Trimming Unnecessary Expenses for an Affordable Retirement

Personal finance advice tends to be directed at people younger than you. It gestures toward a goal of having money left over at the end of each pay period, so that you can save it for the future, and eventually afford to retire. Most of it is aspirational; the financial freedom it inspires you to dream of is elusive. If you manage to cut nonessential spending out of your budget, the price of necessities will rise to gobble up your entire paycheck. If you manage to pick up a second job, an emergency expense will hit and demand the income from your new part-time gig. It is too late for you to worry about that, though. Your retirement savings balance is whatever it is, and your only supplement to that is your Social Security payment. You can rent out part of your house, but only if your house is big enough and has a layout appropriate for you and a tenant. Mostly, your goal is to make the most of the money you have now, and to ensure that it will not run out, requiring you to enter a nursing home as a Medicaid beneficiary and causing your family a lot of stress. For help planning for an affordable requirement, contact a Bronx estate planning lawyer.

Go Out and Socialize Instead of Paying for Content

When you don’t have to work anymore, you can spend your time doing anything you choose, within the limits of your budget. It might be fun to spend the first few weeks of retirement binge watching the shows you never had time to watch while you were working and re-watching the favorite movies of your youth. Beyond that, when you are home all day with your subscription content, you will find that most of it is uninspiring. You can probably dispense with some or all of your subscription packages. No retiree needs both cable and a streaming package. A free YouTube account is sufficient. Spend the rest of your time socializing; it is better for your physical and mental health, especially in retirement.

You Aren’t So Old That You Need a Landline Phone

For retirees and for younger people, the purpose of communication devices like phones and iPads is to keep you in contact with the people in your life. Your cell phone is sufficient to do that. This generation of retirees is not so technophobic as to rely on landlines.

Don’t Pay the Car Insurance Premiums of a Corporate Drone

You can probably reduce your car insurance premiums after you retire, too, especially if you have had the same car for a long time. Since you do not drive as much as you did when you commuted to work, and since the value of your car has depreciated, you can probably get a lower premium if you ask for one.

Schedule a Confidential Consultation With a Bronx Estate Planning Attorney

A probate lawyer can help you be strategic about building an affordable retirement budget.  Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.

Source:

msn.com/en-us/money/personalfinance/13-bills-seniors-are-being-tricked-into-paying-and-don-t-even-realize-it/ss-AA1Gmhsm?ocid=msedgntp&pc=ACTS&cvid=69163b7698694c9fa86c9b669de94920&ei=47#image=7