Money Management for Seniors
The third chapter of life can be your best if you plan correctly. As people grow older, the thought of saving for retirement turns from a blip on the horizon to a reflection in the rearview mirror. You may have less to work with since employment will be a thing of the past; however, your overall cost of living should start to go down rapidly. By now, your kids are probably through college and (hopefully) paving their own path down the road of life. Saving money during retirement is important, especially if you want to cross all of the items off your bucket list. Luckily, we’ve put together a list of helpful tips that you can integrate into your life to experience the best time possible during your retirement.
Saving for retirement is about cost mitigation (among other things). Preventative care – when it comes to your health – is something that should be on every senior’s mind. Major surgeries and chronic conditions can be a massive blow to your savings and limited income, so it’s important to start living a healthy life every day. Hospital bills and prescription medications, even with insurance, can drain a bank account quicker than anyone would like to imagine. This is why it is important to tweak your lifestyle to prevent as many unneeded doctor’s visits as possible. There is substantial scientific evidence to support the fact that a lower BMI, a healthy lifestyle (eating right and exercising), normal levels of cholesterol, and no cigarette smoking will lead to a longer and healthier existence. Preventative check-ups for things like cancer and heart disease are also good ideas.
One way to mitigate hospital bills is to exercise! The benefits are numerous and well-studied and everyone should be moving their bodies at least 3-4 times per week. If you haven’t exercised in a while, start off with a gentle swim or walking regimen. After you’ve gained some of your strength back, try a group activity such as cycling or tennis. Research has shown that exercise cuts down on the #1 killer of Americans: heart disease. Exercise can also help alleviate many physical symptoms such as depression and anxiety.
Cut Down on Frivolous Spending
Look at all of your expenses week-to-week and see what you can cut down on to save money. Utilities, going out for food, and that daily cup of coffee from a store can start to add up. Cooking your own food and making your own coffee can eventually translate into huge savings. Cutting down on going out to eat and being extra careful about leaving lights on, even for just a year, can save you enough money for a fun trip with the grand-kids or an exciting cruise with your spouse!
Choosing the right insurance can save you thousands of dollars per year, especially if you have multiple doctor’s visits a month. Group benefits that are purchased by your employer are offered at a reduced rate because the cost per person becomes dramatically reduced. If you are looking for group benefits for retirees for your business, look no further than Benistar. We have been a national leader in the implementation of group medical benefits for retirees for years. We’ve saved Americans thousands of dollars during that time through the guidance of our President, Don Trudeau and his team of professionals. If you wish to speak with a representative today, contact us at 860-408-7000.