Important Financial Tips for Seniors
If you’re nearing retirement age, you’ve probably got a lot on your mind. Besides looking forward to having more free time on your schedule, there are trips to plan, hobbies to pick up, and of course— finances to manage. With a lifetime’s worth of bills, assets, and a retirement budget to plan for, figuring your finances is no simple task. We’ve gathered some top financial tips for seniors to help you plan for and navigate finances in retirement.
Save Up in Advance
Planning for retirement is a common recommendation for anyone in the workforce. Living without an income can cause substantial financial stress during retirement— especially when unexpected bills like medical care or new supplies for your latest hobby comes lurking around the corner. Build your retirement fund early so that you can fully enjoy the R&R you deserve after years committed to your career. RetirePlan is an app that helps seniors keep track of their retirement funds in the years before and during their retirement. You can even set goals to hold yourself accountable for your financial plans!
Know Your Financing Options
If your savings in retirement aren’t quite what you’d pictured, don’t worry—there are plenty of other options to help you retire with secure savings. HECM loans, for example, allow seniors to use the equity in their homes to help provide a better financial foundation when they reach retirement. You can use the equity proceeds from your reverse mortgage to pay off debt, eliminate your monthly mortgage payments, or even take care of medical expenses. Planning an all-inclusive trip to Mexico to celebrate your retirement? You can also use your loan to help out with your travel expenses!
Consider Part-Time Employment
Many retirees still end up working at least part-time after they’ve left the workforce. Whether you’re a busy bee or just need a little extra income to get by, part-time employment can be a fun and fruitful way to experience life as a retiree. From freelancing to pet-sitting to working at luxury resorts, there are tons of job opportunities out there for retired individuals who want to get back to work. Browse retirement jobs and there’s sure to be an option that’s suitable for you!
If you loved your career work but needed to take a little time off, try freelancing! This will give you just enough job satisfaction without overwhelming your schedule— feel free to take clients on as you please.
Some of the most popular jobs for retirees include:
- Event Staff
- Hotel Concierge
- Walking dogs
- Customer Service Representative
- Driving for Lyft
If you enjoy the social element of working but aren’t quite ready to commit to another job, you may want to consider volunteering instead. Check out VolunteerMatch to find a volunteer opportunity that combines your interests and works with your schedule!
Put Those Coupon-Clipping Skills to Use!
Even with the internet age in full swing, coupons are here to stay. Except, for now, coupons are called “promos” and they’re usually redeemed online. There are even applications and tools on your computer that can help you take advantage of the best deals online. Use the Honey extension on your internet browser to automatically apply coupon codes to your online purchases. Use TravelPirates to find cheap deals on flights when you’re planning your big trip for retirement. If you’re savvy with your savings, there are plenty of cost-cutting tools to help boost your retirement fund.
Spend Your Retirement Money Wisely
Once you’ve figured out your savings and budget for retirement, you’ll want to consider how you can make the most out of your funding in retirement. What does this mean for you? If you live in an area with a high cost of living, you may want to explore some other options so you can put your funding toward travel, new hobbies, and other living expenses.
According to CNBC, some of the most reasonable places to retire include:
- Birmingham, AL
- Detroit, MI
- Memphis, TN
- Augusta, GA
When deciding on a place to retire, be sure to evaluate the area’s cost of living, quality of life, services for seniors, and existing retirement communities to help you make the right decision.
Whether you’ve been saving since the start of your career awaiting your retirement or just started