• Smart Retiree Savings Tips Makes You a Savvy Senior

    Smart Retiree Savings Tips Makes You a Savvy Senior

When it comes to your finances, no one wants to be caught off guard. Yet many retirees need to consider more than just their finances. That’s why we made this retiree checklist, so if you’re already retired what should you be doing? Here are your retiree savings tips:

Retiree Savings Tips

Don’t Set It and Forget It

When selecting investment plans, it may be tempting to “set it and forget it.” However, you should always be proactive when it comes to your retirement savings and re-adjusting may be necessary at some point. There is a great debate within the world of professional investors whether a target-date fund, or set it and forget it fund, is really the best option. The industry changes frequently and you should always be assessing your risk. 

Delay Drawing Social Security

When to take Social Security is dependent on your circumstances. Should you choose, you can start taking your benefits as early as 62 or you can wait to reach the full retirement age of 70. While there is no right or wrong way to claim your benefits, delaying Social Security can really pay off.

Move Somewhere with Lower Cost of Living

Choosing where you want to live during your retirement is just as much of a financial decision as it is a lifestyle one. People may want to move to a place with a lower cost of living as a strategy for saving more money in retirement. For some, making this decision is an easy one, but for others, it is fraught with emotion. The home that works for you in early retirement, may not work for you later down the road.

One thing people often consider is moving to their favorite vacation spot, though this requires some consideration. Many vacation spots are seasonal and may not be much fun in the off-season or fit with the rest of your lifestyle.

Downsize

The big question on many retirees’ lips is; should I downsize my home? The answer depends on your circumstances. Some factors may include costs and potential health care issues. Appropriately weighing all the factors will help you decide.

  • Cost of Selling: Selling your home comes with some expenses. You may have to renovate or update your home to get the best price and don’t forget about the realtor’s commission. If you happen to make money in the sale, capital gains taxes could apply.
  • Cost of Moving: Don’t forget about the costs that come with moving, like closing costs, movers, and other unanticipated expenses.
  • Health Concerns: As you age, your health may become more of a concern. If you or your spouse have mobility issues, a two-story home may become too much of a burden or hindrance to mobility. If your home is one-story, are the doors and passageways wide enough to easily get through with walkers? 

For tips on how to downsize, check out this article

Move to a Continuing Care Retirement Community

Over the past few years, Continuing Care Retirement Communities (CCRC), otherwise known as Life Plan Communities, have become popular retirement options. A CCRC provides a continuum of care for its residents, which creates a sense of security and peace of mind. Offering an array of living options and supportive services, residents enjoy life on their own terms without the hassle of home maintenance or multiple monthly bills to manage,

Now that you read retiree savings tips, wondering what your future has to offer in your golden years? Learn about aging on your terms with your FREE Moving to a Senior Living Community: Make Decisions Your Way

Twin Towers is a continuing care retirement community in Cincinnati, Ohio, offering patio homes, apartments, rehab services and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Twin Towers online or at 513-853-2000.

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