If your retirement nest egg got walloped in the recession, taking measures to cut needless expenses may help your funds last longer. However, the world of IRAs, CDs, and 401ks can be quite confusing.
Use these tips to save a little extra money during retirement:
- Create a financial plan so you have a clear understanding of where your money is and what it's doing. Work with your financial advisor to create a reliable income stream during retirement. Review your finances annually.
- Bankrate.com recommends limiting retirement account IRA, 401(k) withdrawals to 4 percent.
- Review bank and credit card fees. Get rid of financial products that charge high service fees or interest rates. Shop around for a better deal. Huntington and a few other banks offer no-fee checking and savings accounts with no minimum balance.
- Use your Golden Buckeye, AARP, store reward and other cards to take advantage of discounts when you shop. Shop on senior discount and double coupon days to increase your savings.
- If you keep money in CDs, shop for the best rates. Use the high yield search tool on Bankrate.com to find the best deals.
- Review your insurance policies. If you no longer drive to work, you may be able to get a reduced rate on your auto insurance.
- Look for investments that offer steady growth with minimal taxable income.
- Take advantage of bargain travel deals.
- Take advantage of free or cheap local entertainment at local colleges and high schools.
- Protect yourself from fraud. Back away if someone tries to push you into making a decision. Dont reveal personal information unless you completely trust the person you are giving it to.
If you are ready to plan for your future, download our Kendal at Oberlin cost comparison sheet today.