Thanks to advancements in medicine and an increased emphasis on physical activity and fitness, people are living longer than ever before.
While that's a good thing, longer life expectancies mean money now has to go longer as well.
For most people, retirement is a chance to sit back and enjoy the fruits of a life's worth of labor. However, no retiree wants to outlive their money. But living on a fixed income doesn't mean you have to pinch every penny. Instead, the following tips can help you enjoy retirement while also decreasing the likelihood your money will run out too early.
- Consider reducing insurance costs. As you get older and your children cultivate their own wealth, you can begin to carry less insurance.
- Another way to reduce insurance costs is by raising your deductible. While you'll have to pay more money up front in the case of an accident, you'll save money on your insurance every year.
- Ask about generic prescriptions. Prices on medications vary from pharmacy to pharmacy. A little legwork can save you money each month.
- Inquire about senior discounts. Many seniors will say one of the best things about being a senior citizen is the numerous discounts available on everything from hotels to restaurants to movie admissions.
Just because some retailer offers a senior discount doesn't make it the best deal out there.
- Avoid using credit if possible. Many retirees discover in retirement that they spend more than they ever thought they would before they retired.
This is due to several factors, from having more free time to spend and shop, to having more leisure to pursue activities that can be expensive.
While it's a good feeling to spend all that money you saved during your working years, it's better to avoid spending so much of it on interest fees.