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Even though there is a long way to get there, people often anticipate early it in their lives, the time when there are no shackles of debt or worry related to adulating – retirement. It isn’t as much about romanticizing the phase of your life as much as it is about the actual independence you receive away from all kinds of stress – primarily money.
Money plays a huge part in everyone’s life. From being a motivator to a facilitator to a downright incentive to go on about their daily lives, money has the power to make or break the system and society we live in. So naturally, after retirement, people want to have financial reliance on getting rid of the financial stress they have lived their whole life in.
However, not everything works out as planned for most people, and you can’t always have enough financial support or background to rely on after retirement. So how do you go about your life then? Well for starters, here are some excellent ways you can save money after retirement and maintain a happy, healthy lifestyle. Let’s take a look:
1) Start a Project on the Side
If you have always been on the crafty side, then this is your time to shine. Understandably, you don’t want a working, 9 to 5 corporate slave life now that you have finally retired. However, a project on the side that keeps some flow of cash incoming is always a good idea. You can have your own terms for working and taking on orders as per your timeline.
2) Yard Sales for the Win
The chances are that if you are retiring, you may have a collection of items and things you have bought and used over the course of your life. However, it isn’t necessary that you will use them now. So what’s the point of hoarding? Instead, put up a yard sale and sell out all of your old stuff. You will definitely end up making somewhere around $200, if not more.
3) Home Cooked Meals for Health & Wealth
Home-cooked meals help save the money that you would spend on dining outs and considerably keep your diet and health in check. Therefore, it is best to have occasional fancy lunch or dinners, but regular meals should be home-cooked. Moreover, you can always do your own groceries and avail great sales and discounts, which brings us to our next point…
4) Don’t Shy Away From Senior Discounts.
You are retired and officially a senior citizen. So it is best that you accept and use it to your advantage and avail all those senior discounts. Many supermarkets and grocers offer incredible senior discounts and coupons that will surely save you a hearty amount of cash every month. Moreover, you can shop from brands that keep discounts for seniors.
5) Delay Cashing Social Security
Fortunately for everyone born in 1943 or later, the more you delay drawing your social security after your retirement age, the more benefits you’ll get by the end of it. According to SSA.gov, your benefits increase by 8% until you reach the age of 70 if you delay cashing your social security. Talk about automatic savings and an additional benefit – a win-win situation!
6) Use Updated 401(k) & IRA
An updated 401(k) and Individual Retirement Account will help you keep your contributions for long, even after turning 70. Remember the side project you started? You can put your earnings in this contribution for later use. You can even catch up on contributions as investments in low-risk yet average paying investment projects.
7) Use Your Seniors Card for Property Taxes
Every state has its own age for slashing property taxes. However, a good agent can continually update you on the figures, and you can freeze your property taxes by using the senior card. Likewise, in some states, the value increase in taxes can be frozen, and your homestead exemption can also be increased as you age which might be more significant than reduced taxes.
8) Get Enrolled in Medicare
Health insurance is one of the most commonly ignored parts of people’s lives, especially once they retire. Many people wrongfully believe that either the health insurance their employer provides is enough, so they keep working, or when they finally retire, they feel they don’t need it anymore. However, not only does this comprise your heal tut it also makes you liable for additional payments.
Therefore, the best course of action is to get enrolled in Medicare. Save money by enrolling in Medicare within 7 to 8 months of turning 65 and leaving your job. You’ll have quality coverage, eligibility for all plans, and not have to pay an additional 10% late enrollment penalty like others.
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