It can sometimes be difficult to prevent outliving your savings. There used to be a time when retiring was about accumulating your savings, and living off of it until you died. Unfortunately, the longer you live, the less money that you will probably have to maintain yourself each year.
Social Security money is getting less and most seniors’ pensions have dwindled, so it’s probably going to be up to you to ensure you have enough money to tidy you over and survive.
The questions for seniors should be “What have you done to save money in the past and what can you do now to ensure you will not outlive your savings in the future?
Tips to Prevent Outliving Your Savings
Usually, the only way to help prevent outliving your savings is to be proactive and prepare your finances in advance. Here is a short list of tips to get you headed in the right direction:
* Work if You Can – Maybe you thought that retirement meant that you could just relax and travel around all of the time. Maybe some people can do that, but unless you have save a sufficient amount of money before retirement, you might have to continue working. If you are physically up to it, you should try to find some part-time work somewhere. There are many part-time jobs that are ideal for seniors, and won’t require a lot of work on your part, but can help you supplement your slowly evaporating savings.
* Live Frugally – One big way to stop you from outliving your savings is to live within your means and cutback on luxurious expenditures. Do you really need 5000 television channels for $80 a month, when you could get by on 100 channels for $25? Is it necessary to go out and eat unhealthy fast food all of the time or wine and dine in expensive restaurants, when you could just cook some nutritious meals at home?
* AARP – The American Association of Retired Persons is a non-profit agency that assists in the welfare of senior citizens in the United States. They have many ongoing projects and services to help seniors. For more information, visit their website at:
* Last Resort – If you see that you are seriously running out of money and there is nothing you can do to close the floodgates, it’s time to ask for financial assistance. You can receive food stamps fairly easily as a senior. The U.S. food stamp program is a nutritional assistance program that usually gives you a debit type card that can be used at most stores to purchase food. You will be given a set amount of money each month that can easily reach $150 for food assistance.
The food stamp program can go a long way in helping seniors with the most important part of survival. Don’t be ashamed about applying for food stamps, because it is a viable option provided by the U.S. government for those, who truly need it. If you are not physically able to go to the food stamp office, you can have the forms mailed to you, and you can return them by mail. Occasionally, you might get interviewed over the phone. It’s also possible to have a family member or friend go to the office on your behalf.In addition, the U.S. government offers many different programs to aid seniors. To see what they have to offer, visit:
Outliving Your Savings – Conclusion
You need to take charge of your life, and make certain that you will have enough money to continue to live. Don’t wait until the last minute to start planning. Instead, you should start today to see what you can do to prevent outliving your savings.