Who doesn’t want to save money? It seems everywhere you turn there is a new sale, special offer, or discount on some product. It may even be overwhelming or hard to keep track of all of the savings you should look out for. If you are in or approaching retirement, it’s important to have your “savings radar” on and take advantage of all of the savings you can. Here is a list of helpful ways you can keep more of what you’ve earned in retirement:
Evaluate Your Monthly Bills
There’s a good chance a large portion of your income is going toward housing, food, gas, etc. But what about those monthly charges like cable, phone, etc.? Determine which of these are absolutely necessary and which are not. Streaming services, such as Netflix and Hulu, can be a great alternative to cable. Also, with the dominance of cell phones today, landlines are becoming more and more obsolete. Another way to decrease spending is by cutting transportation costs. If you have a spouse, determine whether or not you can get by with one car. Carpooling is another great option. This will cut down on gas, maintenance, and insurance costs. The goal is to discover how new technology can help you save you time and money.
One of the easiest ways to save money is through senior discounts. All you have to do is know where to look. Restaurants including Applebee’s, Krispy Kreme, and Subway offer up to 10% off for those qualifying. You can shop at clothing stores including Banana Republic, Clarks, and Kohl’s for discounts on certain days. The list also extends to many movie theaters, pharmacies, and grocery stores. Aside from the money saved, these discounts also provide a great incentive for retirees to be productive and social. You can do the things you enjoy and save money doing it. Click here for a list of more senior discounts.
Your Physical Health
Your health should be a priority in every stage of life but most importantly in retirement. Living with health issues, including diabetes and heart disease, may impact not only your quality of life but your finances, as well. Healthcare is a huge expense for retirees, spending up to multiple thousands of dollars each year on prescriptions and doctor visits. The best thing you can do is to incorporate a healthy diet and exercise into your lifestyle as soon as possible. Find activities you enjoy, like taking daily walks with friends and cooking healthy meals with your spouse. By doing all you can to maintain your health, you could spend more time enjoying your retirement years.
Speak To A Professional
One of your most valuable tools is having a financial professional on your side. It is their job to provide knowledge and experience to guide you in your financial future. They can help you avoid penalties and fees and help you keep more of what you’ve earned. You should find someone who can advocate for you and help you better understand your financial situation. Retirement should be a time to enjoy; make sure you have someone who can help you get there.
It is no secret that retirement brings a shift in one’s finances. This phase is about making the money you have saved last. Many people spend time focusing on retirement plans that include long-term care, estate planning, etc., but many fail to account for everyday expenses that can add up. Use these tips to discover even more ways to stretch your dollar. The courses at American Retirement University are also a great resource to provide insight on the retirement phase of life and put you in touch with financial professionals in your area.
Sign up for a course today and discover how financial guidance can help you in retirement.