IN RETIREMENT, FRUGALITY IS A NECESSITY

Jun 28th, 2013 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Senior Citizen Financial Issues

Watching one’s economic health during retirement is as important as staying apprised of your physical condition. Frugality is a top necessity.  Spending, without limits, can contribute to a condition as frightening as a sudden heart attack.

Since less money comes in and more goes out, regularly, a watchful, careful and judicious eye must be kept on expenditures.  If you can live without it, do.  If you really don’t need an item, avoid purchasing it.  With costs spinning out of control and income being reduced it is mandatory that one’s financial health be reviewed at least monthly.

While seniors enjoy traveling, particularly abroad, eating out, particularly frequently, while adding to one’s list of wants, particularly regularly, it is prudent to reign in those costs that can quickly drain precious resources.

If your situation is such that resources appear to be sufficient to make it to some calculated date, err on the side of caution.  Predictions can and do go awry.  If you have anticipated leaving some kind of nest egg for children or family, calculate the possibility of declining value in your portfolio.

While there are adventures yet awaiting you, be sure your own economic security is such that affording it will not eat away at needed resources for basic needs.

Cautious Advice for Seniors: Frugality and Conservatism

Make regular physician visits that will keep you aware of your physical condition.  Don’t assume good health.  Work at having good health.  If you are curious about possible surprises, have a check up before undertaking any trip that could hold the possibility of set backs.  Be sure all medications, before taking any extended trip, are current.  Take along an extra of those items that would compromise your trip if you were without them.

Be frugal so that enough resources, energy and readiness for a trip are on hand. Planning is a must as we grow older and make assumptions about our abilities. Disappointment is an experience worth avoiding.

Contact credit card companies, letting them know you will be out of the country. Guard your valuables, wallets, jewelry, if any, and so on.  If you are on any medications that could produce reactions, make necessary persons aware of that possibility.

Frugality and conservative judgment are qualities that may contribute to your having more serene days, whether at home or away. Prepare yourself accordingly.



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