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Top 5 Ways for the Elderly to Save Money Post-Retirement

Many seniors are surprised to learn a lifetime of saving and careful money management doesn’t necessarily become easier or less involved after retirement. Here are some tips to help your senior loved one continue to save money and prosper as he or she ages.

1. Take a Look at the Housing Situation

If your loved one isn’t adamant about staying in his or her current home, there are some great options for places to live that can be very affordable. Senior communities or condo associations are one place to start since your loved one will likely have other seniors living nearby to make friends with and may receive maintenance, lawn care, and other services either included with his or her association fees or for a small additional fee. Your loved one can also check into apartment living if he or she doesn’t feel the need for a big house anymore. Many state and local programs offer financial assistance to put toward housing expenses such as help with heating and cooling costs, while others may help pay for home care Anchorage seniors can benefit from.

2. Continue to Budget

While your loved one may have looked forward to the day he or she could live without budgeting, financial advisors say budgeting is a good idea for people of all ages. This means balancing what comes in and what goes out as well as figuring out how much money to allot to each expenditure and sticking to it. People who don’t live on a budget often spend more money than they realize, but seniors who budget can save extra money and put it to good use. Encourage your loved one to budget with the incentive that some of the saved money could go toward something enjoyable such as a vacation.

3. Make Wise Investments

Encourage your loved one to shift toward making more conservative investments. Your loved one’s investment strategy needs to change ideally several years before retirement to ensure his or her retirement fund is intact. Encourage your loved one to meet with a stockbroker, accountant, or financial advisor to look at his or her savings, retirement plan, and investments and find the best way to capitalize on those investments at his or her age.

4. Use Coupons

While some may find couponing and bargain hunting frivolous, the savings can add up substantially even when your loved one is only saving a few cents at a time. These savings can then be reinvested into maintaining your loved one’s funds or enriching his or her life. Encourage your loved one to subscribe to a newspaper containing local coupons or teach him or her to surf the Internet for an even greater variety of coupons.

5. Take Advantage of Senior Discounts

Some seniors are hesitant to take advantage of senior discounts, especially if it means speaking up to ask for one at a place that doesn’t advertise its benefits for seniors. However, many places from restaurants to movie theaters now have special senior prices. Routinely asking for and taking a senior discount is a privilege that comes with being older, not something to be ashamed of using. A senior discount is a way of thanking seniors for their patronage, so encourage your loved one to take the discount without any shame.

There are also ways to save money regarding larger life decisions. If your loved one needs daily assistance due to age-related health conditions or more serious conditions, choosing in-home care may prove to be more affordable than other solutions. For instance, a part-time caregiver in Anchorage can assist your loved one with a variety of daily tasks for just a few hours a day or a few days a week, allowing him or her to remain in the comfort of home. For more information on high-quality in-home senior care, reach out to Home Care Assistance at (907) 770-0907. One of our friendly Care Managers would be happy to answer your questions and schedule a complimentary consultation.