As the prices of consumer goods climb, many retirees are growing concerned about their financial future. For those seniors relying on Social Security, it’s even worse as inflation — which passed 8 percent in March — is far outpacing their annual cost-of-living adjustment (COLA). To help alleviate some financial concern, the senior living experts at Integracare came up with 15 tips for saving money after retirement.
Here are a few of our favorites:
- Make home-cooked meals — Even though grocery prices are higher than they’ve been in year, cooking is still much more cost-effective than paying for meals at restaurants. If you do decide to dine out, be sure to look for restaurants that provide senior discounts.
- Create a garden — This one kind of goes hand-in-hand with making your own meals. Not only does a garden offer you a bounty of free vegetables, but gardening is also great way to get outside and be active.
- Enroll in a Driving Safety Course — You could get a discount on your car insurance (usually 5-10 percent) simply by passing a senior driving course. Plus, it’s always good to freshen up on the rules of the road and your skills.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $65 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and this bill will ensure the long-term solvency of the Social Security program.