How Baby Boomers Can Save Smarter During Retirement

How Baby Boomers Can Save Smarter During Retirement

If you’re a baby boomer, you grew up knowing the value of hard work and savings. So it may come as a surprise to know that some seniors are spending too much energy trying to find ways to pinch those pennies. You have to find a balance between planning ahead and planning for joy in your life, and these tips can help you do just that.

Curb Your Costs Without Curbing Your Fun

You shouldn’t have to cut out all the fun in your life in the name of saving a buck. There are far less painful ways for seniors to save money than say skipping vacations and leisure activities. One of the smartest ways to trim excess spending is to take a closer look at your current healthcare coverage. You may be overpaying for a plan that doesn’t even fit your healthcare needs, or you may need more coverage to stop paying out of pocket. Look into your current enrollment status and then start doing your homework now so that you will be well prepared to make an informed decision when the open enrollment period (OEP) rolls around in the fall. Aside from making painless modifications to your Medicare coverage, you can also look for other positive ways to add to your retirement fund. Small, simple savings steps can make a big difference, such as decluttering your home and selling excess items for a profit. Clearing out clutter can also clear out stress from your life, so it’s a win-win for you.

Invest in Burial Insurance to Benefit You and Your Loved Ones

This may be a tough subject, but it’s wise to have a plan made for final arrangements. By purchasing burial insurance, you’ll be helping your loved ones pay for your funeral expenses. It can also aid in paying off any remaining loans or medical bills you leave behind. Look online for the best insurance policies to compare costs and coverage, then communicate your planned arrangements to your loved ones.

See the World Without Going Through All Your Savings

One of your retirement goals may be to travel more of the world. As it turns out, travel may be the secret to more happiness during retirement. But too few boomers are making the necessary financial plans to fit vacations into their golden years. You can change that by making thriftier decisions when it comes to the trips you decide to actually take. For example, if a cruise is on your travel radar, you could opt for a budget-friendly road trip instead. With all that extra space in the trunk, you can save more money by packing your own sunscreen, toiletries, bottled water, and healthy snacks.

If you are over the age of 65, you have the added bonus of being able to take advantage of senior discounts at restaurants and hotels while you are on the road as well. So really there’s no reason why you can’t see more of the country, or the world, without putting a major dent in your retirement savings. Of course, if you do have your heart set on a cruise, you can find ways to trim the costs there, too. Be thrifty by planning your ocean voyage during the offseason or asking your favorite cruise line for a loyalty discount.

Find Ways to Get More Money Out of Your Home

When you need bigger ideas to save money in retirement, you should know that there could be a lot of easy savings hidden right in your home. If you are up for a major change, downsizing your home can have some clear benefits for your finances and well-being. A more manageable home can decrease your home maintenance costs and also make aging in place more accessible, which can eventually cut down long-term care expenses. If you do decide to downsize your home, you’ll need some real estate strategies to help your current home sell. Take some time to clean and tidy up inside and outside of your home, or consider hiring someone to help you get your house looking its best.

If moving just isn’t in your retirement plans, you can also make changes to reduce costs in your current home. Cutting your electricity bill is one of the most effective ways to decrease daily expenses, and you can do so with easy energy changes like changing your filters and keeping your refrigerator clean.

Baby boomers are known for their unparalleled sense of fiscal responsibility, but don’t let that stand in the way of having fun in retirement. Look for less restrictive ways to reduce your expenses, and make the most of your retirement years!

Written by:
Alex Lopez
Posted on:
February 20, 2019