Living a long, healthy, and financially secure life is the dream for most people, but getting to retirement age can mean stretching every dollar that you have to ensure it lasts for as long as possible. You’re whole working life you have been saving and planning for retirement and it’s finally time to start enjoying your retirement! But what happens when you start seeing your savings account slowly dropping and you don’t see an end to your life any time soon. First of all, it’s a good thing that you have many more happy years to look forward to. Secondly, you need financial planning in order to ensure that your savings also have many more years of life. Schedule an appointment with a financial advisor at KNR Consulting to learn how to stretch your dollars.
Sell Unneeded Items
This might be a last resort if you want to pass along family heirlooms when the time comes, but if you have non-sentimental antiques, electronics, or second cars, selling these items could add a significant chunk to your account. Consider what they are worth, how you want to sell them, and what you are willing to accept. Also, consider what you want to do with the money after selling the items. If you have debts or medical bills to pay, focus on these. But also think about putting the money into a retirement savings account or into investments. Talk with an advisor about investment strategies.
Keep up Your Health
Getting and staying healthy should be a lifelong goal, but especially during retirement age when health issues start becoming more common. There are health conditions that are unavoidable, but taking care of yourself should be a priority regardless. Many unforeseen costs come in the form of medical bills, so prevent issues from occurring by maintaining a healthy lifestyle. Take care of your health by:
- Exercising regularly
- Eating a balanced diet
- Avoiding bad habits such as consuming junk food, smoking, and excessive drinking
Stick to Your Retirement Plan
Staying on top of your financial plan will give you an overall idea of your finances. Part of planning for retirement is creating a realistic budget that includes all of your monthly expenses and bills. Be sure to include items like:
- Car payments
It may not sound appealing, but working part-time will keep you active as well as give you additional income. In a past blog, we discussed the benefits of working past the age of 65. Just because you’re retired, doesn’t mean you have to stop working and enjoying the line of work that you’re in. It’s also an opportunity to try new business ventures and is a safe alternative to relying on investments.
Don’t shy away from senior discounts just because it may be embarrassing. Take advantage of these benefits that companies offer in order to save money. A surprising number of companies offer discounts, including:
- Busch Gardens
- Regal Cinemas
- National Parks
- And of course, sign up for an AARP card when you turn 50.
Downsizing doesn’t have to mean moving to a senior living facility. If you own a home that has a large yard or too many bedrooms and the maintenance is taking up too much time and money, consider a condo or a smaller home with less square footage. Also, consider doing this before you retire so you can use the money that you gain to add into a savings account or use it to invest.
With the right financial planning, you can be confident about your retirement years. It’s frustrating having to worry about how much you’re spending and always looking for ways to save money. Get help with retirement advice, investment strategies, and plan for retirement when you schedule an appointment with a financial consultant at KNR Consulting.