8 Simple Ways To Boost Your Money During Retirement

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  Living on a fixed income during retirement can be a challenge for many seniors. Your level of comfort will depend on your pension and how much money you’ve saved up until now, but it’s important to realize that you are still in control. The way you choose to spend and manage your money can make a huge difference, so here are a few ways to plan a better retirement.

 The very first thing you have to do is make a budget for your retirement. It’s not particularly fun, of course, but it’s also not nearly as complicated as it initially seems. Sapling.com has an excellent step-by-step guide to creating a budget as a senior citizen, which will have you in control of your finances within a couple of hours. 

  Not surprisingly, healthcare is likely to be one of your biggest costs. Original Medicare is usually cheaper, in general, but it is a good idea to spend a bit more money on a Medicare Advantage plan that has better coverage to see a savings long term. Many of these alternative plans cover things like dental, vision, hearing, and expanded prescriptions, which Original Medicare does not cover.

  Between parking, repairs, insurance, and gas, the cost of driving can really add up. You can save up to $5,000 a year by going carless, which is perfectly viable if you live in a city with good public transport infrastructure. This is also considerably safer than driving and good for the environment, two other clear benefits. If you’re just not ready to stop driving, you can still find ways to save. Review your auto policy to see if you can get cheaper premiums by switching to a new provider and comparing rates. Some may even offer discounts for safe driving, lower mileage and a clean driving record. You can also add savings on gas by signing up for reward programs.

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You have to pay tax on retirement plan withdrawals, so it is useful to be careful with these. According to TaxAct, ways to minimize taxes include prioritizing Roth plan withdrawals (while still taking out the minimum distributions from your IRA or other plans) and timing your withdrawals so your income remains relatively steady year-on-year.ned your shop, or added a new product or service? Don't keep it to yourself, let folks know.

  The senior discount is one of the biggest perks of being older: use it! If you need some inspiration, this massive list contains 123 businesses that offer senior discounts, including both AARP discounts and others. Not sure if a business does a discount? It always pays to ask!