Money management during retirement years is drastically different than that of the rest of your life. Usually, you have less to work with, but also, your costs should be decreasing, especially as your children grow older and can fend for themselves and in some cases, even help out. Once you retire, you have decided on receiving just that amount of money, but there are a few tips and tricks that can help you stretch out. After all, you want to be out crossing items off your bucket list during retirement, not worrying about money! Here, Benistar lists a few ideas to help you save during your golden years.
One of the best ways you can save money during retirement is by adhering to a somewhat strict budget. This way, if you are usually conservative with your money, you will have more of it for frivolities, traveling and spending on your grandkids- all the quintessential parts of retirement. You can cut down on things like eating out, entertainment costs and utilities (refer to all the old adages- replace air filters, turn off faucet when brushing teeth, turn off the lights when you leave a room, etc.) and save around 100 dollars a week- more if you are able to cut down more! This money will add up, especially if invested wisely, which brings us to our next point…
A lot of tips for saving money for retirement entail savings tips you should implement in the (many) years leading up to retirement. And while putting money away over the many number of years you work and letting it accrue by investing it or putting it in an IRA or other interest account, is an incredibly important way to make sure you don’t have to watch your money so closely while in your golden years, there are other ways. If you choose to wisely invest your money in your later years in safe, winning stocks or other accounts (it is advised to meet with a financial planner for best possible results). It’s possible that the financial burden and hardship many experience in their later years will be eased for you.
Another option is to limit the amount of money you HAVE to spend. Many retirees decide to downsize in their old age, opting for smaller homes/ apartments in lieu of the larger homes they once needed while raising children. Moving to a smaller home is an especially good option if you are considering traveling as you won’t even notice the switch if you’re gone enough! Some people decide on an even more drastic downsize- they move to a cheaper part of the country, or even, world. Check out Benistar’s blog on the best places to live in retirement for some ideas on budget-friendly, retiree-friendly cities. These places tend to be generally more inexpensive and in some cases, benefits are given to retirees, such as tax exemptions- so make sure to check them out.
You may fear for your waning income while in retirement, but there’s really no reason to fret. The suggestions listed above are incredibly easy to follow and can make a real difference in your liquid assets. Of course, for optimal results, meet with a financial planner that is well-versed in the world of retirement finance to ask any questions and adequately prepare. And remember, for all your healthcare needs, look no further than Benistar.
Tips for Saving Money on Retiree Health Insurance
In our previous blog post, we spoke about saving money as a retiree in general. And it’s important that those tips and tricks extend to health insurance as well, as that ends up being a large financial expenditure for a lot of Americans in their primetime. This is because as we get older, our bodies tend to have more health complications than ever. These health complications translate into expensive medical bills, bills that insurance companies don’t often cover. But, there are a few tips and tricks, as suggested by Benistar, that you can try to use to cover your healthcare costs and spend you hard earned money on seeing the world and spoiling your grandkids! Saving retirees money on their healthcare was always the goal of Benistar visionary and current President Don Trudeau and chairman of Benistar, Molly Carpenter.
The best tip and ultimate rule in avoiding high healthcare costs is to prevent health problems in the first place. It has been widely verified by scientific research that people with a lower BMI, lower cholesterol, healthy lifestyle (exercise, no cigarettes, no drug use and no excessive alcohol use), healthy eating habits (on average, 1500-2000 calories a day, you want to be especially careful as in older age those pounds are especially hard to shed), low blood pressure and other general indicators of health tend to have less health complications that lead them to need out of pocket healthcare in the first place. So how can you achieve this? Start with an exercise plan, something that raises your heart rate (such as jogging or swimming) 3-4 times a week, and as you reach a healthier weight you will probably notice that any health problems will start to clear up, especially those related to your heart. This is especially poignant because heart disease is the number one killer of Americans and costs the country millions in healthcare costs each year. Another way to achieve improved health is to adhere to a healthier diet. This entails decreased calories, decreased sodium, decreased fat and decreased sugar as well as increased calcium, vitamins a-e and other healthy minerals and nutrients. Try to limit your processed food intake. Studies have estimated healthcare costs to be decreased by millions if American simply followed healthier diets and had lower rates of obesity. Populations with lower rates of obesity tend to live longer and have far less health costs. Another measure of preventative cost is to go to the doctor even when something isn’t necessarily wrong (i.e. a check-up). Early detection of problems can save you thousands of healthcare dollars. You earned that money through hard work and Benistar and its president, Don Trudeau, want to see you save that money.
Another great way to achieve benefit and lower costs regarding healthcare in retirement is via group benefits. When an entity, such as your previous employer, purchases a group healthcare plan, the cost per person is dramatically reduced, leaving the participants with more features and less costs. If you have any questions about retiree medical benefits, look no further than Benistar’s website. Benistar is a national leader in the installation of group medical benefits for retirees and it has been saving older Americans money for years through the guidance of its president, Don Trudeau.