Retirement arrived before you even realized. Where did the years go? Now the challenge is to make your social security payments work and help support you through the coming years. Not everyone has a large retirement pension at their disposal. However, with some careful budgeting and planning, you can save money during your retirement. Here are a few tips to help:
1. If there are two social security incomes, that is all the better. There is one advantaged to being married during your retirement.
2. Speak to a reputable financial planner and learn how to take the money you have and grow it through carefully-targeted investments. You do not have to be a millionaire to invest.
3. Try to limit your monthly expenses before you retire. Pay off your cars. If possible, pay off your house. Reducing those monthly payments can be critical to extending your social security income. If you cannot pay off your home, consider downsizing.
4. Limit your credit card expenses or at minimum, pay them off each month to avoid interest payments.
5. Find free activities and events in your town or nearby for your date nights. You would be surprised how much is available for free.
6. Go to the library and borrow a book rather than purchasing all your reading materials. Try an e-reader to save money when you want to purchase a book. They tend to be discounted.
7. Your health can save you money. The healthier you are, the less you will spend on medical bills.
8. Consider moving to a tax-friendly state such as Florida.
9. Consider roommates. Splitting home expenses – whether mortgage or rental expenses – might be a good option for you, particularly if you are single and living alone.
10. Some retirees decide to get a part-time job. Not only does it provide them with some pocket money; it gives them something to do. Ending your career cold turkey can be a shock and not as easy as you might think. In fact, many retirees actually return to work full-time.
If you have any questions about retirement in Minneapolis feel free to come pay us a visit!
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