Hot weather shouldn’t be a reason to sweat your budget.
More than 25 percent of older adults in the United States currently live on a fixed income. And while conscientious retirement planning might make that fixed income more than enough for you, there’s still the matter of income remaining fixed while expenses can be fluid; so whatever can be done to mitigate increases or uncertainty of costs will be a benefit to an income stream that is less flexible.
Many ways to save are common sense, and require only some planning or vigilance. Many restaurants and retailers offer senior discounts. Planning ahead for common large costs for seniors like medications and additional healthcare services can also help alleviate some sticker shock and work against unforeseen circumstances taking a heavy toll on your savings or monthly budget.
There are also bigger moves that can be made. Downsizing from a large home and/or uprooting your retirement years for a move to a location with a lower cost of living can significantly extend the longevity and purchasing power of your funds. Of course, your new, budget-friendly scenery could also be short-term. Looking to the weather extremes can provide great value for travelers. Braving the heat in famously warm locales or changing things up and visiting a Southern Hemisphere destination that is now in the middle of winter could lead to lower costs and smaller crowds when navigating through your travels.
When it comes to matters regarding your retirement savings and strategy, there are also plenty of ways to work towards lowering your expenses. Planning and strategizing effectively for taxes, Social Security and required minimum distributions are several areas that can be optimized for each individual.
At Consha Financial we can help you feel confident that your money is being efficiently spent in the ways you prefer. Give us a call at 678-539-9518 and let us show you what we can do to help provide you with financial confidence.
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This blog is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.