The transition to retirement is thrilling! But it can also create uncertainties. Particularly when it comes to finances.
Going from a regular employment income to a fixed retirement income invites questions about how to stretch your budget to maximize your enjoyment without blowing your limited income.
The good news is that there are lots of things you can do to make your social security go further in retirement. Today, we’re looking at 10 tips to help you make the most of your golden years without breaking the bank!
10 Tips for Making Your Social Security Go Further
1. Invest in an AARP Membership
AARP is a non-profit organization that aims to improve the quality of life for senior citizens. AARP memberships are affordable and provide money-saving discounts to restaurants, hotels, retailers, and services. It’s easy to join AARP; just visit the AARP website and choose your plan.
2. Take Advantage of Low-Cost (or Free!) Entertainment
With a local library card, you have access to a wide range of books, films, and even games to keep you entertained for hours without spending a penny. You could also check out a movie matinee with reduced ticket prices. Or you could visit nearby museums, many of which offer free admission once per month.
You can also keep an eye on the local event calendar. From outdoor concerts to book readings, free events are often open to the public. These events offer an excellent source of entertainment without cutting into your social security budget.
3. Delay Your Social Security Benefits
If you’re financially able to, it might make sense to wait to start drawing on your social security benefits. For each year after your “full retirement age” that you delay your benefits, you could be entitled to around 8% more per year once you do start taking your benefits. Make sure you understand your options by reviewing the most recent guidelines from the Social Security Administration.
4. Consider Getting a Roommate
Roommates aren’t just for college kids! More retirees are opting for roommates for several reasons:
- Companionship. Roommates create a built-in social circle, which you may appreciate when you no longer have co-workers and/or clients to see regularly.
- Help around the house. It’s nice to help someone to share the cooking and cleaning responsibilities with.
- Sharing living expenses. Splitting housing costs and utilities can help your social security go further.
5. Stay Active and Healthy
Staying healthy can help keep your medical and insurance expenses to a minimum. And there are lots of ways to stay active without spending your social security income.
You could go for a hike, take a relaxing bike ride, or simply enjoy a morning walk. If you’re on Medicare, you might qualify for the SilverSneakers program, which offers seniors free admission to over 14,000 gyms and fitness centers around the country!
6. Enjoy Happy Hour
There are a few problems with going out for dinner: it’s too expensive, you get more food than you can comfortably eat, and you end up staying out later than you’d like. All of these problems are solved with happy hour! Many restaurants and bars offer deep discounts on drinks and snacks from around 3:00 until 5:00 or 6:00.
7. Continue Your Education (for Free)
Many community colleges offer tuition waivers for local students over 60 years old. And, even if the schools in your area don’t offer free tuition, you might be able to “audit” classes, which means you can sit in and learn all you like, but you won’t earn college credits toward a degree. You’ll meet interesting people, learn interesting information, and keep your brain active and engaged!
8. Get a Good Price on Prescriptions
There are lots of ways to save on your medical prescriptions. For example, you can:
- Purchase from a transparent online pharmacy like Cost Plus Drug Company,
- Go for generic medications rather than brand names, and/or
- Buy in bulk for a discount.
9. Bring Your Social Circle Home
Do you always meet your group out for coffee, brunch, or dinner? As fun as it is to see everyone, those visits can quickly add up to a pretty penny. Instead of going out, take turns hosting at home. You could do movie marathons, game nights, or simple meals without the hefty restaurant bill.
10. Downsize Your Living Space
Even if you own your home free and clear, the property taxes, insurance, and maintenance on a large home can lead to unmanageable housing costs. By selling your current home and moving into a small space, you can improve your quality of life in several ways:
- You can reduce your monthly housing expense.
- The proceeds from the sale of your house might cover your new home and leave you with enough left to help cover your living expenses as a supplement to your social security benefits.
- A smaller home might be easier to get around and maintain (which would be especially helpful if mobility starts to become more difficult).
There are several ways to downsize. You could simply move into a smaller, more manageable home, for example. Or you could move into a 55+ community. You might even decide to purchase a condo in Florida!
If you’re seeing signs that it’s time to downsize, please take advantage of the information in my free guide, Simply Your Life. Just complete the form below to have a copy delivered instantly via email.
And when you’re ready, I would be honored to answer all your questions about selling your home and moving into the next chapter of your life! Contact me any time.
