requests to provide personal data for issuing social payments: The theft of personal data for issuing payments for dummies. C. Fake sites and announcements of social payments: Collection of personal data and theft of money.
  5. Bank cards fraud:
    a. Theft of bank card data: Skimming, phishing, wallet theft. B. Unauthorized use of a bank card: Payment of purchases without the knowledge of the card owner. C. Requests to report a CVV code or pin code: Fraudsters are trying to find out the confidential data of the card.

B. Precautions:

  1. Caution when communicating with strangers:
    a. Do not report personal information by phone or email: Banks and other organizations never ask to provide personal data by phone or email. B. Do not follow links from suspicious letters or SMS: Check the sender address and the content of the letter. C.

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