You’d Better Hold on to What You’ve Got

Bren Sheriff, CSA
Bren Sheriff, CSA

You’d Better Hold on to What You’ve Got

Tariff tiffs and global economic shifts may feel far away, but their impact can hit close to home—especially for seniors living on a fixed income. As prices rise on everyday goods like groceries, appliances, and even some medications, now is the time to take a fresh look at how to protect the assets you DO have.

Stretch Every Dollar Wisely

Start by reviewing your monthly expenses. Look for savings in utilities, insurance premiums, streaming subscriptions, and phone or internet plans. Ask your local senior centers or any agencies that service seniors about discounts, utility assistance, food programs like SNAP or food dispensaries. Every little bit helps when prices creep upward.

Avoid High-Risk Financial Offers

In uncertain times, scams increase, especially targeting unsuspecting seniors. Be wary of anyone promising high returns, urging quick decisions, or asking for personal information over the phone. Stick with federally insured savings options and government-backed bonds like Series I Bonds, which adjust for inflation.

Preserve Your Benefits

Tariff-driven price hikes can quietly chip away at your budget. Make sure you’re receiving all the benefits available to you—such as Medicare Extra Help for prescriptions, property tax exemptions, or local transportation assistance programs. These programs can ease pressure on your monthly income.

Secure Your Future Legally

Now is the time to update your will, power of attorney, and medical directive. Make sure trusted loved ones know your wishes and can act on your behalf if needed. A legal check-up can prevent costly confusion later. 

Talk to Trusted Advisors

Before making financial moves, speak with a Certified Senior Advisor (CSA), legal aid counselor, or nonprofit credit counselor. Generally, these services are free or low cost, unbiased help to guide you through today’s economic challenges.

You may not control global markets, but with practical steps and wise counsel, you CAN control your peace of mind and in the words of singer and songwriter, Joe Tex, “You’d better hold on to what you’ve got.”


Bye for now,

Brenda Sheriff, CSA


QUIZ: 


Answer to last week’s quiz: No, wills do not require notarization in Illinois.  However, there are certain procedures that must be followed. Let me show you how.

To get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please contact me: 773-817-0601 or basheriff1@gmail.com

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.


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