Money Management Tips for Retirees

When it’s finally time to retire and enjoy the Golden Years, many seniors may worry that their funds won’t last through the remainder of their lives or wonder exactly how they are going to divide their wealth to loved ones left behind once they pass. It’s important to seek the guidance of a professional financial planner when dealing with these large issues. However, when it comes to simple daily money management, it’s all about budget!

Fellowship Square offers seniors five easy money management tips to help them budget their funds — while still having fun throughout their retirement.

Plan a Monthly Budget —

No matter how big or small one’s retirement fund is, everyone could benefit from a budget. A financial planner can help seniors plan out long term budgeting, but even daily or weekly budgeting on a smaller scale can help seniors understand exactly how much they have to spend and help them keep track of what they do spend. Tracking funds is also an easy way to help seniors see where they can cut back if needed.

Allow For Splurges —

Whether considering a bucket list vacation or a second home, retirement should be about enjoyment… as long as those larger price tag items are allotted into the budget. When it comes to everyday spending, consider if the item is really worth it or if those funds would be better spent added to the savings account for that bigger dream item. 

Be Aware of Scams —

As technology gets smarter and more advanced, so do hackers and scammers. Unfortunately, there are a lot of scams out that that target seniors so it’s important to be leery of any offer that seems too good to be true or any strange calls or emails that claim to be from a bank or social security office — or even from a “family member” that is need of help.  

Consider Downsizing —

Due to sentimental reasons, many elderly couples hesitate to sell the home they raised their families in despite the fact that they don’t need that much space any longer. That’s completely valid and understandable. However, selling a larger home and downsizing into a space more suited for their needs can be a great way to beef up one’s retirement fund. Seniors can utilize moving time to start passing down family heirlooms such as china sets, special pieces of furnishing, or décor to family members. Other items can be sold at an estate sale to increase that savings account!  

Take Advantage of Resources —

From senior discount days at grocery stores and restaurants to Medicaid and Medicare, there are a lot of resources designed to give seniors a break on the bill. So take advantage of any and all of these to help balance the budget!

Managing money can cause retirees stress, but it really shouldn’t have to as long as seniors do some future planning and careful budgeting. With a little help from a financial planner, too, seniors can enjoy their Golden Years without worrying about money.