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4 Key Tips Elderly Should Know to Save Money 

Years ago, you were young. You were thinking about starting a family or reaching your next career goal, or maybe both. You had plans for your future and didn’t realize how 55 knocked on your door. It is the right time to welcome your retirement. 

Although you may think that your good days are gone, that’s not true. You still have plenty of time to live the best version of your life. And, to sustain that, here are several tips to guide you through a financially-happy retirement!

1) Develop a Plan

Retirement needs a clear and concise plan on how you are going to spend your finances. The typical age to retire and be eligible for social security benefits is 62 in the USA. This means that you need to have decided on expenses that you will no longer incur by this age. Those possible savings can help you put that money into your corresponding account. For example, if you have something insured (usually a vehicle), let your insurance agent know that you plan not to use it. Write a plan that would list the things you will not need when you retire and think of disposing of them to get additional funds. Apply for an experienced financial advisor to help you to be prepared in full. 

2) Limit Marketing Interactions 

Marketers target everyone. Even during retirement, there are things they can sell you. To protect yourself from being subscribed to merchants that “offer things especially for seniors,” consider unsubscribing from different marketing email lists and calls. This is, of course, entirely up to you. You may decide that you still want to follow a particular shop or website. Marketers know that you probably have money saved that you would be willing to spend on your loved ones. The bottom line is that you don’t let them sell you the things you are made to think you need. Those can be home appliances or some toys if you have grandchildren or pets. 

3) Consider Discounts and Deals 

Seniors do enjoy the privilege of being offered discounts and deals at different organizations. Banks and financial institutions are not an exception in this case too. They may provide you with better conditions for various financial operations, especially if you have been using their cards and products for a while. However, the key here is to compare and study as many options as possible. When you have one suitable offer in hand, you can use it as a bargaining chip to get good deals from other organizations. Tell them that there is an alternative you are willing to consider and freely negotiate on terms that suit your pocket. 

4) Be Organized 

The last thing to keep in mind is to have all the documents you need organized. Ensure that you have them in a safe place (i.e., waterproof bag) where you can easily reach and find them when necessary. You should keep the following documents: birth certificates, mortgages or loan documents, papers related to property arrangements, insurance policies, pension records, and social security papers (if available). Go over all of this documentation to note whether you are keeping the originals or the copies. When necessary, this will help you claim your property, keep it from being taken, wrongfully inherited, or appropriated. As long as you have all of your belongings protected, you have a solid financial base to rely on for safe retirement. 

Saad Ullah

An engineer with a passion for innovative technology, blockchain has been a natural attraction. More than a decade of experience in handling HR, HSE and IT management systems for FMCG companies. Currently pursuing Masters in Business Administration.

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Saad Ullah

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