Money Saving Tips for Seniors

by Site Manager on July 16, 2014

While you will find that many of the same money management tips and tricks that you used before you were in your senior years will still work – they don’t magically disappear or stop being effective – you will discover quite a few new ways that you can save money, as well! Here are some great things you can do.

When you are at least fifty years old, you can start taking advantage of rules that allow you to save more for your retirement. Those who are over fifty can invest $1,000 more in their IRA, and they can put an additional $5,500 in their retirement plans.

Examine your life insurance plans, as well. Many people get insurance when younger and still raising a family. Once the family members are grown, you may be able to alter the plan a bit since you might not need the same amount of coverage that you once did.

Those who are over fifty tend to get better rates for other types of insurance, including their homeowner’s insurance and their auto insurance. Talk with your providers about what discounts you might be able to get.

Senior discounts are a very good way to save money in a number of different places, as well. Saving on dinners, flights, hotels, and the like with senior discount cards can help you save quite a bit and make your retirement more enjoyable.

Consider your health issues as well, as these can be some of the greatest expenses for many people who retire. Those who have health problems will want to make sure they take extra precautions to maintain the level of insurance they need. You may be able to qualify for additional help from the government if you have serious health issues. You could also qualify for discounted prescriptions, so make sure you ask about them.

Something else you may want to consider doing is selling your current home. If it’s more space than you need, moving to a smaller place, and even moving to another state with a lower cost of living could be a good way to save some additional money.

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