In today’s economically unstable environment, it’s more important than ever for those preparing for retirement to plan carefully. As people live longer and longer lives after retiring, making the retirement income stretch as much as possible is vital to enjoying one’s golden years. While it may sound hard, there are actually a number of easy ways retirees can ensure their Social Security and other retirement income will let them live a lifestyle they can be very happy with.
Downsize Your Accommodations
Now that the kids are grown and gone, perhaps it’s time to trade in the family-size home for a smaller, less costly alternative. Having a three-bedroom, the two-bath home may no longer be necessary. Selling the house and moving into a smaller apartment can help save hundreds or thousands of dollars per year. Maintenance, insurance, taxes and other expenses can be dramatically reduced by choosing to downsize.
Low-Cost Health Care
Retirees have many options for lowering their health care costs. While Medicare will help with most medical costs, there are other options as well. For those who need dental work, using an affordable dentures office can save hundreds of dollars on a new set of dentures, and can even allow patients to make small monthly payments if needed. Belonging to a group like AARP can also help get discounts on prescription drugs and other health services and products.
Trading in the Vehicle
Now that you’re retired, you may be able to get along with one less vehicle. Trading in your car can save hundreds of dollars per year on insurance, taxes, gas, maintenance and more. Using public transportation to get around town is very affordable, and often just as convenient.
It may sound like a little thing, but for those people who take their coupon clipping seriously the savings can really add up. Many seniors can clip coupons for their favorite products, then go to a store that offers a senior citizen discount on certain days of the week to maximize the savings. It’s not uncommon for those who practice this to save up to 50% on their weekly grocery bill, leaving more money for entertainment, vacations and more.
FRA Financial Group Founder Joe RoosEvans is an industry veteran who has built one of the nations’ most successful Independent Marketing Organizations – Financial Resources of America and its affiliated companies, including FRA Financial Group.