4 Smart Financial Moves Seniors Can Make During Retirement
Retirement is supposed to be the golden years of your life and seniors are increasingly worried whether their savings can last. If you’re looking for ways to increase your retirement funds and decrease your expenses, these are the smart financial moves you can make now.
1. Incredibly Cheap Cell Phone Plans
Having a cell phone may be a necessity today, but it doesn’t have to cost you hundreds of dollars. Nearly every cell phone carrier available offers a senior discount. Some even often special plans that are only offered to those over age 55.
- Sprint’s Unlimited55+ plan¹, which is only available for adults age 55 or older. You can get one line for $55 per month or two for $80 a month.
- T-Mobile’s Magenta Unlimited 55 plan², which offers the choice of $35 or $45 per line per month for anyone age 55 or older.
- Verizon’s 55 Plus plan³, which gives adults age 55 or older a single phone line for $60 per month, or two lines for $80 per month.
But don't stop there, you may be able to find other cell phone companies and low cost carriers that could offer even better deals. Make sure you compare different offers before deciding on one.
2. Exclusive Cable TV/Internet Deals
Like your cell phone bill, your monthly cable TV and internet bill is a huge expense. But if you look close enough, cable providers do offer discounted plans for adults over age 55. Others offer packages designed specifically for individuals on limited budgets.
For example, Comcast⁵ has a Seniors Program that features cable internet, and it costs just $9.95 per month. For that incredibly affordable price, you’ll enjoy no long-term contract, no installation fees, and no credit check. Included are 15 Mbps of in-home wifi and free technology classes.
Spectrum has a similar package: Spectrum Internet Assist⁶, which offers high-speed internet for just $14.99 per month. This cable internet deal includes 30 Mbps internet, with no data cap, an included modem, and no contract. You can add wifi for just $5 more per month.
If you can’t find a cable TV or internet option within your budget, you can also consider applying for low-income options, deals, and packages. Many cable providers offer low-income deals for those on limited incomes. In order to take advantage of that pricing, you’ll just need to meet the requirements or income level specified by your chosen cable company.
3. Deep Auto Insurance Discounts for Senior Drivers
Auto insurance is required to hit the road. But as you get older, you may find that your auto insurance premiums are simply too expensive to keep up with.
That’s why every retired adult should check with their insurance company for a lower rate. Whether you can take advantage of a senior discount or find other savings, there are ways to lower the cost of your auto insurance policy.
As Bankrate⁷ explains, most insurance providers offer a senior discount for retirees. This can decrease your premiums, and that amount should go down each year as you get older. All you have to do to take advantage of these discounts is ask.
4. Need More Income? Try This
If your retirement income isn’t providing you with enough cash to pay your bills or live life as freely as you’d hoped, you can also seek out a way to increase your income. And a reverse mortgage is one way to do exactly that.
A reverse mortgage can provide cash immediately and give retirees extra money every month. The way it works is that it turns your home equity into a steady flow of income.
Throughout your golden years, you can use the income from a reverse mortgage to fund anything you need. After decades of paying money towards your home, you can turn your equity into much-needed cash.