Saving for large expenses, whether in retirement or during your working years, is a tall task. It often requires you to cut back on spending and find ways to maximize your income. However, in retirement, there are some key differences when saving up for a large purchase. So, if you have plans to save for a major expense in 2023, make sure you approach your saving method according to your financial situation.
The name of the game in retirement is budgeting your expenses. You’ve spent your employed years saving up, but now it’s time to spend those savings wisely… However, when it comes to setting your sights on an expense, there may be methods you haven’t explored.
For instance, you may be eligible for age-related assistance programs such as Social Security, penalty-free or tax-free withdrawals from retirement accounts, Medicare, and more. A savings plan may include utilizing tax-free income and finding senior discounts and credits. In addition, if you’re taking a long-term approach to saving, consider delaying claiming Social Security to receive greater benefits later. If you have other sources of income that can cover your costs now, consider tapping those so you can receive a more significant Social Security benefit when you need it for that expense!
And don’t forget to do the small stuff. Eating healthy, staying active, and exercising your brain can help you avoid healthcare expenses. You may be shocked at how much you can save just by having a healthy lifestyle! And when it comes to healthcare expenses, consider utilizing insurance to help cover costs that could come as a surprise and set your savings goals back.
In all, saving for significant expenses in retirement takes exploring different avenues to maximize your income and save on the major spending categories that may take much of your wallet share away from the purchase you aim to keep.
If you are finding ways to maximize your Social Security timeline, optimize your retirement accounts, or utilize options to help save on healthcare expenses, a financial professional can apply their skills to help you achieve your financial goals. Contact us at (540) 720-5656 to get started today.
Source: https://www.seniorlifestyle.com/resources/blog/27-tips-for-saving-money-after-retirement/
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.