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During working years, many people develop budgets to control expenses and plan for retirement. Once you’re retired, keeping a budget remains more important than you might think.

According to The Ascent, there are three key reasons why a retirement budget is a real need. First, for many seniors, income is limited. Many retirees live solely on Social Security, which may not cover all your expenses. So, it’s critical to stretch your dollars as far as you can. A budget helps do that.

Second, expenses can shift for you during retirement. Housing costs can increase as you spend more time at home and use more utilities. You may no longer have a car payment, but that extra money may go to things like travel and entertainment. Watching what and how you spend is important.

Finally, it’s wise to avoid taking on new debt. In younger years, people understand they have time to pay it off. But those in their 70s and 80s shouldn’t risk passing away and leaving their heirs stuck with the debt.

Council of Seniors Knows Every Dollar Counts

Extra income makes a budget work better for seniors. Council of Seniors has been fighting to get Congress to pass The SAVE Benefits Act. Many people aren’t aware that the Social Security cost of living adjustment (COLA) has been inadequate or not even paid over a series of years. Getting this bill passed will mean eligible seniors will receive $581, money that should’ve been paid a long time ago.

Please sign our petition to help convince politicians in Washington to pass this bill by showing them how many people support this bill.

Do you stick to a budget to control expenses? Leave us a comment and let us know.

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