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Mid-Year Check-Up for Retirees: Ensure You Don’t Run Out of Money Thumbnail

Mid-Year Check-Up for Retirees: Ensure You Don’t Run Out of Money

Questions & Answers

Around the middle of the year, it's a great time for retirees to check in on their finances. Making sure you don’t run out of money during retirement takes careful planning and regular reviews. Here’s a simple guide to help you stay on track.

1. Review Your Budget

Start by looking closely at your budget. Compare your actual spending against what you planned to spend. This can help you see if you’re staying on track. If you’re overspending in certain areas, make some adjustments to avoid dipping into your savings too much.

2. Review Your Expenses

Take a look at your current expenses. Are there any costs that you can reduce or cut out completely? Maybe there are subscriptions you don’t use anymore or you’re dining out more than you need to. Small changes can add up to big savings.

3. Travel Smart

Avoid traveling during the peak season when prices are high because families with school-age kids are vacationing. Instead, look for travel deals during the shoulder season in the fall. This way, you’ll save money and enjoy a more relaxed, less crowded experience. 

4. Check Your Healthcare Plan

Review your healthcare and Medicare plans to make sure they still fit your needs. Medicare open enrollment starts on October 15th, so you have time to switch plans if necessary. Good healthcare coverage is crucial to keeping your costs manageable and staying healthy.

5. Improve Home Energy Efficiency

Make your home more energy-efficient to keep utility bills low. Simple changes like sealing windows and doors, upgrading insulation, and using energy-efficient appliances can save you a lot on energy costs. 

6. Let Your Investments Work for You

Let your investments do the heavy lifting. Market ups and downs are normal, so it’s important to stay the course. With an election coming up later this year, be prepared for potential market fluctuations but try not to get too caught up in the noise. Remember, sticking to your plan is key.


7. Avoid Market Timing

Trying to time the market can be risky. Instead, keep your portfolio diversified and stick to your long-term strategy. Consistency is essential for achieving good returns over time.

8. Plan for Tax Efficiency

Start thinking about ways to lower your tax bill in retirement. Consider options like qualified charitable distributions, donor-advised funds, and charitable remainder trusts (CRATs and CRUTs). These strategies can help manage your taxable income and support your financial goals.

Conclusion

A mid-year financial check-up is essential for retirees to ensure they stay on track and don’t run out of money. By reviewing your budget, managing expenses, traveling smart, optimizing healthcare plans, improving home energy efficiency, maintaining investment strategies, avoiding market timing, and planning for tax efficiency, you can enjoy have more peace around the issue of money. If you need help with your financial planning, don’t hesitate to reach out to us at Seaside Wealth Management at [email protected]. Remember, regular reviews and adjustments are key to long-term financial health.

Watch Brad & Matt Explain How To Never Run Out Of Money In Retirement ⬇️

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This commentary reflects the personal opinions, viewpoints and analyses of the Seaside Wealth Management, Inc. employees providing such comments, and should not be regarded as a description of advisory services provided by Seaside Wealth Management, Inc. or performance returns of any Seaside Wealth Management, Inc. client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Seaside Wealth Management, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.