Building a Financial Future

This week’s blog is from Bonnie McDonald (Seniorriches.com)

She has some good ideas and  resources for managing money especially for and in retirement.  It is  a comprehensive compilation of tips and tricks that can help.

To live comfortably in retirement, it’s best not to put all your eggs
> in the Social Security and Medicare baskets. But what should you do to
> ensure you have enough to not only live on but thrive on and when
> should you start saving?   I provide tips and resources on how to create a
> retirement and later-in-life healthcare safety net that isn’t
> dependent on Social Security or Medicare.
>

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Building Financial Health for a Secure Future

It’s an unfortunate truth that as we get older, Social Security and Medicare may not be enough to cover our expenses. Taking the time to build financial health now is essential for a secure future.

Make the Most of Your Savings Goals

Regions Bank notes that the key to building financial health is creating savings goals and making sure those goals are met through consistent contributions. Start by setting realistic goals such as saving 10% of your income each month. Then look into ways to maximize your savings by researching different investment options or taking advantage of employer-matched retirement plans.

Earn Additional Income

Earning additional income streams can also help increase savings goals and build financial health over time. Consider starting a business or investing in stocks, bonds, and mutual funds so that any extra money earned can be put towards building financial security. Do some research online to find out more about small businesses in your area to get an idea of any gaps in the market. Every state has its own rules for LLC formation, but a formation service can help you file with considerably fewer fees than an attorney. Be sure to compare your options.

Find Ways to Save More

Finding ways to save more money for retirement involves both large and small approaches that can add up over time. On a larger scale, consider strategies such as increasing your 401(k) contributions or investing in an IRA. On a smaller scale, everyday savings can also make a significant difference. For example, switching to natural DIY cleaners instead of store-bought brands can lead to substantial savings. These homemade solutions often use inexpensive, common household ingredients like vinegar and baking soda, and they can be just as effective as commercial products. While this might seem like a minor change, such savings can accumulate over the years, boosting your retirement fund. Remember, every bit helps when it comes to preparing for a comfortable retirement.

Invest in Insurance

As a senior stroke survivor, insurance should be used wisely when trying to build financial health. Research different types of insurance policies such as life insurance, disability insurance, and long-term care insurance. This will help you find out what type of coverage is best suited for you and your family’s needs in the future.

Sell Your Home and Downsize

Downsizing a home can be an effective way to build financial security for the future, especially if it allows you to reach your savings goals faster. Look online at home prices before making any decisions about buying or renting out a property so that you get the most out of any potential sale or rental agreement. Take note of the locations you like and how close they are to the things you need.

Research Assisted Living Costs

Many people don’t have a firm grasp on how costly it is to live in assisted living facilities and nursing homes. Yet statistics show most of us experience at least a brief stint in one, either recovering from illness or surgery or in our later years. To be prepared, research the costs and reviews of nearby assisted living facilities. This way, you will already have an understanding of the expense and can have a financial plan in place.

Planning for retirement can be intimidating, but it doesn’t have to be stressful. By taking steps like downsizing and selling your home and researching assisted living facilities, you can start taking care of your financial future today. 

For help finding the perfect home to live the good life in Citrus County, Florida, contact Realtor Linda Thomas today!