Essential money tips for your 60s and 70s.

You’ve spent decades building financial security, and you’re probably doing just fine. But as life changes, so do the best ways to manage and safeguard your money. Whether it’s embracing modern technology or staying aware of financial scams, small changes can make a big difference.

If you’re in your 60s or 70s, now is the perfect time to take a fresh look at your finances.

Discover how banking is now easier (and safer).

Are you still making trips to the branch for simple transactions? You don’t have to. Commerce Bank offers mobile deposit, allowing you to snap a photo of a check with your cell phone and conveniently deposit it instantly.

Did you know that wire transfers are no longer the only way to electronically send money to someone else’s bank account? If you need to send money to a friend or family member, peer-to-peer (P2P) payment apps like Zelle opens in a new window^® let you send and receive funds conveniently — typically within minutes. The benefits of using a P2P app go beyond convenience, it’s also safer than carrying cash or mailing checks.

Navigating these and other financial tools for the first time can feel intimidating. But some banks offer step-by-step guidance to help you get comfortable in your ability to use them well. For example, Commerce Bank’s mobile messaging lets you interact with a real person for one-on-one assistance.

Ask questions.

Whether it’s about taxes, Social Security benefits, or the Medicare program, asking questions can save you money and reduce stress. For example, the IRS offers free tax assistance through programs like Tax Counseling for the Elderly opens in a new window (TCE), designed specifically for people over 60. Similarly, Social Security offices and Medicare counselors can clarify benefits and help you make informed decisions. Keep asking questions, because policies and programs often change.

Adjust your investment strategy.

Your financial priorities may have shifted since you retired. What worked well in your 40s or 50s might not be the best strategy today. Many retirees move toward lower-risk investments to protect their savings from market swings. If you haven’t yet, it may be time to review your portfolio with a financial advisor and discuss:

• Reducing exposure to high-risk investments
• Ensuring your savings can provide a steady income
• How required minimum distributions opens in a new window (RMDs) from retirement accounts affect taxes

An annual financial check-in can help you stay on track and alert you to needed adjustments.

Manage healthcare costs.

Healthcare is one of the biggest expenses in retirement, and costs can be unpredictable. Even with Medicare, out-of-pocket expenses like copays, prescriptions and long-term care can add up. Consider the following:

• Are you enrolled in the best Medicare plan for your needs? Plans change every year, and reviewing your options during open enrollment ensures you choose the best plan for your situation.
• Do you know how you’ll cover long-term care costs? Medicaid, long-term care insurance, or a health savings account (HSA) might be worth looking into.
• Are you taking advantage of prescription savings programs? Many pharmacies and organizations offer these benefits, but you have to ask about their availability.

Sign up for Medicare news and updates to receive tips that can help you save on healthcare expenses.

Watch out for scams.

Unfortunately, financial scams targeting older adults show no signs of slowing down. Scammers are getting more sophisticated, often pretending to be a federal or state agency employee, family member, or even your bank. Some red flags include:

• Unsolicited phone calls asking for financial account information or money.
• Emails or texts with urgent requests to verify your account or pay a bill.
• Investment opportunities promising unusually high returns.

When in doubt, don’t respond. Hang up or delete the message. You can always call the organization directly using their official contact number to verify if the communication was legitimate.

Sign up for AARP Watchdog opens in a new window email or text alerts about the latest scams.

The financial world is constantly changing. Speak with a Commerce banker today for personalized guidance on how to best protect your money and gain peace of mind.