We all have unique plans for how we’d like to spend our golden years. One thing most people don’t want to think about is their finances. After all, that’s what you did all that planning for, right? Whether you just retired or are nearing that milestone, here are five easy financial tips for retirees to help keep their money safe during this time.
1. Continuously Reassess Your Budget
Everyone should take the time to create a budget, but it’s equally important to go back and revisit it on a regular basis. Just because you’ve spent years thinking long-and-hard about your budget during retirement, that’s no guarantee you’ll actually stick to it. At the end of each month, check your spending to see how you did.
2. Don’t Forget About Taxes
It’s remarkably easy to forget about taxes once you enter retirement and quit drawing a traditional paycheck. Of course, the IRS won’t forget about them. If you have a high enough provisional income, remember that some of your benefits may be taxed.
3. Hold Off on Taking Social Security
If at all possible, hold off on taking your social security benefits. If you were born after 1943, you’ll receive 8% more from social security for every year you delay them until you reach 70, when there are no further benefits. That could equal thousands of dollars extra a month for the rest of your life.
4. Take Your Time Considering a New Property
During retirement, it can be tempting to move to a new city, closer to the beach or upgrade to a nicer house. These are both understandable tendencies – you’ve worked hard and it’s time to enjoy your rewards – but be careful. Monthly housing costs are the largest expenditure in most Americans’ budgets. If you haven’t been planning for this type of purchase for years, you’ll need to take time to reconsider your budget accordingly.
5. Take Advantage of Senior Discounts
You probably know that with age comes special discounts from certain businesses, but you probably don’t appreciate just how many companies offer senior discounts. Everything from your food to your phone bill to the items you buy at department stores could qualify for easy savings. Don’t leave that money on the table. It can really add up.
Need Specific Guidance for You Retirement?
While the five financial tips we just covered will help you in retirement, we also understand that you may have questions specific to your unique needs. Contact Mooney Lyons today and let’s talk about your retirement goals and steps you can take to ensure you’re able to enjoy your golden years without worrying that financial problems will get in the way.