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| Credit Answers > Debt-Management-Articles-2010 > Frugal Retirement Ideas |
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Good money management is crucial if you want to maintain financial stability and enjoy a fruitful retirement! So, how can you stretch your retirement dollar? Try these tips.
Pay Off Debt!
If you have debt, try to imagine your life and how you would feel if you were debt free. You should be working with your debt settlement company as much as possible in order to make sure
your debt gets resolved. Just think of what you can do with all that extra money once your debts have been settled! Make this a goal to work toward. Try to curb overspending and use cash only
in order to avoid future debt.
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Tax Tips.
You should try to take advantage of any kind of deductions or tax credits available to you at this life stage. Local senior centers and churches may be able to help you complete
your tax forms each year. For tax information and advice go to the Internal Revenue Service website at www.IRS.gov and click on the
'Seniors and Retirees' tab. You can also call the IRS and speak to a Retirement Plan Administrator at 1-877-829-5500, Monday through Friday from 7 a.m. to 7 p.m. CST.
Cut The Clutter.
Do you feel weighed down by extra furniture, clothes, your children's and grandchildren's old toys and other mementos? A garage sale is just one idea that could bring in extra
income. If you enjoy using the computer you might also try the Internet at web sites such as eBay.com,
Amazon.com or Craigslist.org.
Downsize.
According to Fortune Magazine, living beneath your means is important financial advice that many individuals never consider and it could save you money. This may force you to
change a few of your spending habits or a lifestyle you have been used to. Try making a simple budget on a piece of paper. Consider all utilities as well as groceries, rent or
mortgage, property taxes and medical and leisure expenses. If you have debts you are paying off, include those payments in your budget. Try to cut out costly extras and focus on
what's most important for your life and well-being.
Keep Working.
If you are close to retirement, consider deferring it. Or, if you've already retired, pick up a part-time job, do contract work or consider freelancing for extra income. For
example, if you are a do-it-yourselfer, you could work as a handy person on a part-time basis. In addition to stretching your retirement dollars, you might enjoy the interaction
with others and other benefits employment and the workplace can bring.
If you don't want to travel to a work site, you may be able to write freelance articles for magazines or blogs for websites, be a pet sitter or provide child care for neighborhood
families.
If you do plan to return to work, AARP suggests making sure you are aware of issues that can arise with pension plans or Social Security. It could be a good idea to contact your
pensions department and a tax advisor as well as your regional Social Security office to see if your benefits could change due to work income.
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