Money Tips in Retirement
Yesterday, I received a call from a friend asking me for job leads for two friends. Her friends are two healthy octogenarians. One 84 years of age and the other is 80 years old. They are currently trying to make up a $1,200.00 monthly shortfall in their budget. It is a sobering question and one I receive in one form or another on weekly basis. These are the five tips I shared with her.
Five Tips To Stretching Your Retirement Dollars
BenefitsCheckUp – Are you leaving money on the benefits table? BenefitsCheckUp helps you identify and enroll in benefits programs you are eligible for. This free website may enable to reduce your outgoing expenses and free up your cash flow.
Seniors Helping Seniors – This in-home care service actively recruits older adults as part of their team. Their goal of connecting their clients with their peers for help and companionship.
Better Choices, Better Health – First of all improve your health! Approximately 77% of older adults have at least two chronic conditions. Enroll in one of their free workshops to improve your overall health. Finally, healthier habits may reduce your use of prescriptions and add money to your bottom line.
Falls Prevention – First of all the average hospital cost for a falls injury is approximately $35,000.00. Medicare on average pays for about 78% of the costs of falls. As a result of your share of a preventable injury is $7,700.00. Similar to your health prevention or management of a condition can add to your bottom line.
Sell Your Car – What? Yes, depending on your lifestyle selling your car might be up for consideration. Creditcards.com reports, “an average vehicle that’s driven 15,000 miles a year, all costs of ownership added up to $8,698 a year, according to AAA’s 2015 Your Driving Costs study. That’s about $725 a month.” Even if you don’t drive 15,000 miles a year sit down and calculate these costs;
Maintenance and repairs
Taxes, license and registration fees