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The transition to retirement finances can be jarring – typically, people have less cash flow in retirement than they did while they worked. All retirees should be mindful of their spending habits and debt levels – often a little penny-pinching here and there can do the trick. However, it’s important to find the right balance that will ensure that you can enjoy a retirement that is both comfortable and secure.
- Consumer Reports offers this Retirement Budget Worksheet to help you understand what money is coming in and what goes out. Learn more...
- The New York Times offers some tips to protect your retirement assets from creditors. Learn more...
- The AARP offers five rules of frugality and reminds retirees that pinching pennies doesn’t have to ruin your quality of life. Learn more...
- Want to reduce fixed expenses like a mortgage? You can use a reverse mortgage to pay it off – it is a loan against your home that doesn't have to be repaid until you move, sell or die. The U.S. Department of Housing and Urban Development's Federal Housing Administration (FHA) highlights some things to keep in mind. Or, use this calculator from AARP to find out how much cash you could get from your home.
Far too often, even the best-laid retirement plans can be wiped out by unexpected medical costs. Make sure to carefully review your insurance and health care options, and most importantly, invest in your health! Good health is your number one ally in enjoying a robust retirement.
- The U.S. Department of Health and Human Services created the National Clearinghouse for Long-Term Care Information to provide information and resources to help you and your family plan for future long-term care. Learn more...
- Medicare’s Long-Term Care Planning tool can help you understand what long-term care services are available, how much you can expect to pay for long-term care, and what financing options are available to support your long-term care costs. Learn more...
- The Centers for Disease Control and Prevention’s Healthy Aging Program offers research, information and tips on living healthfully through your retirement. Learn more...
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