Do you want to enjoy the most out of retirement?
Saving for a rainy day is a good strategy, but now that you’re free to enjoy life, there are many other handy tricks you can use to fully benefit from your mature years. TPI Group can not only help you save big on your taxes, we can also help you in planning your retirement. Our specialists have listed a few ways you can save money once you’ve stopped working.
Consider Moving
Moving and downsizing are one of the first things retirees will do. With no one else in the house, they don’t need extra bedrooms or a second-floor. Moving to a smaller home or even an apartment will allow retirees to pay less on housing. Being in an apartment means not having to care for a large backyard. Retirees will save hundreds of dollars that would have been used on yard maintenance and landscaping.
Retirees also have the option to move to a new city or country where housing is more affordable and utility bills are lower. Places like California and Florida are often high on the list because homeowners and tenants won’t need to spend as much on heating.
Balance the Books on Transportation Costs
Senior costs for public transportation are low, so are you willing to pay more for your car’s ongoing maintenance?
Selling your car depends on your lifestyle and personality. Now that you’re retired, you won’t need the car as often since you no longer go to work most of the week. You may prefer to have your own method of transportation for whenever you need to go out. In which case, the car’s maintenance fees are worth it for you. However, you can also sell your car and buy a newer model that is more cost-effective.
With public transportation, you won’t need to spend money on the car’s fuel, maintenance, or cleaning. On the other hand, you may spend more time waiting for the bus or subway. It all depends on your needs and where your home is located. If you’re right smack in the middle of the downtown core, public transportation is probably worth your while.
Admit Your Age
Throughout Virginia, senior residents can save a few dollars here and there simple by showing their identification at a variety of businesses. It may only be $5 one day, but it all adds up over time. From public transportation to museum trips with the grandkids to a 10% discount at your favorite restaurant, senior citizen discounts are a nice little perk for retirees, so take advantage!
Reassess Your Insurance
With retirement comes many lifestyle changes, so why pay for premiums and policies when you don’t have to? If you no longer drive a car and are happy with using public transportation, the auto insurance can definitely go. You may also qualify for senior discounts, so be sure to ask if there are any.
Learn about Tax Breaks
Retirees may not realize that they fall in a new threshold when filing their taxes, which qualifies them for new tax breaks. Work with our TPI tax specialists to save thousands of dollars in your taxes each year. We provide various services, including retirement planning and estate planning.
Contact us today!