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Saving Money Tips For Retirement

How to Save Money After Retiring

Although many 50+ Americans have saved for retirement, few realize how much they need to continue to save through their golden years. With medical advancements making it increasingly easy for people to live for several decades after retiring, it is important to make sure that savings accounts are going to last. Use these best money saving tips to save money in daily life so that retirement can be enjoyed, rather than be a time of stress surrounding finances.

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Assess Medicare Benefits

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For many people, expenses associated with prescription drugs and medical costs can be an enormous drain on their bank accounts. There are several programs available to seniors to help them afford various medical expenses. For example, “The Extra Help Plan” from Medicare, along with various local programs, can help seniors with drug costs. Those who have limited income and are enrolled in Medicare can qualify for savings programs that can help minimize premiums and co-pays.

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Study Different Benefit Packages

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The NCOA’s “Benefits Check Up” can help senior citizens learn what benefits they may be qualified to receive. There are many programs that can help seniors remain in their homes longer, which can minimize payments for expensive nursing home care, and phone plans designed for senior citizens. Many states will even offer programs that allow seniors to work off part of their property tax bill.

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Take Discounts When They Are Available

A number of different stores, from retail to restaurants, offer senior discounts. Contacting your favorite shops can open doors for a number of different daily savings. It is also a good idea to see if interest rates on any debt can be renegotiated, which can lower monthly payments and keep more in the pocket.
There are also numerous benefits and savings offered specifically to customers with an AARP membership. Senior discounts can range from renting cars from certain companies to 1-800 Flowers to ADT home security systems.

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Build Up the Community and Earn

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Many seniors enjoy spending their golden years giving back to their community, but there are certain programs that will even offer seniors payment or stipends for doing this community service. Spend time doing what is enjoyable while also receiving a bit of extra money to be saved away.

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Plan Your Estate Correctly

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It is a very common, and a costly mistake, to let children just handle the inheritance when the time comes. A good estate planner can help seniors stay on top of their finances and avoid paying unnecessary fees and taxes while also helping to keep peace in the family, which is always worth its weight in gold.

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When seniors find themselves in the midst of retirement, they have to ensure that funds and savings last for the rest of their lives, so finding ways to save money is vital. When it comes to determining the “best money saving tips” for seniors, each person has to determine what techniques will work best for their lifestyle. The above tips offer several ways for those entering retirement to get started.

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18 comments

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