Retirement Tips for Seniors

August 2, 2018

When it’s time to retire, you’re going to make a lot of decisions about your future, all in a very short time. The more planning you do, the more likely it is that you will see a successful retirement.  Even if you haven't saved enough, didn’t plan enough or we just haven’t figured out what we will do with all that time suddenly thrust upon us. The lack of planning can lead to spending your days away sitting in an easy chair in front of the television. Don't underestimate the impact of a retirement plan! 

Here are a few money-saving tips that can help your retirement path!

  • Use bargains and benefits. Numerous age-related discounts are available, such as discount days at your local grocery store, reduced pricing on matinee movies, and lower pricing on dinners at many restaurants. Don't be shy about asking for a senior discount even if one isn't advertised. Benefits programs, which can be found on Nutrition.gov, allow you to get quality food for lower prices. 
  • Make a budget. This is probably something a lot of people already do, budgets help tremendously when saving for retirement and help you spend less on what you want and more on what's needed. Learn where to cut back or what kind of adjustments you need to make. Even setting a monthly amount on gift cars for your favorites stores can help you say on a strict budget.
  • Have a spare bedroom? Roommates offer companionship and help you both save money. If you own a home, consider renting out a room to bring in some extra money. If you rent, consider finding someone to rent with. You can ask around for potential roommates at your local community center, church groups and even through social media. 
  • Use public transportation. It's much easier these days to navigate directions. Google and Apple offer a way to search for public transportation routes online. If public transportation is too slow, you could even get rides from new transportation services like Uber or Lyft.
  • Withdrawl plan. Don’t give yourself unlimited access to investment funds. Instead, set up a "retirement paycheck" by structuring direct deposits from your investments into your checking account on a monthly or bi-monthly basis. If the money is coming out of an IRA or other retirement accounts have both federal and state taxes automatically withheld before you receive your share. 

These are a some of things to be aware of, consider meeting with a financial advisor to formulate a proper retirement plan. It's never too early or too late to start saving for retirement. Working with someone who can help you get through retirement is important. A lot of financial advisors can get you to retirement. Not many can get you through retirement.

We hope these tips gave some insight on what to do when retirement is a couple of years away, take consideration of the retirement lifestyle and read our other blogs about what to do when you're a retired senior citizen