Help! I'm 70 and Worried I'll Run Out of Money

En español | Are your finances upsetting you? No job and little retirement savings yet looming expenses? Hope is not a solution. You need to act now. As you read my advice, don't say, "Oh, I can't possibly do that." Building more security is both kind and necessary for you and your family.

• Talk to your kids. They deserve to know what's going on, and maybe they can help you think through your options. You can also lean on them, or someone else you trust implicitly, to help you manage your financial accounts. Another pair of eyes can give you peace of mind as you juggle accounts and bills.   

• Double up. Everyone should move to a smaller space at this age (see Downsize Now), though you can go further. Have a frank family talk about whether you might live with one of your children (or one of them might live with you), with everyone pitching in on the costs. It's a solution for a growing number of families.

• Continue investing (some) for growth. Putting most of your investments in cash or short-term bonds makes sense at this age. But not all your investments! Consider keeping a small portion — maybe 20 or 30 percent or so — in dividend-paying stocks. Over time, they have historically produced gains that beat inflation. Having some of your money growing so it can potentially keep up with rising costs is important.