How to Live Well on a Fixed Income: Essential Tips for Seniors
Living on a fixed income doesn't mean you have to sacrifice your quality of life. With strategic planning and mindful spending, you can still enjoy your retirement years comfortably. Here are some tips to help you manage your finances:
1. Get a New Insurance Plan:
Your mind and body change as you age, meaning more doctor’s visits, check-ups, and prescriptions, but this also means an increase in health care expenses. To help you save some money in the long run, now might be the time to reconsider your healthcare coverage by speaking with a healthcare advisor or getting a quote online. You can also look into Medicare Advantage plans, which typically offer additional benefits not included in Part A and B such as prescriptions.
2. Save Money on Food:
Reduce food costs by cooking at home more often, using senior discounts, and choosing stores with membership perks and discount days. Save on groceries as well by making a list to avoid impulse buying. Better yet, do curbside pickup or door delivery, the latter of which saves gas.
3. Refinance Your Home:
If you need an infusion of cash (e.g., to repair or renovate your home) or if you’d just like to lower your monthly mortgage payments, refinancing your home may be an option you want to consider. With a refinance, you reduce the equity you have in your home in exchange for a new loan. This option is best if you’re planning to be in your home long-term, so if you’re thinking of moving in the next few years, you may want to avoid refinancing.
4. Return to Work Part-Time:
Part-time work can supplement your income, keep you socially active, and help you stay engaged. Consider freelancing, teaching, or even turning a hobby into a small business.
Think about what you enjoy doing and explore ways to expand on it. Maybe you’re a skilled carpenter, musician, or mechanic. Whatever the case may be, see if there is local interest. Pick up jobs here and there, advertise your services in the newspaper or on social media, or put a listing on a freelancing site.
If your retirement income isn’t cutting it, there’s no need to fret. There are ways to budget and save without forgoing the fun and freedom that retirement promises. Reevaluating your health care coverage, saving on food, joining a senior discount program, and working part-time are just a few of the many ways you can start saving so you can still live it up in your golden years.
~ Guest blog post written by Karen Weeks
Debbie Compton
I am an author, speaker, caregiver, and Grammy. The latter is by far the most fun! Having been a primary caregiver 3x, I realized so many lessons were learned too late to benefit my Dad who passed of Parkinson's Disease. I resolved to write a book to make life easier and safer for other caregivers that would get them ideas, inspiration, and lessons learned. It's called "Caregiving: How To Hold On While Letting Go" available on Amazon. I am a Certified Caregiver Consultant and Advocate as well as a Community Educator for the Alzheimer's Assoc. and Founder of The PurpleVine LLC
