Retire Early Lifestyle
Retirement; like your parents, but way cooler

In 1991 Billy and Akaisha Kaderli retired at the age of 38. Now, into their 4th decade of this financially independent lifestyle, they invite you to take advantage of their wisdom and experience.

3 Money-Saving Practices for Seniors on a Fixed Income

Lilit Kurghinyan

According to the US Social Security Administration, over 65 million Americans per month will receive social security benefits in 2021.

Up in the north, Canada has made great strides in reducing poverty rates. However, according to Canada’s Federal Poverty Reduction Plan, Canadian elders are still part of the vulnerable groups that have to deal with financial insecurity.

As more older adults comprise the general population in developed countries like Japan and UK, governments are trying their best to assist their elders.

At some point, though, there is only so much that a government can provide. And it’s up to the individuals themselves to think of ways to save money for their retirement.

Getting old is a natural phenomenon that’s feared by many after they pass 40. But it doesn’t have to be that way if you know how to use money efficiently.

Effective financial planning should be part of your life as soon as you’re out of college or started earning money. Unfortunately, many people tend to splurge too much in their 20s and 30s. For others, sickness suddenly gets the best of them in their 40s.

If you’re past 65 and think that it’s too late for you, think again!

Here are three ways to save money while still benefiting from social services.

Move to a Smaller Place

While moving out can look like a huge hassle, it can be a significant investment in the long run. Your large kitchen table seats around ten people. But do you need that now?

Your children are no longer with you, and it’s either you’re alone or live with a partner. That makes two people. So why not think about reducing clutter as much as possible.

The first thing you can do is make a list of things you don’t need anymore, like large bookshelves, cupboards, tables, chairs, etc.

You can then sell them online and dub them “vintage” to sell at higher prices. After, house hunting takes a lot of time. Still, when you eventually find a smaller space, you can save a lot on mortgage, utilities, and homeowner’s insurance.

Eventually, you can use that money to pay for rent at an independent care home center or your newfound place when you sell your house.

Reduce Non-Essential Expenses

Have a shopping addiction you can’t let go of? Or maybe you’ve grown accustomed to eating take-out.

If you see your finances dwindle at the end of each month, it’s time to reconsider your spending habits.

You’re already not going out that much in the pandemic, so you don’t need to go on a shopping spree.

Suppose you’re having trouble with budgeting and want to maximize your tax relief. In that case, talking to a personal tax accountant is the best choice you can make.

Furthermore, it would help if you also considered cooking at home more. Search recipes that are easy to make and are healthy at the same time.

Include more protein by adding beans and peas in your dishes that are generally cheap. Moreover, if you’re paying for a gym membership and rarely step foot inside the gym, then it’s best to cancel and start doing more home workouts with a yoga mat.

Start a Side Hustle

When people tell you that 65 is too old to start something new, show them pictures of 77-year-olds earning their college diplomas and even PhDs!

The truth is, if you have the drive, it’s never too late to start something new.

Find out what you’re good at and make it a side hustle. If you’ve been well-read in ancient history, cooperate with a social media savvy person and start a YouTube Channel. You can write a short book or host conferences online. 

The opportunities are endless, so take out a notebook and start jotting down ideas. 

Retire Early Lifestyle appeals to a different kind of person – the person who prizes their independence, values their time, and who doesn’t want to mindlessly follow the crowd.

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