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All eyes have been on the economy recently. There’s the news of fluctuating gas prices, stock market swings, and, of course, inflation. Cryptocurrency has been a hot new trend with its own ups and downs. Seniors—especially those living on a fixed income—are watching these events closely after years of saving for retirement.
Kiplinger.com offers several tips for seniors as they grapple with inflation. Take a look at all your expenditures, from eating out to drinking fancy coffee to the many digital subscriptions we all have. Cutting back in even a few of these areas will result in meaningful annual savings. Kiplinger.com suggests staying with a conservative stock portfolio, focusing on dividend-paying stocks and on having some bonds. As prices rise, it can be tempting to take a chance on what appears to be a winning stock, but it's best to leave that to younger generations.
National Council on Aging (NCOA) takes it a step further by highlighting the importance of having a budget. One key is identifying what’s “nice to have” versus “need to have” among one’s regular purchases. And simply writing down all of one’s monthly expenditures makes a difference, NCOA’s Genevieve Waterman says.
“There’s something powerful about seeing the numbers in black and white,” Waterman explains. “Getting them out of your head and onto paper lends a clarity to your financial situation that you otherwise might not have.”
GreenFields of Geneva senior living community knows how important financial stability is to its residents, which is why daily living expenses are covered under one monthly rate. That includes meals, utilities, maintenance, and services and means more time for enjoying engaging activities and programs with friends. And those programs provide interesting insights and an opportunity for learning. For instance, the retirement community hosted a recent presentation on cryptocurrency by a financial professional who helped educate residents about Bitcoin.
Benjamin Franklin coined the phrase, “A penny saved is a penny earned.” A penny doesn’t go as far as it used to, but a little bit of savings can go a long way as prices increase. And keeping a budget and being careful with expenses are two tips for getting there.