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HomeBlog RetirementMoney Management Tips For Your Retirement
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Money Management Tips For Your Retirement

September 24, 2019 by National Debt Relief

money management tips for retirementGetting ready for retirement can be challenging, and it’s not surprising that many people get uneasy about their finances as their retirement date nears. In fact, when it comes to retirement, nearly half of all Americans cite running out of money as their top concern. It doesn’t have to be that way, however. If you do some prudent planning and have a bit of discipline, your second act in retirement can be the happiest, most financially secure part of your life. Here are five great money management tips you can use to thrive in your retirement years.

1. Make a Budget and Live Within It

Whether you’ll live off a lifetime of savings from your IRA, 401(k) or other retirement account or you’re one of the fortunate few who’ll have a pension in retirement, establishing and maintaining a budget will be critical. You’ll likely have considerably less income coming in during retirement, so you’ll need to manage your cash flow carefully. Failing to do so can lead to the rapid depletion of your retirement savings, and leave you without necessary funds for the coming years. Once you build your post-retirement budget, pay close attention as you follow it for the first few months of retirement. Doing so will help you make necessary adjustments to your spending habits, so you adapt more readily to your new financial situation.

2. Adapt to Your New Reality

You can have a great second act, as long as you adapt to the new financial realities that your retirement brings. After you’ve lived within your budget for a few months, you’ll undoubtedly have to make adjustments to live comfortably. Consider a few lifestyle changes to ensure security in retirement.

Home

Can you comfortably afford your current living accommodations in retirement, or are you going to have to adjust? If the mortgage, rent, or property taxes are too much for your retirement budget, or if you no longer need such a large home in retirement, you may want to consider downsizing to a more affordable home to save money.

State

Is your state retirement-friendly? Some places are great to live in when you retire, while others leave much to be desired. If the cost of living, tax situation, and other factors will put a strain on your retirement budget, you may want to consider moving somewhere else.

Car

How many cars will you need in retirement, and how much do you want to pay in automobile insurance? If you have a tight retirement budget, downsizing to a more modest car might help you save money on car payments, gas, and insurance each month.

3. Prioritize Debt Repayment

If you’re getting ready to retire or recently began your retirement, addressing your outstanding debt should be a top priority. Retirement can compound the challenges of managing personal debt, especially if you’re on a tight budget and have other critical expenses of note. It’s not surprising that 40% percent of retirees consider paying off their debts as their top financial concern. As you prepare for or enter retirement, be as proactive as you can about debt management. If you don’t have the means to make a dent in your credit card and other debt balances, consider taking steps such as a debt consolidation loan, or even using debt settlement services like those offered at National Debt Relief. The sooner you pay off your debts in retirement, the more money you’ll have available for your other priorities.

4. Prepare for Healthcare Costs

While most people will be able to count on Medicare benefits in retirement, it’s not always enough. Throughout your retirement, you can expect to pay thousands of dollars on deductibles, co-pays, prescription drugs, and premiums that Medicare won’t cover. If you want to ensure that unexpected healthcare costs don’t derail your retirement plans, start preparing right now. For starters, talk to a trusted financial advisor to see how you can mitigate gaps in Medicare and other insurance plans. In many cases, you should be able to purchase Medicare supplemental insurance that closes those gaps and limits your exposure to unexpected healthcare costs.

5. Keep on Earning

If you want to have a comfortable retirement, one of the best money management tips you can heed is to continue generating income well into your post-career years. For many retirees, annuities are a great option to generate steady income, while others may be able to earn additional retirement income through a combination of investments and savings. As you prepare for retirement, talk to a trusted financial advisor to determine what post-retirement income strategy will work best for you.

Personal financial management is more important than ever when you retire. These money management tips can help you prepare for retirement and set you up financially for a great second act. Consider the advice offered here, and get ready to live your best life in retirement!

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National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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** Audited by: Dianne Ernsting ** Easy National Debt Relief Caller: Charlotte Transcribed: WE 2/28/2021 Charlotte: Before I begin, I have to let you know that our call is recorded. Can you tell me, how did you first hear about our National Debt Relief? HILLARY: Actually, I think I googled it. Charlotte: So, what made you decide to work with National Debt Relief as opposed to other providers? HILLARY: It just sounded promising and that I could get out of debt. Charlotte: What did you think about the enrollment process? HILLARY: It was easy, it was no hassle. Charlotte: Now, tell me about the program that you were on. HILLARY: I think it's great. The only problem I kind of have is, sometimes, payment-wise, it's a little-- I mean, I get it, because you're trying to pay off your debt. It's just a little pricey if you can't do it. Charlotte: In what ways would you say that this program has begun to work for you? HILLARY: Bettering my credit, paying off my debt. Charlotte: About how far are you in the program at this point? HILLARY: Geez, I've been there, probably, a year and a half, I think. But I don't know how far I am out of debt, honestly. Charlotte: Now, is there anything about this program that you would like to see handled differently? HILLARY: The only thing, and it could just be me, I don't know how they work, and I don't know if they call like, "Okay, this is who you have debt with. This is who you debt--" Or do they reach out? I don't know who reaches out and says, "Hey, they have this bill." Charlotte: What have you experienced? Tell me what's happening. HILLARY: No. I feel like it isn't as fast, process-wise. The last two months have been kind of fast with a few credit cards being settled, but there's a few other ones, I'm like, "Okay, why haven't they settled on this one yet?" Or, you know, just things like that. Charlotte: Oh, like it's dragging out a little bit? HILLARY: Yeah, yeah. Mm-hmm. Charlotte: Now, what did you think about your negotiators? HILLARY: I think it's good. I just had a big change in my life with my daughter being sick with her kidneys. So, they said-- I was a little annoyed. And I said, "Well, what does it matter if something happens? It's not going to change my payment." They're like, "No, but the creditors, we can help you that way." And I didn't understand that at first. I wish somebody would have told me that at the beginning. The reason we ask these questions, they're for the creditors, more or less. So, nobody told me that. Yeah, nobody told me that. Charlotte: And what else have you experienced? HILLARY: Everybody's been really kind, honestly. There was a girl I talked to last week, I did a survey on her, and I absolutely loved her. I cannot remember her name. She sent me an email. But I don't think I've ever run into anybody that couldn't answer a question, and who hasn't been really kind and compassionate. Charlotte: If you have to rate your experience, so far, on a scale of one to five, and five would be that you would recommend to friends and one is you're pretty dissatisfied, how would you rate them? HILLARY: I'd rate you guys 5. Charlotte: Would it be okay if I posted your comments as a review on our public website? HILLARY: Yeah, go ahead. Is there a way I can recognize that girl? Charlotte: Oh, no, no, no. They'll find it out for sure. HILLARY: I loved her. I absolutely loved her. She was amazing. Charlotte: So, how comfortable have you felt working with National Debt Relief through this process? HILLARY: Oh, really comfortable. Charlotte: So, say you have some questions or concerns, how does National Debt Relief work with you to answer any questions or concerns that you're having? HILLARY: I guess they reach out more than not. I hear from them more than, probably, anybody. But I feel like emails-- they'll email me. They're pretty patient too if you need something done and you can't do it at that point. They're like, "Okay, well, I'll call you back." I just feel like they're very patient. I don't know. I don't know the answer to that. Charlotte: How would you say working with National Debt Relief, Hillary, has impacted your life? HILLARY: I feel like I don't have as much debt, and I feel inside, internally, I feel not as stressed. It's better than them garnishing your wages. Charlotte: And of course, were recorded. I'm going to send you a link to your email at andreattahillary@yahoo.com. HILLARY: Uh-huh. [yes] Charlotte: Of course, we are recorded.

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