Technology is woven into nearly every aspect of our lives—helping us connect with loved ones, explore new interests, shop online, and engage with our communities. It’s become so seamlessly streamlined into daily routines that we often overlook just how much we rely on it. And despite what some might assume, technology is not just for the younger generations. In fact, an AARP survey shows that smartphone, smart TV, and tablet ownership is similar between adults aged 18-49 and those 50 years and older.1
The same survey showed that even as overall spending on tech dropped from $912 to $798 per person between 2022 and 2023, the amount actually increased for adults in their 60s and 70s.1 Although these numbers can be steep, the utility and savings that may come from these technology products over time can make these purchases worth it. And the increase demonstrates a growing belief among older adults that these products have valuable and tangible payoffs!
What’s more, technology doesn’t need to be specifically marketed towards seniors in order for it to add value as we age. From smart devices to online programs, there is a wide array of age-related technology available to help boost efficiency, enhance safety, and even strengthen financial well-being.
Many of today’s tech options are more than just convenient tools—they’re long-term investments that can pay off in countless ways. For starters, they can help you protect your finances by managing spending and avoiding online scams. Some even open doors to earning opportunities, like running an online business or selling your creative projects.
But the benefits of technology extend far beyond financial gains—today’s tech can make a meaningful difference in your personal life and overall well-being. For example, smart devices can help combat loneliness by keeping you connected, especially if you live further from loved ones or no longer have the regular interactions that came with work life before retirement.
Securing Savings at Home
What better place to start investing in technology than at home? Age-friendly technology can save you money both now and, in the future, all while making your home safer, more efficient, and even better for your health. From smart gadgets to advanced systems, these tools are designed to simplify life at home—and keep your bills in check.
Upgrading to “smart” products like thermostats, security systems, plugs, and lighting can help you avoid costs that pile up from inefficient appliances, overuse of utilities, or outdated systems. These devices make your home more autonomous and efficient, while also easing the challenges of home maintenance as you age.2 Whether it’s turning lights on automatically or adjusting temperatures for optimal energy use, this tech supports a higher qualify of life and can help you maintain independence.
The financial benefits don’t stop there. Many age-related technologies can help prevent costs before they arise. For instance, fall detection systems and prevention tools can save you from a potentially costly trip to your healthcare provider. Motion sensors, stairlift systems, and automatic lighting in tricky areas are just a few examples of devices that enhance safety while minimizing risks.
By investing in these tools, you’re not just creating a more comfortable living space—you’re also setting yourself up for long-term savings and peace of mind.
Investing in Your Health
When it comes to healthcare, age-related technology has the power to make a significant impact. With 69% of older adults 50 years and older managing at least one chronic health condition, it’s surprising that only 17% are using technology to assist in their care.1 By embracing technology as your personal health assistant, you can gain valuable insights into your well-being—and save money along the way.
Healthcare is an area where technology shines, offering instant help and consistent monitoring—exactly what’s needed to stay on top of your health. Taking advantage of fitness trackers, wearable alert systems, and telehealth appointments can help you delay or avoid expensive assisted living facilities or intensive medical care. By extending your healthy years at home, these technologies can help you protect your savings while improving your quality of life.
A substantial portion of the products in the wearable technology category boast impressive fitness tracking markers that can help you stay on top of your health as you age.2 They capture heart-health indicators, time and intensity of physical activities, and data on quality of sleep. Plus, they’re designed to be discreet—many look just like stylish watches or pendants, making them easy to wear daily. A standout feature of wearable tech is emergency alert functionality, which can notify medical professionals or emergency services when you need immediate care.
Telemedicine is another game-changer for aging adults. With 76% of US hospitals now offering virtual care options, it’s easier than ever to connect with healthcare professionals from home.3 Whether you have limited mobility or simply prefer the convenience of online consultations, telemedicine offers consistent care without the need to leave home.
Unlocking Earning Opportunities
Retirement doesn’t have to mean giving up on earning opportunities. And thanks to technology, there are countless ways to bring in extra cash while maintaining the flexibility to enjoy your free time. For many, this starts with monetizing creative hobbies. Whether you’re selling handmade crafts on platforms like Etsy or launching your own online store, today’s tech makes it easier than ever to reach a global audience. Many marketplaces even assist with payment processing and shipping, so you can focus on doing what you love.
Beyond physical goods, there’s also a growing demand for digital products and services. This might include offering online consulting in your field of expertise, providing writing or editing services, or even selling digital creations for customers to license. Whether it’s a personal passion project or fully-fledged business venture, these opportunities can help you turn your talents into a steady income stream.
Even if you’re not pursuing a side hustle or business, technology can still help you maximize your money. Thinking about selling your home? Digital staging tools can make your property more appealing to potential buyers by showcasing it virtually in the best possible light. Or consider tapping into the ever-expanding world of AI, which can simplify your life in surprising ways. AI tools can assist with everything from vacation planning to creating a budget-friendly grocery list, helping to reduce your mental load while keeping you on track financially.
Technology doesn’t have to feel overwhelming. Start small by exploring one or two tools that align with your goals or interests, and expand as you grow more comfortable. With the right tech, you can unlock new opportunities, streamline your routines, and get more out of retirement—on your terms.
Finding Financial Security
In today’s world, technology has become a powerful ally in managing personal finances, offering tools to protect against scams, streamline budgeting, and enhance overall financial security. While many of today’s seniors grew up doing banking in person, learning how these systems now work online can be very helpful.
Financial technology—often called “fintech”—is a driving force behind today’s online banking landscape.4 This innovative industry helps manage personal finances, document transactions, and improve communication with financial institutions. Perhaps most importantly, fintech employs high-tech systems and specially trained software and algorithms to detect fraud or exploitation in real-time, offering an extra layer of protection for your assets.4
While technology should certainly be utilized as a helpful tool in fraud detection and personal finance management, staying vigilant remains critical. Common scams that target seniors include call center fraud, investment scams, fake lottery winnings, and romance scams. To safeguard yourself, combine tech tools with proactive habits. For example, fraud detection software can help catch suspicious activity, while a bit of personal diligence—like double-checking unfamiliar calls or emails—can provide extra peace of mind.
Budgeting is another area where technology shines. Whether you prefer creating a simple spreadsheet to track your expenses or exploring apps that automate financial tracking, setting spending goals tailored to your lifestyle can help you stay in control. Many banks now offer digital tools designed to support budgeting and financial planning, so don’t hesitate to ask your financial institution about available options.
Utilizing a Reverse Mortgage to Fund Tech Investments
Integrating smart technology into your home, finances, and personal routine often requires an upfront investment before reaping the long-term benefits. While people have traditionally turned to savings accounts, invested assets, or retirement accounts, another option to consider is tapping into your home equity. Homeowners aged 62 and older now collectively hold over $14 trillion in home equity.5 Whew!
A reverse mortgage offers a way to access this wealth. One key advantage of this loan is that monthly mortgage payments are optional as long as you keep up with your property taxes, home insurance, and regular maintenance. The funds can be used however you see fit—whether for upfront tech expenses, home renovations to suit aging needs, or simply enhancing your financial flexibility. This versatility allows you to prioritize what matters most.
When considering a reverse mortgage, choosing a trusted lender is essential. Look for experience, knowledgeable loan officers, and a commitment to supporting older adults. At Longbridge Financial, helping you feel comfortable and confident in your reverse mortgage is our priority. We’ll provide information on the process, the loan details, and answers to any specific questions you may have so you can make a well-informed decision as to whether a reverse mortgage is a good fit for you!
Of course, another priority for us is ensuring our technology keeps you connected with your loan. That’s why we make it easy for customers to manage their loan online! Our user-friendly website offers helpful resources including a loan summary, statements, FAQs, and more—accessible anytime, right from your devices. Ready to explore your options? Contact our team today!
