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Top tips for saving money simply in retirement

By Guest Author On March 23, 2011 Under Success Secrets

As the baby boomer generation reaches 65, the number of retirees will hit an all time high.  Many of our new medicare supplement clients are asking us for advice on making their money last longer .  With the life expectancy of the boomers expected to be the longest in history , it is easy to see why our clients are concerned .

We have come up with 4 ways to scale down your monthly expenses without giving up things you value in your lifestyle (smile).

  1. Make sure you have the best supplemental medicare insurance plan:  Everyone should compare advantage plans to medicare supplement policies to see which one is right for you.  Plus we can help you shop all the companies in your area to get the best price for the type of plan that fits you best .  This can often save $150-$175 per month per couple.
  2. Get quotes on your home and auto insurance policies :  When you turn 65 many insurance companies offer great discounts on both your auto and home premiums .  Use a quality independent agent and see how much you can save.  We have seen many clients cut $100 or more off their bill each month.
  3. Drop your home land line and use your cell phone :  If you use a cell phone and never go over your minutes, you might be able to drop your land line and save $50-$80 per month.  There are some things to consider like alarm systems or DSL internet which may require a land line .  But this works for a lot of our customers.
  4. Take money out of low rate CDs and move it to a good fixed annuity :  If you have money in a CD that you will not need to touch for 24 months , you can ordinarily double the return on your money by moving it to a simple fixed annuity.  This is not going to save you money each month, but over 24 months you will have an extra $1500 to $2000 in interest earning on $25,000 in principle.

With just these 4 tips you could have an extra $7000 in your pocket after 24 months !  Pretty incredible results for a few actions that don’t change your standard of living at all .

For more information about medicare supplement insurance or any other type of financial protection, don’t hesitate to contact one of our medicare insurance specialists.  They are always ready to help!

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