For many people, living debt-free means living worry-free. This is felt most significantly during retirement and especially for those seniors living on a fixed income. Almost half of adults in the United States— nearly 42 percent to be exact— don’t have any retirement savings and plan on living off their social security benefits alone. For many seniors, that’s less than $1,500 a month. Living off that kind of monthly income is difficult. Here are a few money-saving tips to help you maximize your retirement finances to get the most out of your golden years. Downsizing to a Smaller Place While letting go of your family home may come with some bittersweet and even stressful moments, moving into a smaller space can help you save money on utilities, mortgage, and homeowner’s insurance. You can also use the income from your home sale to invest, pay monthly rent at an independent living center, or provide a down payment or full payment on a new, smaller home. Save on Vet Bills If you’re a pet owner, then you understand how costly vet bills can be when your pet suffers from sickness or injury. Instead of potentially spending thousands on vet visits and procedures, you can save by signing up for pet insurance. Insurers like Embrace offer policies with low premiums and a range of deductibles and cover many older pets as well. https://www.stpaulseniors.org/senior-care-blog/7-money-saving-tips-for-seniors-on-a-fixed-income/
source https://www.stpaulseniors.org/senior-care-blog/7-money-saving-tips-for-seniors-on-a-fixed-income/
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