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Savings

Saving your money is important throughout your life and even more so now that you are not receiving a steady paycheck. Budgeting for retirement is extremely important and will help you stay on track with your spending. Here are a few tips on how to save money in retirement without compromising your lifestyle.

Invest

If you can afford to make a few investments in retirement it can prove to be an additional form of income. There are many relatively low-risk investments that you can make to supplement your retirement savings. Check out the investing tab to learn more.

Use Senior Discounts

There are countless discounts available to seniors in retail, dining, travel and more that you may be missing out on. Itís likely that many of the places you shop at now have discounts available; all you have to do is ask.

  • If you are 62 years old or older, you are eligible for a pass that allows you and three others free admission to over 2,000 national parks around the country.
  • Many cell phone companies offer discounts or smaller phone plans to those over 60 years of age.
  • Restaurants like Applebee's and IHOP have great deals for seniors, some even have a special menu of low-cost options.
  • Pharmacies like CVS and Walgreens have discounts on prescriptions and basic services like flu shots.

Try Out Your Retirement Budget

One way to know whether or not your retirement budget will work for you in to give it a trial run. Expenses may change and planning a budget can be hard if you donít know exactly how much you will spend on things like health care without actually doing it. So, trying out a retirement budget for a few months will allow you to see where you can cut costs and where you may need to spend more.

Pick Up a New Hobby

Along with the senior discounts mentioned above, there are many places that offer free or low-cost activities. Senior centers, recreation centers or neighborhood gathering spots often offer group classes and trips for seniors. Trying out a new hobby could allow you to exercise, learn something new or simply meet other seniors in your area. Another way to keep busy is volunteering. If there is a cause you are passionate about, consider volunteering. It's free and you will give back to your community at the same time.

Look at Your Insurance and Health Care Spending

Reevaluating your insurance and health care spending as your head into retirement may save you money. If you were commuting to work and now you are not, you may be able to save on your car insurance. Checking in with your insurance agent to look at your coverage and costs could save you money that will be very beneficial to your retirement planning.

Keep Important Numbers Away from Crooks

Scammers continue to target seniors; so protecting yourself before it becomes a problem will save you both time and money. Never give your Social Security or bank account number to anyone over the phone or through email, no matter how convincing they may seem. There are many resources available online that can provide information on people and companies that are reliable and those that are not. Knowing what to look out for is the first step to preventing any type of fraudulent activity.

 

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