Living Frugally: You can avoid going broke in retirement

FINANCIAL

Living Frugally

YOU CAN AVOID GOING BROKE IN RETIREMENT

by Harleena Singh, Staff Writer

Many people in the United States with significant savings fear going broke in retirement, according to a recent survey. However, there are ways to live frugally to try to prevent that from happening.

1. Analyze your living situation.

According to research, the cost of a home and homerelated expenses accounts for nearly 43 percent of spending for people who are 65 to 74 years of age. So, to save money, it may be worth downsizing to a smaller home, which also gives you a chance to earn money by selling items you no longer need.

2. Plan ahead if you are thinking of shifting to another home or a different part of the country.

Ensure the area has the amenities you’re looking for, such as medical facilities, places of worship, colleges and universities. Make sure you’re going to be comfortable there.

Are you between the age of 45-75?

G N

O O D E W S !

COLON CANCER GOOD SCREENING SAVES LIVES NEWS! Is COST a keeping you from being B U T O N L Y I F Y O U G E T T E S T E D ! You may qualify for a free colonoscopy if you are: You may qualify for a free colonoscopy if you are: GOOD NEWS! screened for colon cancer?

Age 45-75

under 45 may qualify in some cases Is COST a keeping you from being screened for colon cancer? YOU MAY QUALIFY FOR A FREE COLONOSCOPY IF YOU ARE: GOOD NEWS! Uninsured or Underinsured Uninsured or undersinsured Uninsured: Uninsured: No public/private insurance Undersinsured: High deductible plan YOU MAY QUALIFY FOR A FREE No public/private insurance. with out-of-pocket maximums greater than COLONOSCOPY IF YOU ARE: Underinsured: 5% individual annual income High deductible plans

No Medicare Part B Coverage Age 45-75

under 45 may qualify in come cases

COLON CANCER SCREENING A Kentucky Resident Includes Legal Immigrants: green card holders work/student visa refugee This program is funded by the Kentucky Colon Cancer Screening Program Uninsured or Underinsured Uninsured: No public/private health insurance Underinsured: High deductible plan with out-of-pocket maximums greater than 5% of individual income A Kentucky Resident includes legal immigrants: green card holders work/student visas A Kentucky Resident Includes Legal Immigrants: SCREENING SAVES LIVES but ONLY if you get tested! Call 859-309-1700 or 877-597- 4655 to discuss eligibility! SCREENING SAVES LIVES BUT ONLY IF YOU GET TESTED! A Kentucky Resident includes legal immigrants: green card holders work/student visas refugees SAVES LIVES B U T O N L Y I F Y O U G E T T E S T E D ! You may qualify for a free colonoscopy if you are: Age 45-75 Uninsured: No private/public health insurance or Underinsured: high deductible plan with out-of-pocket maximums greater than 5% individual income SCREENING SAVES LIVES BUT ONLY IF YOU GET TESTED! CALL 859.309.1700 OR 877.597.4655 TO DISCUSS ELIGIBILITY refugees Not going back for your follow-up colonoscopy because your deductible is TOO HIGH or you LOST your insurance? CALL to see if you are eligible to receive a FREE colonoscopy! SCREENING SAVES LIVES BUT ONLY IF YOU GET TESTED! CALL 859.309.1700 TO DISCUSS ELIGIBILITY • green card holders • work/student visa • refugees Funding provided by: Kentucky Colon Cancer Screening Program CALL 859.309.1700 OR 877.597.4655 TO DISCUSS ELIGIBILITY Not going back for your follow-up colonoscopy because your deductible is TOO HIGH or you LOST your insurance? CALL to see if you are eligible to receive a FREE colonoscopy! Don’t let cost keep you from being screened for colon cancer. Take advantage of senior 60+ PROMO CODE discount offers.

A Kentucky Resident Includes Legal immigrants: THIS PROGRAM IS FUNDED BY THE KENTUCKY green card holders COLON CANCER SCREENING PROGRAM student/work visas THIS PROGRAM IS FUNDED BY THE refugees THIS PROGRAM IS FUNDED BY THE KENTUCKY KENTUCKY COLON CANCER SCREENING PROGRAM

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3. Check out senior discounts, deals and offers from hotels, restaurants, drugstores, etc.

Some tickets to museums and live performances come with discounts for seniors, so make use of them. In Florida, people who are 60 and older can audit any college course anywhere in the state at no cost, but they don’t get any college credit.

4. Cut the fat from your food budget.

It’s cheaper to make more meals at home after retirement. If you choose to dine out, find places that offer less expensive meals and again, take advantage of senior discount offers.

5. Be a savvy grocery shopper.

Keep a lookout for good deals wherever you shop, including dollar stores, wholesale clubs and farmers markets. Look for coupons in the newspaper and stores and check out online discounts and coupons as well. If you plan your meals for the week and make a shopping list, you’ll make fewer trips to the grocery store and waste less food.

6. Evaluate your bills and costs.

If you’re not using most of your cable channels, consider scaling back to a more affordable package. Couples with two cars may be able to get by with one to cut maintenance and gas costs. Retirement is a good time to consider going in for more compact and fuel-efficient vehicles.

7. Take charge of your medical costs.

Always ask your doctor what different diagnostic tests will cost.

8. Look for other sources of income.

You can even consider part-time work. Many seniors feel lost and depressed after they quit their jobs, so a part-time job would ensure you remain busy.

Living frugally is a lifestyle that covers the basics in the least expensive way possible. You don’t have to give up everything and live like a hermit. Having a thrifty yet fabulous life in retirement is possible with a little discipline and attention to detail.

References:

• Free From Broke (www. freefrombroke.com) • Frugal Retirement Living (www.frugal-retirement-living.com) • The Street (www.thestreet.com ) • USA Today (www.usatoday.com)