For many (if not most) of us, it’s a mortgage. In some cases, it can be smarter not to pay off a mortgage early. Retirement is not typically one of those cases, though.
Well, yes and no. It covers most costs. But you still can end up with hefty bills for copays, deductibles, insurance premiums, prescription medicines and services not covered by Medicare.
If you don’t have the resources to live well on your own, it’s time to cut free any adult children who still are attached to your purse strings.
For many people, it makes sense to wait at least until their full retirement age (FRA) to claim Social Security. Taking your benefits earlier than that age set by the Social Security Administration reduces how much money you’ll get each month.
Moving where you think life is cheaper isn’t always the solution. If moving appeals to you, though, it’s worth considering as a way to stretch limited retirement income.
Retirement is likely to let you slow down. That’s why they call it retirement, right? You may need to zoom around less, and, if there are two of you, you may no longer need two cars.
You might be astounded at all the entertainment that’s free for the taking. You can cut your cable bill and stream video entertainment for free. Stop paying for music and audiobooks.
Drop that expensive gym membership and don’t look back. We’ve found so many alternatives. Many Medicare plans include access to the popular Silver Sneakers fitness program. Membership is free for eligible seniors 65 and up (check eligibility here).
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