How To Achieve A Comfortable Retirement Amidst Soaring Inflation
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The US inflation hits a 40-year high of 8.6%, which is pushing up prices of almost all items from gas, food, cars, and travels and has already become a reason that many retirees are feeling strapped.
A survey found that more than half of those surveyed cited inflation as the top financial worry keeping them up at night in retirement. That beat out other key issues such as health care expenses and medical expenses.
With the red hot inflation, fewer people are saving for retirement, with only 63% of non-retired individuals currently saving for retirement — down from 93% before the pandemic, according to the survey. The survey adds that, surprisingly, boomers are the second-largest group not saving for retirement, with 38%, behind Gen Z, with 44%.
According to the IRS, the average retiree receives just under $1,200 per month in Social Security benefits. That is far from enough to live a better retirement life.
And experts say that retirees are expected to spend up to 80% of their salary after retirement. For example, if you currently make $75,000, you can roughly estimate you'll need at least $60,000 per year to live on once leaving the workforce.
However, a report finds that only half of Americans have the recommended savings. The median amount Americans have saved for retirement is just $71,500. 27% of Americans only have less than $50,000 savings for retirement. 16% of Americans have no retirement savings at all.
Since most Americans fail to prepare enough savings for their retirement life, how to save money after retirement is really significant to lead a decent life in their old age. And here are some tips to help retirees to be frugal.
The only way to keep your money growing is to set a wise plan for your money. Therefore, advice from professional financial planners and insurance consultants to help you reduce costs is necessary. An expert can help you set goals, stay on track and protect your assets. The only thing you need to do is find a trusted advisor or consultant and don’t be afraid to ask for help.
It’s not easy for retired workers to return to a full-time job or the work position they once had. However, there are still a lot of work opportunities for those skilled and experienced retired workers or some part-time jobs in retail or hospitality. You can even earn some money from the streaming platform or social media if you are talented or a professional worker willing to share some of your experience with a younger audience.
Since you are not required to work in the company and rush your meals, you can dedicate your time to being a brilliant cook. The rising price of almost everything, especially food makes cooking a most cost-effective and enjoyable pastime to pursue. Cooking meals at home is definitely cheaper than going out to eat at restaurants. If you are an expert on making coffee at home, then you can save a lot since you won’t need to order at Starbucks anymore.
If you really treasure your house and don’t want to sell it, you can get some extra money by renting out the empty spaces of your home, parking spots, or garage. It’s easy to post your services online and find a qualified tenant with the help of some popular sites like Airbnb, VRBO, and JustPark. You can also choose short-term rentals for these empty spaces in case your kids come back in the holidays.
If sharing your living space with strangers is not the option of your retirement plan, you can cut costs by moving to a smaller house. Maybe giving up your longtime home is hard, however, downsizing to a smaller home proves an opportunity to save on home maintenance, repairing costs, utility fees, and taxes. Furthermore, you don’t need to worry about your mortgage anymore, and you can sell the old furniture to bring in some money.
Whenever you want to go shopping, don’t forget to use coupons. Now coupons and offers are accessible for almost everything you can shop for. Retailers always offer coupons or deals both in-store and online, especially during sales events or national holidays. If you are tired of searching for coupons, you can try the money-saving extension including Honey, RetailMeNot, and CouponBirds. Those extensions will automatically find discounts for you when you shop online. Just take the time to download them on your browser and enjoy saving all the time.
Don’t forget the privilege of getting older. When you are going to restaurants, travel places, clothing stores, hotels, and movie theaters, take advantage of the Senior citizen discounts. Remember to ask for a senior discount since in some places some discounts are not widely publicized. These discounts will definitely make your retirement more affordable.
There’s a strategy for you to get more social security. If you start your retirement at age 66 or 67, you can get 100% social security benefits. However, if you delay taking out benefits after you reach retirement age, you can receive more benefits. Each year you have delayed taking out the benefits will get an 8% increase in your benefits until you are 70. Saving more money is easy when you delay the Social Security Payments.
Spending some time sorting all the items at home, you can discover stuff that has been abandoned or useless for a long time. Some of these items may still be in a good condition and can be sold for a good price. Not even those inactive items can be sold, but also your extra car. Many retired workers don’t need two cars to drive for working, visiting their friends or relationships, or traveling. Selling the second vehicle can bring in a lot of dollars immediately without paying unnecessary insurance and maintenance fees.
Over half of Americans are addicted to gambling, alcohol, or fast food and spend considerable money on these vices. If you can cut down on these habits, you will be rewarded with both a healthier body and some extra cash.
Relying on public transit is conducive to reducing your transportation cost and helping you get exercise by walking to the bus or subway stop. You can enjoy the new sights along the way and the public transportation journey is also able to reduce stress in your life. Besides, there's almost always a senior discount for regional transit services in major urban areas.