Seniors don’t have to struggle financially — we’re here to help!
There are 47 million seniors in America struggling or at risk financially — an astounding number that highlights the importance of staying financially healthy post-retirement. It’s easy for retirees and seniors to view retirement as a time to spend on the things they want, only to find themselves deep in debt.
Whether you have a large retirement nest egg or are budgeting month-to-month, there are just some things you can’t avoid paying for and costs are only rising. Use our senior budgeting guide to make sure that you live comfortably in your golden years.
1. Budget
The most important aspect of financial health and planning is budgeting. It’s estimated that over 65% of Americans do not regularly follow a budget. Budgeting allows you to track where your money is spent and ensures you keep a savings plan.
If you’re unsure of how to budget, check out our article on the 50/30/20 rule. Whether your income is a lump sum from retirement, collecting social security benefits, or having other sources of income, it’s best to know where that money will go.
2. Health Is Wealth
The best way for seniors to save money is to maintain their health. Healthcare is one of the top costs for seniors. You could save thousands of dollars annually by staying healthy and out of the hospital.
Chronic issues like heart disease and diabetes are the most expensive health problems for seniors. Though you can’t control these things, by sticking to a nutritious, high-fiber diet and exercising daily, you can certainly help your body. Another indirect way to improve health outcomes is by avoiding stress and spending time with loved ones.
Hot Tip: Staying current with health checkups is important! Always be proactive with your health.
3. Partner Up For Groceries
When it comes to buying groceries, it’s always cheaper to buy in bulk. We recommend partnering with a neighbor or friend to split up the cost of buying groceries in bulk. This can help save on food costs, reduce waste, and save trips to the grocery store as well.
4. Find Senior Discounts
Senior discounts are an easy way to save money on eating out, insurance, and many other things you normally pay for. Senior discounts are common, and there may be more than you think!
Check out our article on senior discounts through AARP to find out more about how you can save money on common purchases.
5. Consider New Medicare Coverage
Many seniors are happy with their current health insurance coverage and aren’t willing to shop around for a new plan. Chances are with just a little bit of effort and comparison shopping, you can find better coverage or a better price — or both! There are new healthcare reforms every year, making it important to research the year-over-year changes.
6. Use This Pharmacy Discount Tool
If you make frequent visits to the pharmacy to pick up prescriptions, there’s a good chance you can save some money. This tool from UBURx allows you to save up to 90% on your family’s prescriptions, often more savings than insurance copays for a monthly price.
They are currently giving a free trial with free cancellations at any time, give it a try to see how much you can be saving monthly.
Bottom Line
Let’s face it: many seniors have it tough. Unfortunately, they’re put in an even worse situation because they’re not educated on how to manage finances after retirement. Make sure you’re budgeting your money and utilizing every other senior resource at your disposal in order to maintain a healthy financial situation.
