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Entering retirement means taking a closer look at your finances. Obviously you want to live comfortably during your golden years, but you also probably want to afford some extras and be able to leave something for your children.
To be able to do that effectively means setting a workable budget for yourself, so let’s look at how to do just that!
Creating Your Retirement Budget
As you start to craft your budget for Florida senior living, you’ll need to have a few things prepared:
- Bank account statements for the previous 6-12 months
- Credit card statements for the previous 6-12 months
- At least two recent paystubs for each member of the household
- Tax return for the previous year
Once you have these materials squared away, you will want to utilize their information as you develop your budget, making sure to account for any change in income once your retirement is official.
Compartmentalize Your Expenditures
To effectively make a budget, you’ll want to divide your expenses into what is essential and what can be reduced or removed. Many seniors budgeting for retirement do this as part of their downsizing.
- Essentials: Housing, food, household items, transportation, clothing, health care, utilities
- Non-essential monthly expenses: Though we may be accustomed to certain luxuries, they aren’t always necessary. Taking a look at whether you can cut or reduce the following can make an impact: cable TV, premium channels, Netflix and other streaming subscriptions, gym memberships, magazines, landline or cellphone (one is probably necessary, though usually both are not)
- Required expenses: Aside from essentials and monthly expenses, you also need to take into account things like: insurance premiums, property taxes and warranties, and car registration
Determine Health Care Requirements
The next step for budgeting your central Florida retirement is making sure to account for not just your previous health expenses, but those you may face in the future.
If your employer had been previously paying premiums for your health insurance, you will need to take this new obligation into consideration. Also, you will want to examine your policy and see what kind of coverage you have for dental, vision and hearing needs. Some changes may need to be made in these regards.
Lastly, there’s the expense of a sudden illness to consider. However, by coming to a senior living community like Water’s Edge of Bradenton, you’ll have any health need covered!
Account for Entertainment
Though you may be looking to downsize, that doesn’t mean you should do away with all the things you love; you just need to be smart about incorporating them into your planning.
Consider your habits and examine how much you often spend on the following, and how much you may be able to reduce these expenses if need be:
- Movies, plays and concerts
- Sporting events
- General entertainment
Do the Math
Once you have an overall picture of your customary expenses, what you can do without, and expenses that may be coming in the future, it’s time to crunch the numbers.
You’ll want to separately create tallies for your total expenses as well as for your fixed, necessary expenses. With these calculations you’ll be able to see how much you may need to reduce and where the likeliest cuts will come from.
Sticking to Your Retirement Budget
Staying on a budget can be difficult for a number of reasons, so to ensure your Florida retirement runs as smoothly as possible you might want to have a little help. There are a number of ways to keep yourself in check, including:
- Financial software: Utilizing a fairly cheap program like Quicken can go a long way in ensuring your money is in proper order; these programs can remind you when bills are due, organize your spending and retrieve data from online financial accounts
- Financial websites: This option has the benefit of being free, and sites like moneyright.com and mint.com offer many of the same budgeting functions as financial programs
- Personal filing: If you’re more old-fashioned, this may be the option for you; you won’t have to worry about computer crashes or buggy interfaces, though you’ll have to ensure your system is logical and well-organized
One of the best ways to save money in retirement during your FL senior living is by engaging in your local community and experiencing all it has to offer.
Bradenton, Florida has a wealth of great activities to enjoy, whether you’re a history buff, art lover, nature enthusiast or sports fan.
- Check out the following blog post to see some of the terrific art events, museums and nature spots you’ll certainly want to scope out while in Bradenton.
- Heading over to the following post will give you insightful info about local sports and tourist destinations.
- Lastly, by checking out our Florida and Gulf Coast blogs post, you’ll find even more great things to do on a budget!
As you can see, there’s so much to enjoy right here in Bradenton that budgeting for your Florida retirement should be a snap!
Learn More About Planning for the Ideal Florida Retirement
To discover more great places to go in Bradenton, and to find all the value to be had by choosing Water’s Edge of Bradenton for your senior living community, be sure to contact us today!