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How do I make my retirement income go further?

There’s no better time than this October, Financial Planning Month, to improve your finances. This will help your retirement dollars go further in 2024 and better prepare you for the coming years.

If your income comes from fixed sources such as Social Security or a pension, you are probably counting your pennies. Have you figured out how much they add up to? That’s half the equation in figuring out whether you are getting ahead or falling behind.

It’s time to make – or update – your budget. Your expenses will likely have shifted over the years. You may be spending more on prescription drugs. Food may be costing you less because you are eating out less often.

Tropical Financial can help you put your income and living costs. Start here to learn how to ensure the essential bills are always paid. We also have an entire website section on topics with answers to your questions, such as:

  • How do I live on a reduced income?
  • How do I deal with credit card debt on a fixed income?
  • How do I manage my medical expenses?
  • How do I deal with creditors and collection agencies?

They can help you identify and minimize unnecessary expenses. You may be paying too much for telephone, internet, cable or satellite TV service, magazine and newspaper subscriptions, and the like. Some bills may not seem like a lot on a weekly or monthly basis. When multiplied by 52 weeks or 12 months, they can add up to a lot of money.

Can Senior Discounts Save Me Money?

The short answer is yes. You have to make sure you take advantage of them. Many businesses and cultural institutions offer lower prices for their products and services. Senior Living has a long list of companies that offer discounts. Warning: You may have to join AARP to qualify ($16 per year).

U.S. News also has a list of senior discounts. Did you know that if you receive benefits from a qualifying government assistance program, you can subscribe to Amazon Prime Access for $6.99 monthly, a savings of $96 a year?

The federal government can help you with housing, food, heating bills, medical bills, and more. Read here for details. Add as many benefits and other savings to your budget as possible.

With a bit of work now, you will see an improvement in your finances.

Don’t like to read online about money-saving offers or use spreadsheets to manage your budget? No problem. Call one of our financial coaches at 888-456-2227 to help you assemble a plan.

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