Everybody comes up with something slightly different when they think about retirement.
We all have unique plans for how we’d like to spend our Golden Years.
One thing most people don’t think about is their finances. After all, that’s what they did all that planning for, right?
While good planning is absolutely essential, we also have some financial tips for retirees that will make sure that hard work doesn’t go to waste.
5 Financial Tips for Retirees That Everyone Should Use
Whether you just retired or are nearing that milestone, here are five easy financial tips for retirees that anyone can use to 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. There are plenty of apps that will track your spending, which will make this a lot easier.
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 finally 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, maybe one with a beach or a nice golf course. Some people stay in the same city but actually 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 your age earns you a certain amount of savings with different 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.
Want Specific Guidance for You Retirement?
While we know the five financial tips for retirees we just covered will absolutely help, we also understand that you may have questions specific to your unique needs.
Contact us today and let’s talk about your retirement goals and active steps you can take for ensuring you’re able to enjoy them without worrying that financial problems will get in the way.