3 Smart Financial Strategies Every Senior Should Know

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If you've recently retired or are planning on doing so in the near future, you're undoubtedly looking forward to enjoying a long and happy retirement. However, you may also have understandable concerns about your overall financial picture even if you've got a significant amount of funds in your retirement account and/or have adequate income and assets. After, you're probably going to want to travel and otherwise enjoy your well-deserved leisure time without worrying that you may be overspending.

Fortunately, there are financial strategies available for seniors designed to save them money. Following are three of them. 

Cultivate a Part-Time Income Stream

Retirees bring significant knowledge and experience to the table, so employers are often happy to hire them, and working on a part-time basis can help you stay active and engaged — and the money doesn't hurt, either. Many retirees struggle with the transition between working full-time and suddenly having serious amounts of leisure time on their hands and no real routine, so part-time work is also a good way to transition to eventual full-time retirement. If you had a professional career, you might be able to do some part-time consulting in your field. Other possibilities include offering handyman services, working the front desk at a local hotel one or two days a week, or doing freelance writing or tutoring online. 

Volunteer at a National Park

Many retirees put a high value on travel, but travel costs add up quickly. Volunteer positions are available in National Parks that can help keep travel expenses in line. Opportunities last from one or two days to several weeks or months. Some pay a stipend to help with expenses, others offer basic housing options, and virtually all of them provide free RV spaces to volunteers. It may also be possible to pick up seasonal work with concessioners

Consult a Financial Planner

A professional financial planning service can help you calculate expenses and provide investment advice designed to optimize your retirement savings. You'll also receive advice on tax credits and deductions for retirees that you may not be aware of. After all, tax laws frequently change, and it's difficult for the average citizen to keep current on them, but financial planners do so as a part of their profession. For instance, you may be eligible for an exemption that would cut your taxes by as much as 50 percent if you are over the age of 65 and have an income of less than $29,000.

If you have more questions, contact local financial services.

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Making The Decision To Plan Your Financial Future When it comes to making things right for you and your family, there are only so many times you can struggle with finances. I didn't used to care too terribly much about finances, but after dealing with near bankruptcy more than a few times, I knew I had some big decisions to make. I started working with a financial planner to address various issues that we were facing, and we realized that there were some mistakes we kept making time and time again. After going through and evaluating our spending, we made some big steps towards clearing up our finances. Read more on this website to learn about finances.