No matter what your current age or financial position, itās always a good idea to revisit your overall retirement plan, review your goals, investments, and budget for the future. Also, while youāre at it, you might as well try and find some new ways to help reduce your expenses in retirement. We welcome you to join us for a complimentary, no obligation financial review where weāll work together to help make sure youāre well organized and prepared for the long road ahead. But, in the meantime, check out these 3 ways that might help you cut down on your expenses.
First, if your current financial situation finds you with a little debt, then try paying down on it. Debt can ruin lives, and without your job as a steady income source, youāre that much more vulnerable to it in retirement. As you get close to leaving the workforce, you should work hard to pay off any credit card bills you might have, and avoid taking out new loans. Donāt worry too much if youāre still paying off a mortgage in retirement, though. Youāre certainly not alone.
Second way: Reassess your necessities and sell your non-essentials. When you want to cut back on your spending, the first things to trim are the things you donāt need in the first place. But youāll find that in retirement, a lot of the things you used to think you needed are really unnecessary. Once you have a sense of the things that you really donāt need in your life any more, itās time to cut the clutter. Organize a big tag sale to get rid of any old toys, sports equipment, and books that you donāt need or use anymore. You could also donate them to a charity, and write it off as a tax deduction.
And third, go green to save a little green. Giving back to mother nature isnāt just a good thing to do, itās also a smart financial strategy. Turn off some lights, unplug some chargers, and youād be amazed at how quickly your electrical bill will begin to decease. Plus, in retirement, you wonāt need an SUV for shepherding your kids around, if you need a car at all. Why not get something small and eco-friendly, or just take public transit?
Ultimately, your retirement goals and dreams are up to you accomplish and live out on your terms. But, it certainly doesnāt hurt to have the help of a qualified financial professional and a team of experts here at Madrona Financial. So, if itās been awhile since you last sat down and reviewed your financial future, then CLICK HERE to request your complimentary, no obligation financial review.