Paving the Way for Affordable Retirement

February 23, 2022 • Admin

Retirement was easier when things were simpler and all you had to worry about were your pension checks and the interest rate on your savings accounts. Now, it is a different story. However, fear not, as there are a number of new developments that make retirement a bit easier and more affordable.

Online Services – The digital age has made retirement more affordable for seniors. Many seniors find the internet a great way to stay in touch with their family and friends. Using the internet for this purpose cuts the costs of phone calls. In addition, there are many online services that enable you to shop and conduct banking activities in the comfort of your home. This saves on gas costs as you don’t have to drive to the grocery store or bank to do your grocery shopping or banking.

Taxes for Retirees – Retired seniors have more tax savings and extremely low income-tax rates. Retirement management is extremely challenging for retirees. However, retirees are, most often, very lightly taxed. More than half of the Social Security recipients do not pay taxes on their pensions. So, bottom line, retirees have it easy when it comes to taxes as they have certain percentages exempted from various areas that make it easy for them.

Home Equity – This is a big benefit for seniors. Home values have recovered since the housing crash, and this is a plus for seniors who have held on to their homes as they are able to retain equity on the homes. Tax-free equity is a huge bonus for retired couples as they are able to save this money and use the home to fund their retirement.

Travel Benefits – Retired people are able to travel to various parts of the country and even consider settling in different, low-cost areas as airfare is at an all-time low. Because of the low cost of airfare, retirees are able to revisit their family and friends on a frequent basis.

Low Cost of Living – The cost of living has declined quite a bit in the past few years. The cost of food, for one, has been pretty low and this can be a good saving for seniors. In addition, gas bills are low because fuel costs are on the low side. Apparels and electronic items are cheaper too.

It is not easy to manage retirement on a fixed income. However, these new developments are paving the way to affordable retirement for you.

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