5 Financial Tips for Getting Back On Track During Retirement
Retirement is supposed to be the time when you can finally relax. But, if you come into financial trouble as a senior, it can be scary and frustrating. There are steps you can take to get your finances back in order, though. Here are 5 financial tips to help you get back on track during retirement.
Financial Tips for Retirement
#1: Perfect Your Budget
Budgets are essential, especially when you’re trying to recover from financial difficulties. If you don’t have one already, it’s never too late to create one. If you do have one in place, you will likely need to update it to tackle your current financial circumstances. You may be able to negotiate lower rates on some of your bills, such as your phone or medical bills, and consider canceling or pausing any subscription services. Get back on track during retirement by looking for ways to minimize expenses that are variable, such as eating out or high grocery bills.
Aging Care recommends that seniors who are looking to perfect their budget should try researching senior savings programs, government benefits, and senior discounts. Many communities offer free meals for seniors, and some will even deliver. Coupons can also be an effective tool in helping to trim down your expenses. If you have a smartphone, you can sign up for rebate apps, such as ibotta and Fetch Rewards, that can get you money back on groceries.
#2: Consider Your Assets
Possessions like your house and car are valuable assets that you may want to use to help reduce your debt during retirement. Consider trading in your car for one with a smaller monthly payment, or refinancing if you have a high-interest rate. With companies such as Carvana, who are able to come pick up your old car and deliver your new one, you don’t even need to leave your home to do it.
Downsizing to a smaller home could help you get your finances back on track during retirement by giving you a way out of your financial woes. For many seniors downsizing is desirable, as it means less upkeep and can make getting around easier if you choose a senior-friendly property. Contact a realtor to discuss your home’s prospects and learn what it might be worth in today’s market. To determine your home’s equity, simply take its projected value and subtract what you have left to pay on your mortgage.
#3: Work Part Time
If you’re able to, working a few hours a week can be a great way to get your finances back on track during retirement. There are many entry-level jobs available, such as transcription and customer service work, that you can do from home if you have a computer and high-speed internet.
#4: Take Care of Your Well-Being
Money isn’t everything, and while it’s important to figure out your finances during retirement, you also need to make sure you aren’t so caught up in handling them that you become overly stressed and risk your mental and physical health. Take part in positive self-care practices that are beneficial to your overall health. Daily outdoor walks can be a wonderful way to get exercise, and natural light is beneficial to your mental health as well. Additionally, meditation has benefits for both the mind and body, as it decreases blood pressure and anxiety alike.
#5: Consult An Expert
If you’re uncertain about how to handle getting your finances back on track during retirement , contacting a financial advisor might be the best move for you. You don’t have to do it alone — the experts at Lines Insurance can help assess your situation in-depth and better plan for the future you desire.
It’s easy to become overwhelmed when your financial security as a senior is at stake. These 5 financial tips were created to help you overcome it. Using these tools can help to improve your position and prepare for a stronger tomorrow.
Article written by Harry Cline of NewCaregiver.org.
