During your working years, your annual budget falls into predictable patterns. One adjustment many people must make in retirement is adapting to how their expenses will shift. According to The Motley Fool, there are three common ways in which your budget can change.
First, your budget may become tighter, depending upon where your retirement income comes from. Without the variable income, you might have had working, your savings and retirement accounts may not give you leeway for any unplanned expenses.
Second, you might actually find some expenses go down or just go away. Working entails costs such as commuting and work clothing. In addition, as a senior, you may qualify for a range of discounts on such things as insurance or entertainment.
While some expenses can decrease, you have to be ready for those that may increase, too. Seniors in general have more healthcare expenses. Even with Medicare, you have premiums, deductibles, and co-pays.
Council of Seniors Wants to Give You More for Your Budget
Extra income is always welcome to cover retirement expenses. That’s why Council of Seniors believes Congress must pass The SAVE Benefits Act to make up for inadequate Social Security cost of living adjustments (COLAs) in recent years. We’re working tirelessly to get seniors reimbursed the $581 that’s been lacking.
You can help by signing our petition right away. Washington politicians need the wake-up call on how many people support this bill.