Three Banking Habits Every Retiree Should Have
Retirement requires a change of life in many ways, and this includes financially. GO Banking Rates says there are a few banking habits older Americans should make during retirement, these include:
Avoid High-Fee Accounts – Now is the time to get rid of any accounts that charge high maintenance fees, overdraft charges, or ATM fees. Fee-free or low-fee accounts will help you to minimize expenses and maximize savings.
Adopt Mobile Banking – Using digital and mobile banking can help you manage your finances better — and recognize possible fraudulent charges earlier. As an added bonus, online bill paying allows you to save money on stamps and ordering checks.
Use Direct Deposit and Automated Bill Pay – Automating reoccurring deposits, such as Social Security benefits, ensures your money is deposited safely and quickly. Automating your bill payments ensures your bills are always paid on time and avoids late fees.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.
