Starting in January, retirees will receive a 2.8 percent Social Security cost-of-living adjustment. On average, that will be about $56 more per month. So, it’s clear to see that struggling seniors will need to continue to budget their benefits.
Kiplinger, a personal finance publication, suggests seniors get creative about cutting costs. Their recommendations are to:
- Shop around for better rates. The article said that drivers who switch auto insurance companies can save about $100 or more per year and “95 percent of credit card holders who ask to have an annual fee waived or reduced are successful.”
- Review your subscriptions. These expenses tend to increase year after year, and many are on auto-charge so you might not even realize what you are paying. Examine your subscriptions and cancel any you don’t want or need.
- Pay down debt. According to the article, “42 percent of Americans ages 65 to 74 and 35 percent of those 75 and up” have credit card debt. If you’re one of them, consider moving your debt “to a balance-transfer card with a 0 percent introductory rate to give you a break on interest charges while you pay it down.”
Your Retirement Should be Easy and Worry-Free
Financial burdens stress many older Americans. We here at the Council of Seniors want to help eliminate that worry. We are dedicated to getting Congress to passThe SAVE Benefits Act. This legislation is crucial because the annual Social Security cost-of-living adjustment (COLA) has fallen short in recent years. If we succeed, the $581 withheld from seniors’ benefits will be returned.
Sign our petition today to support our efforts. Congress has ignored the growing number of seniors expecting action for way too long.