Imagine how much easier managing your finances would be if your expenses were bundled into a single monthly payment.

For seniors born in 1960 or later ... situation by building their knowledge of personal finance, engaging in financial planning and really understanding what their options are," Collinson said.

If at all possible, start planning now for the future needs of elders. Since you may be approaching or past 60 yourself, you should try to do financial planning for your own future needs as well.

Although seniors will receive better Social Security ... After that, they formulate a budget plan per your financial goals to help you save money and gradually pay off your debts.