It’s important to see what your expenses are now, both fixed and variable, so you know where your money is going.
Boston, MA (PRWEB) June 11, 2013
GreyWingFinancial.com personal finance and economic magazine for seniors today released their statement about what types of everyday costs will disappear from the equation once consumers cross from the working to the retirement world. GreyWingFinancial.com, who so often gives out advice about what sorts of categories to include in one’s retirement budget, advised soon-to-be retirees on what not to include.
After reading Tom Sightings’ article in MSN Money, published June 5th 2013, GreyWingFinancial.com was moved to address the many expenses that vanish during retirement. In his article, Sightings reported that the prospect of living with a trusty paycheck can be quite scary for many people, not to mention the massive amount of savings financial advisors recommend consumers to have built up. Sightings points out that although a good deal of money is required to retire, there are some expenses that will automatically go down after a consumer leaves the workforce.
GreyWingFinancial.com suggests that consumers who are planning for retirement prepare two budgets, one for their current expenses and after a few months of keeping one consistently, doing a mock-up of their retired budget including or excluding things they think they do or do not need like the same clothing budget (no job may mean a lower clothing budget), supplemental health insurance, senior life insurance, two cars, or a gas budget equal to their current one.
GreyWingFinancial.com is quoted as saying, “It’s important to see what your expenses are now, both fixed and variable, so you know where your money is going. And once you know where you stand, you can estimate what the budget will look like during retirement. This is a great opportunity to see what you can cut out. For instance, if you have more than one car, perhaps selling the other one—and getting rid of its corresponding insurance policy—is a money-saver. Or even scaling back on your cable and internet package as you take on more hobbies with your newfound freedom. There’s always the option of moving to a location with a lower cost of living, somewhere closer to your family so there’s less travel involved to see them, or even someplace that has a grocery store, library, and other necessities within walking distance. One of the beautiful things about retirement is the freedom that comes with it, and with this freedom is the opportunity to save a good deal of money.”
The above-mentioned MSN Money article states that costs like work uniforms and suits, commuting costs such as gas or subway tickets, and all other expenses associated with a job will vanish with retirement—not to mention the money that gets withheld from each paycheck. Sightings states that retirees are flexible to enjoy mid-day meal and movie specials, senior discounts, and traveling mid-week or during the off season when rates are less pricey.
GreyWingFinancial.com is an online magazine that provides financial advice to retirees, soon-to-be retirees, and seniors. GreyWingFinancials.com reports on topics relevant to this demographic such as saving for retirement, investing, purchasing motor homes, and IRA’s. GreyWingFinancial.com makes every effort to assist seniors with their financial decisions and knowledge so that they are free to enjoy their golden years with as little financial stress as possible.