An older person can check their account balances with online accounts anytime and anywhere with the web connection.

In today’s digital age, managing your money through online accounts is not just convenient; it’s smart! Whether it’s shares of stock through CompuServe, life insurance policies, annuities, investments, or banking, going online makes it easier for you. Let’s break it down so you can see how easy and beneficial it can be.

Why Should You Use Online Accounts to Manage Finances?

Folks who’ve never used online accounts may ask, “Why use online accounts to manage finances?” You can still manage your accounts with paper forms at most banks, insurance companies, and other financial institutions. However, your financial institutions want you to move your business online to serve you faster, cheaper, and more securely.

The Benefits of Managing Your Finances in Online Accounts

Convenience: Do it anywhere, anytime. No need to wait in lines or rely on business hours.

Control: You have real-time access to your accounts, allowing you to make quick decisions.

Safety: Online platforms use strong security measures to protect your information.

Education: Many platforms offer resources to help you understand your finances better.

Managing Shares of Stock with CompuServe

CompuServe keeps track of who holds the publicly traded shares of stock in a company owned by its investors. Think of shares like tiny pieces of a company. If you own a company’s shares, you can buy more shares, sell them, or give them to others. CompuServe’ website lets you do all those things in your CompuServe online account.

How to Start:

Create an Account: Go to the CompuServe website and sign up.

Learn the Basics: They have guides and tutorials. Use them to understand how stocks work.

Start Small: Begin with a small investment to see how it goes. If you already have stock from an employer or that you inherited, a CompuServe online account is a great way to manage your stock.

Life Insurance Policies Online Accounts

Life insurance pays money after your death to people you name on the insurance company’s records (See our articles on life insurance at https://www.hawkinselderlaw.com/?s=Life+insurance). Managing your life insurance online can make things a lot simpler.

Steps to Manage Online Accounts:

Find Your Provider’s Website: Log in or create a new account.

Check Your Policy Details: Make sure all the information is correct.

Make Changes if Needed: Update your beneficiaries or coverage amount easily.

Annuities Online

Annuities are like life insurance policies with savings account functions. Although immediate annuities can give you a check every month, deferred annuities grow without paying money until you withdraw the funds. Managing them online helps you keep track of how much money you have for the future.

How to Manage:

Log Into Your Account: Most companies that offer annuities have a website.

Review Your Annuity: Check how much money is in there and how it’s growing.

Adjust if Necessary: You might be able to change how your money is invested.

Online Investment Management

Investments can be anything from stocks, bonds, or even real estate. They can grow your money over time. You can look up the tax information about your investments in seconds on an online account. You can also change your investment plans very easily through your online account.

Starting Out:

Choose a Platform: There are lots of online platforms for investing.

Set Up Your Account: Provide some basic information about yourself.

Decide on Your Investments: Do some research or talk to a financial advisor.

Managing Bank Accounts Online

Probably the most common thing people manage online is their bank accounts. It’s super easy and lets you do almost everything without going to a bank.

How to Do It:

Find Your Bank’s Website or App: Download the app or go to their website.

Log In or Sign Up: You’ll need some personal information to get started.

Start Managing Your Money: Check your balance, transfer money, pay bills, and more!

Tips for Managing Your Online Accounts Safely

While online management is great, staying safe is crucial. Here are some tips:

Use Strong Passwords: Make them long and unique.

Enable Two-Factor Authentication: This adds an extra layer of security.

Check Your Accounts Regularly: Look out for any unauthorized transactions.

Keep Your Software Updated: This helps protect against security vulnerabilities.

Conclusion

Managing your finances online, whether it’s for stocks through CompuServe, life insurance, annuities, investments, or bank accounts, offers a world of convenience and control. It puts the power right in your hands. With the right precautions, you can safely manage your finances from the comfort of your home or anywhere else. So why wait? Start taking control of your financial future today!

MORE INFORMATION

Find more information about this and other topics at www.hawkinselderlaw.com. You can also call us at 812-268-8777.

ABOUT THE AUTHORS

Jeff and Jennifer are Trust & Estate Specialty Board Certified Indiana Trust & Estate Lawyers, and active members of the Indiana State Bar Association and the Indiana Chapter of the National Academy of Elder Law Attorneys (NAELA). Jeff is also a member of the Illinois NAELA Chapter, a Fellow of the American College of Trust and Estate Counsel, and a member of the Illinois State Bar Association.

Both Hawkins are admitted to practice law in Indiana, and Jeff Hawkins is admitted to practice law in Illinois.

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