When you retire, you have plenty of free time. However, you should be sure that shopping and spending excessively doesn’t become your new vocation. If by nature you’re a shopper, try focusing your energy on searching for deals, especially senior discounts.
MarketWatch’s recent article, “Retirement isn’t a permanent vacation: Don’t spend your free time spending,” reports that the bad thing is with more time on your hands, you can buy more. Online shopping can be a big attraction, particularly if you used e-commerce during your working career.
To thwart the urge to shop non-stop in retirement, seniors should try to maintain active lives and a full social calendar. You can volunteer with a charity, take exercise classes and attend community events. All of these will keep a retiree from aimlessly acquiring things. You’ll be too busy to shop, and you’ll experience more socialization with others who have the same hobbies and interests.
When you do need to shop, use caution, and look online for directories of discounts and coupons like SeniorDiscounts.com and ProgramsForElderly.com.
Prior to making a purchase at a brick-and-mortar store, inquire about senior discounts. Some pharmacies, supermarkets, and other retailers offer specials, especially on certain days of the week. The first Wednesday of the month may be senior day at your grocer’s. In many retail outlets, employees aren’t permitted to proactively give the discount because it can offend people to assume they’re over 65. You have to ask for it.
Another option for the resourceful retirees is to consider purchasing used items or even trading goods and services. Social media facilitates such exchanges, with apps like Nextdoor and Freecycle. People use these websites for giving away or trading items. They’re also pretty safe, since you’re dealing with your neighbors.
Be careful online with your credit card information. Before agreeing to any kind of purchase, make certain that you aren’t being signed up for a regular monthly fee or subscription. Seniors are targeted by websites that automatically sign users up that charge their credit cards, and these are usually extremely hard to cancel.
Finally, two of the most common sources of surprise in spending for seniors are dental care and hearing aids. Look for state dental associations to find free programs. Some dental colleges offer 50% to 75% off regular rates at practices.
Hearing aids are complex, expensive devices that often need customization. One option is a “pocket talker” for around $125. This can save in excess of $1,000 in hearing aid costs.
When looking at retirement, it is important to get a plan in place, and that plan should include wills, trusts and power of attorneys. Call Rowley Law today to schedule your appointment to get a plan started. 847-490-5330.
Reference: MarketWatch (September 5, 2018) “Retirement isn’t a permanent vacation: Don’t spend your free time spending”