Tips for Fiscal Responsibility
July 25, 2024
Hot weather should not be a reason to sweat your budget.
More than 25 percent of older adults in the United States currently live on a fixed income1. And while conscientious retirement planning might make that fixed income more than enough for you, there is still the matter of your income remaining fixed while expenses can be fluid. Therefore, 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. For example, many restaurants and retailers offer senior discounts. Another strategy is to plan ahead for common large costs for seniors like medications and additional healthcare services. This will alleviate some sticker shock and work against unforeseen circumstances that may take a heavy toll on your savings or monthly budget.
There are also bigger moves to consider. Downsizing from a large home 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 change could also be short-term. When planning your vacations, look for the weather extremes to decide when to go. Consider braving the heat in famously warm locales or visiting a Southern Hemisphere destination that is currently in the middle of winter. You will enjoy lower costs and smaller crowds when navigating through your travels.
When it comes to matters regarding your retirement savings and strategy, there are plenty of ways to lower your expenses. They include planning and strategizing effectively for taxes, Social Security, and required minimum distributions (RMDs). These are areas to optimize for each individual.
You want to feel confident that your money is being efficiently spent in the ways you prefer. Let us show you what we can do to provide you with financial peace of mind. Schedule today!