Three ‘Splurges’ Every Senior Should Consider Making
Many seniors try to scale back their spending during retirement. That makes sense if you’re living off a fixed income. However, according to a Moneywise article, there are a few places where it’s smart to spend. These are three purchases their experts approve of:
Home gym – It’s wise to invest in your health and wellness. Regular exercise will improve strength and mobility. You don’t need expensive equipment. The article notes a “basic set-up focused on foundational movements should suffice.”
Home renovations – You don’t need a HGTV-worthy kitchen or bathroom, but you should consider mobility and safety upgrades. This is particularly important if you plan to age in place. Seniors should consider modifications such as “improved lighting, bathroom grab bars, non-slip flooring, lever-style door handles, stair railings, curbless showers, and — when necessary — ramps or wider doorways.”
Assistive technology – Many seniors are now using wearable technology devices such as the Apple Watch because they offer fall detection, Medical ID access, and continuous heart-rate monitoring. Smart speakers and AI-enabled voice assistants are other great options for seniors. The article notes that they “can help you stay in touch with family or place calls using voice commands, which can be especially helpful if you’re injured or unable to reach a phone.”
These little investments can make a big difference in your overall well-being during retirement.
The Seniors Trust is committed to improving the financial well-being of older Americans 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 ensure the long-term solvency of the Social Security program.
