All throughout life, we bust our rears so that when the day comes when we can finally retire. We have these dreams of what our retired lives would be like, but we rarely think about how much money we need to save up to be able to do so. Even for people who have their retirement plans all laid out, life happens and they find themselves on a fixed income.
Whatever the circumstances may be, housing costs can eat up a lot of a person’s monthly income. Here are five ways you can reduce some of that burden and enjoy your new life as a retiree in St Petersburg, FL.
1. Have several plans
So much of our lives are spent working, when the time comes to retire, there’s so much that we want to do. Yet, realistically that may not be an option for everyone because, as we know, as we age, we aren’t as quick to get up and go. With that in mind, when you’re planning for your retirement, you should have a few plans for the different stages of your golden years. The house you live in at the start of your retirement may not be the best place for you a few decades later. Be open to the possibility of needing live-in care or hospice.
2. Get roommates
Okay, we know this may not sound like the ideal choice for some, especially those who have grown comfortable living alone… But hear us out. Living with a roommate can be a positive experience and it can save you a bunch of money. You’ll have companionship, someone to share the bills with, and if something were to ever happen, you’ll have someone nearby to get help.
Also, just because we suggested getting a roommate, that doesn’t mean it has to be some random person from Craigslist! You can have a friend, family member, or even a love interest move in.
Your current home might have been perfect when you were younger, you had a growing family and were entertaining guests frequently. However, those things may not play a huge role in your life anymore and your house is too large for just you. To that we say, why not consider downsizing?
Downsizing will let you cull a lot of your belongings and you can move into a smaller home that is more tailored to you at this point in your life. Plus, if you’re starting to have mobility issues, downsizing to a single-story home will make your life a lot easier in the long run.
4. Relocate to a tax-friendly retiree area
Florida is already a tax-friendly state for retirees, but if you’re hoping to save more money or you just want a change of scenery, Mississippi, Nevada, and Pennsylvania are also tax-friendly states for retirees.
5. Sell your house and travel
If you’ve always dreamt of traveling and you’re finally able to, now that you’re retired, why not bite the bullet and contact a real estate agent and tell them you’re looking for the fastest way to sell your home? Not only will you bolster your savings through the sale, but you can travel to new countries where your dollar will go much further than if you were staying in the states.
Life in America is getting more expensive as the days go by and a lot of that expense is related to housing and its upkeep. These are just a few ways you can cut housing costs. There are countless ways to manage your money, but as a retired person on a fixed income, you might need to be a little more aware of expenditures.