7 Tips on Stretching Retirement Income

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For many seniors, the years after retirement are fun and relaxing. However, aging adults need to be a little more cautious with their spending during retirement. When trying to live on retirement funds, your senior loved one should follow these seven tips to save money and live a more comfortable life.

1. Pay Monthly Bills on Time

Your loved one should try to stay organized and keep track of when utility, insurance, credit cards, and other bills are due. Paying promptly can help your loved one avoid late fees. Years of regularly paying bills can also result in a higher credit score that can get your loved one more favorable credit card terms.

Some seniors may find it difficult to pay their bills and plan their finances while managing daily activities. Aging adults who require assistance with the tasks of daily living can benefit from reliable non-medical senior care. Flower Mound, Texas, families trust in Home Care Assistance to provide the high-quality care their elderly loved ones need and deserve. Our caregivers are trained to help seniors prevent and manage serious illnesses and encourage them to make healthier decisions as they age.  

2. Minimize Utility Usage

Just turning up the air conditioner or lowering the heater by a few degrees can bring in big savings for gas and electricity. Encourage your loved one to examine his or her phone and cable bills to see if he or she can do away with any extras. Features like 3-way calling, landlines, or extra television channels can add up quickly, and most seniors do not need them.

3. Purchase Generic Brands

Many seniors like to stick with their trusted food, clothing, and medicine brands, but your loved one may end up paying a lot more for the brand name. This is particularly true for medical prescriptions, which are heavily regulated and are identical to well-known brands.

4. Search for Discounts

There are a lot of discounts available for seniors, so this can be a great way to cut expenses during retirement. However, your loved one should not buy something he or she does not need simply because of the discount. To save money, your loved one should decide what he or she needs, then shop around for discounts. This method of shopping can take a little time, but it is more budget-friendly.

5. Borrow Books and Movies from the Library

With a little bit of ingenuity, your aging loved one can slash his or her entertainment budget in half. For many seniors, the local library can be a great way to entertain themselves without having to spend money. At the library your loved one can borrow the latest movies and books at no cost, which could cut movie tickets and book purchases from his or her budget.

6. Eat at Home

Eating meals at home instead of regularly going out for lunch and dinner can save hundreds of dollars each month. If your loved one wants the convenience of readymade meals, he or she can try cooking all the meals for the week on a single day and freezing it. Your loved one can save more money while boosting his or her health by eating more vegetables, grains, and legumes and cutting back on the amount of meat he or she eats. 

Making healthy lifestyle choices is one of the many ways seniors can stave off age-related diseases. Certain age-related conditions can make it more challenging for seniors to age in place safely and comfortably, but Flower Mound live-in care experts are available around the clock to help seniors manage their health. Whether your loved one is living with dementia or is recovering from a stroke, you can trust in professional live-in caregivers to enhance his or her quality of life.

7. Compare Health and Insurance Plans

Many seniors stick with the same coverage plans year after year because it is easier. However, policies and laws are constantly changing, so your loved one’s previous plans may no longer be the most affordable. At the end of any policy, your loved one should take the time to look around for better deals.

If you need a break from your caregiving tasks to plan your loved one’s finances, consider hiring a professional caregiver. Whether your elderly loved one needs part-time assistance with basic household chores or you need a break from your caregiving duties, the Flower Mound respite care experts at Home Care Assistance are here to help. All of our respite care services are backed with a 100% satisfaction guarantee, there are no hidden fees in our contracts, and we never ask our clients to sign long-term contracts. To learn about our high-quality home care plans and flexible schedules, give us a call at 972-468-6010 today.