Three Things Retirees Can Get Rid of to Save Money
Most retirees live on a fixed income. This can make it a challenge to keep up with the rising costs of basic necessities. GoBankingRates compiled a list of expenses seniors can easily reduce — or get rid of completely — and save almost $30,000 each year. Let’s look at three biggies:
Your Car – Downsizing from a two-car household to a one-car household can save you as much as $12,000 each year by reducing gasoline, maintenance, and insurance costs. If you drive fewer miles now that you’re retired, be sure to let your insurance carrier know. The less you drive the more you can save.
Life Insurance Policy – Many people count on life insurance to financially support their spouse or children should they pass away. But at a certain point in life, often during retirement, this might no longer be necessary, especially if you are not supporting dependents. Getting rid of your life insurance premiums could save you about $3,000 each year.
Streaming Service and Cable – You easily save $100 each month (or more) by getting rid of expensive cable packages or streaming services you do not use.
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), and increased minimum benefits, and this bill will ensure the long-term solvency of the Social Security program.
