In a perfect world, the golden years are something to look forward to as a well-earned period of kicking back and relaxing, safe and comfortable, preferably in a gorgeous locale. For most seniors, however, nothing could be further from reality. In fact, per New Retirement, a good percentage of seniors face the prospect of living on a smaller income after retirement — which, when coupled with increasing care and medical expenses, make the golden years a lot less than golden.
It’s far from a hopeless situation, however. With a few tweaks and these tips, you can set yourself up for a healthier financial outlook in your senior years, so you not only live in comfort and safety but may even have the opportunity to really live this juncture of your life to the fullest.
Downsize to right-size.
As you enter your senior years, one thing you will hear more about is the inherent virtue of downsizing. For older adults, downsizing often entails selling the beloved family home in order to move to a smaller one, often with accessibility features that make daily living easier for a senior. This allows for a reduction in expenses and responsibilities. At the same time, it increases safety and comfort — two things that seniors most need as they progress in age.
The main downside to downsizing is that it can be quite emotionally challenging. For this reason, it’s very important to recognize its long-term, financial benefits rather than dwelling in the past. As long as you recognize the need for downsizing and the opportunities that such a transition offers in enhancing your quality of life, you will find that it can be a viable choice after retirement.
Rejoin the workforce.
It’s common practice for seniors to retire from the workforce after a certain age. However, the AARP notes recent trends show that many seniors are actually working past retirement age — even well into their 70s and 80s. More often than not, seniors continue to work because they can’t afford retirement.
Living on a fixed income can be challenging at times. If you feel a bit restricted by your current monthly budget, you’ll need to get creative to boost your monthly earnings. Think about your favorite hobbies — could you turn any of these interests into a profitable side gig or freelancing business? This could be a great way to have fun, sharpen your skills, and make money in retirement.
If you start a business, you’ll need to outline your business idea, start putting your plans into action, and register your business. You may want to file as an LLC as well. In order to protect your assets, lower your business taxes, and enjoy flexibility for growth, this last step is key. Online services like ZenBusiness can help you every step of the way, ensuring your compliance with government regulations. Ensure you’re set up properly, and then you can start padding your nest egg.
Maximize your benefits.
Finally, do not underestimate the benefits that you’re due as a senior. Many of these are, in fact, part and parcel of what you had worked so hard for your entire life. It’s only prudent, therefore, that you take advantage of them to meet your care, medical, and daily living needs.
One benefit that you must leverage is Medicare, which is the federal government’s health insurance program for older adults 65 and older. This is a highly nuanced program, however, with several plan options to consider, as well as an annual open enrollment program that you must adhere to if you want to receive the right coverage. Thankfully, there’s no shortage of resources that can help you learn the Medicare ins and outs, especially if you’re new to the program.
Indeed, even with the best-laid plans, it’s still possible to fall short of your retirement goals, which is often a product of today’s world and, in turn, unavoidable. So don’t beat yourself up if your fixed income in retirement is far from ideal. Rather, pull up your bootstraps and make smart financial and lifestyle adjustments. In the long run, you’ll only have yourself to thank for it.
Are you searching for senior lifestyle solutions? Connect with Discerning Seniors for trustworthy advice and assistance. Call toll free: 1.844.415.4886.
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