Some Ways to Supplement Your Retirement Income

Senior citizens can find ways to make life better

“Wisdom doesn’t necessarily come with age. Sometimes age just shows up all by itself.” — Tom Wilson

If you are not one of the thousands of multi-millionaires or even billionaires who are retired, you may be able to use this information. Those who are wealthy can consider themselves extremely fortunate. If money is not an issue and you have more than you will ever need in your lifetime, you are blessed. If you saved for retirement or have a nice pension, you probably are not concerned with paying daily expenses. There may be money enough to cover your basic needs and to provide a good lifestyle for you.

If you are 65, 70, 75, 80, or older, maybe you are looking for ways to supplement your income. You might find some helpful suggestions here. Maybe a little more money would make your life easier and happier.

There are many people who are retired and living on limited funds. If you are not one of the super rich and are living on social security payments, finding ways to supplement your social security may be beneficial. Retirement could be more enjoyable if a little bit more money could be earned or saved. There are ways to save money and to supplement your income.

According to The Motley Fool, the average social security check paid out in 2018 was for $1,404 a month. That works out to $16,848 per year. These days that is not a lot to live comfortably unless housing costs are covered such as for those who are living in a home where the mortgage has been paid off.

It is well known that retiring in today’s economy is harder than ever for seniors. The costs of healthcare, housing, utilities and even food have all skyrocketed. Unfortunately, the Cost Of Living Adjustment just does not help that much for some seniors.

Nobody wants to lose money. Seniors often do not have extra money so losing it is a real hardship. There are lots of dishonest people who are trying to steal your money. Seniors should be aware that scams are out there targeting them.

Many of the scams come from emails, and a lot of the scammers are making phone calls. Beware and do not fall for them. Don’t answer questionable emails or click on links which could be scams. Don’t fall for scams coming from phone calls which say they are from the IRS, Social Security, your bank, or any suspicious call.

There are ways that seniors can save money. When going out to eat, go to places which give a discount. Applebees, Burger King, IHOP, Subway, Sonic, Wendy’s, and White Castle are a few places which give 10% off for seniors. Denny’s and Golden Corral offer discounted prices for senior citizens. There are others also, but often it is necessary to ask for the discount. If you can afford to go out to fine dining at an upscale restaurant, consider yourself lucky and don’t expect a discount.

There could be mistakes with your social security. Check your statement each year to make sure the numbers are correct. Report any errors to the Social Security Administration so that you can receive the amount you deserve.

If you own your own home, you may be able to get a relief or benefit on your property tax. States have property tax benefits for seniors, and the homestead exemption may be helpful. It is a good idea to check and make sure that you are getting any benefits to which you are entitled.

For people who are still paying a mortgage and making payments on time, the Congress Mortgage Relief Program could help you pocket extra cash every year. You should check it out if you qualify. You could lower your house payments.

Active military and veterans are entitled to discounts at many places. If you or someone in your household is a veteran, be sure to take advantage of the discounts you deserve.

Retail stores often give senior discounts. Airlines offer discounts to seniors as do many hotels. There are medical related benefits such as discounts on prescriptions for seniors. Health and beauty businesses offer some discounts to seniors. Auto service discounts are available, and groceries may be purchased at a discount by seniors. Auto insurance policies may be discounted for seniors who have good driving records.

A home warranty plan could help save money on household repair bills. A Home Warranty Plan is similar to a homeowners insurance plan. It covers repairs to major appliances which could be a huge expense. It could save thousands of dollars if a repair becomes necessary.

This is not a way to save money, but it is a good idea to have a life insurance policy. If you don’t have one, there are plans which are worth the cost to have peace of mind that you will not be leaving a financial burden on your family when you die. Getting a policy to at least take care of final expenses is advisable.

It is also true that you do not want to leave debts which your family will need to pay after your passing. You should have insurance or savings to cover any costs which may incur when the time comes for you to leave this life. If you have money to leave to your heirs, that is a plus.

You can check with AARP to find answers to some of your questions about money. Family members or trusted friends can help. You should ask for advice if you need it.

Take care of yourself, save money, and ENJOY LIFE. If you have become a senior citizen, you deserve to have a good life. If you are not a senior citizen yet, hopefully you will be one someday. ENJOY each day at every age.

[Some of this information was gleaned from an AARP article.]