More Money-Saving Tips for Retirees

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More Money-Saving Tips for Retirees

by Valerie on September 29, 2011

Money SAving Tips for RetireesAll the planning in the world can’t help you foresee all of your potential costs sometimes.
With Supplemental Medicare insurance and other medical expenses, retirees often find that
they’ve underestimated exactly how much they need to set aside for their healthcare. That
underestimation was the focus of a recent Sun Life Financial survey of people in their 40s and
50s:

“More than 90% didn’t have a clue as to how much money they’ll spend on healthcare after
leaving the workforce. About 75% are not formulating any kind of strategy to meet expenses
from illness or even the common maladies of old age. And 43% reported being “not at all
confident” that they will meet healthcare costs.” (from Daily Finance)

Knowing that healthcare costs can be daunting and that Baby Boomers (like most people) have
a tendency to make financial planning mistakes including reliance on home equity and dipping
into retirement funds too early, the AARP put together a Money-Saving Tips bulletin. You’ll find
everything from “Rethink your cellphone” to “Mine the Internet” to “Review Charitable Giving.”

Along with these tips from the AARP and others from other senior-centric organizations, you can
also do what a large number of people across the country do: meet with experts. If you have no
idea of what healthcare costs after retirement are going to run you, sit down with someone who
knows the ins and outs of Medicare and Medigap insurance plans. Also, find a financial planner
that you trust and that is willing to work with your specific needs and your specific budget.

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