Other Ways To Enhance Retirement In.e-www.sdosta.org.cn

While combination life insurance-long term care products can reduce the expense of long term care insurance, that alone may not be enough to feel comfortable with the retirement income that we have available. The market volatility has impacted many retirees. With account values dropping so rapidly, it makes it difficult to rebuild the value of the nest egg. Retirees also find it challenging to maintain a consistent monthly draw from their retirement nest eggs for fear of depleting the account too soon. There are only two ways to resolve the challenge. There either needs to be an increase in the monies that are in the retirement nest eggs or a reduction in the monies being drawn out each month. So, if going back to work is not the favored option, then we need to look for ways to reduce monthly expenses. Here are some tips to help make the process smoother. Categorize expenses Some expenses are mandatory, while others are optional. We should make sure that mandatory expenses are covered first, and optional expenses are included as finances allow. Mandatory expenses would include such items as mortgage or rent payments, car payments, utilities, and food. Optional expenses might include eating out, vacations and trips, and other forms of entertainment. Scaling back When we realize that we have to scale back our spending, the easiest place to start is with our optional expenses. Are there things we can cut back or eliminate altogether? Home and car maintenance During working years, there are some household tasks that may have been easier to delegate to others than to try to squeeze into the schedule. For instance, some households hire out for their yard maintenance or housekeeping. Some households pay for car washes or car detailing. In retirement, it may be more cost effective to do the work rather than to pay for it. Reading material We may have gotten hooked to our subscriptions to various publications over the years. It has become so much a part of our routine that we don’t think much about paying the annual renewal fees. However, in an age where the world is practically only a click away, so much of the information is now available online. The need for newspaper and magazine subscriptions is becoming less important. When looking for areas to cut back on spending, even book clubs can be seen as a questionable expense. Unless there is a novel that we intend to use as a reference or we plan to read the book more than once, the local public library can be another alternative to purchasing numerous books over the course of a year. Senior discounts Retirees have many opportunities to take advantage of their maturity. Many restaurants offer discounts to seniors. Even fast food restaurants have unadvertised senior pricing. Some grocery stores and retail stores offer senior discounts on certain days of the week. Many entertainment venues offer senior rates. Utility companies offer discounts. Again, quite a few of the discounts available are not advertised but will be honored if mentioned. Seniors should not be afraid to ask. Retirement is a season of life meant to be enjoyed. Let’s not let today’s economic challenges steer us away from that. With careful planning and some simple sacrifices, retirees can look forward to the many, many years ahead of them. About the Author: Ozeme J. Bonnette is a financial coach, speaker, and author. She began her career at Merrill Lynch, and now works to increase financial literacy. She teaches and speaks to groups and organizations throughout the U.S. She earned 3 Bachelor’s degrees at Fresno State and an MBA at UCLA’s Anderson School. She blogs at .www.povertynorriches.com . Send questions and comments to [email protected] . Article Published On: ..articlesnatch.. – Finance 相关的主题文章: