Top tips for saving money simply in retirement
As the baby boomer generation reaches 65, the number of retirees will hit an all time high. Many of our new medicare supplement clients are looking for ways to stretch their monthly budget . With the life expectancy of the boomers expected to be the longest in history , this is a very real concern .
Our client recommended 4 easy ways to scale down your monthly expenses without giving up things you value in your lifestyle (smile).
- Make sure you have the best supplemental medicare insurance plan: You can compare medicare supplements and medicare advantage plans to see which one is sound for you. Since we are an independent agent, we can quickly help you compare plans from all companies in your area . This can often save $150-$175 per month per couple.
- Get quotes on your home and auto insurance policies : When you turn 65 many insurance companies offer great discounts on both your auto and home premiums . Use a quality independent agent and see how much you can save. We have seen many clients cut $100 or more off their bill each month.
- Drop your home land line and use your cell phone : If you use a cell phone and never go over your minutes, you might be able to drop your land line and save $50-$80 per month. Make sure this won’t cause issues such as effecting your alarm system or other medical alert systems . But this works for a lot of our customers.
- Move CD money that you won’t need for 24 months to an annuity : As long as you don’t need to access the money of 24 months or more , you can usually double the return on your money by moving it to a simple fixed annuity. This is not going to save you money each month, but over 24 months you will have an extra $1500 to $2000 in interest earning on $25,000 in principle.
With just these 4 tips you could have an extra $7000 in your pocket after 24 months ! Not bad for a few changes that don’t have any effect you your quality of life or daily activities .
For more information about medicare supplement insurance or any other type of financial protection, don’t hesitate to contact one of our medicare insurance specialists. They are always ready to help!
