If you are having a hard time financially during retirement, you are not alone. According to Northwestern Mutual’s 2019 Planning & Progress Study, approximately 22% of Americans only have $5,000 saved for retirement.
There are always ways to improve your financial situation, even as you get older. Here are some strategies that could help you get back on track financially and move forward.
Look over your budget
Ask yourself if you have any extra expenses you could cut back on. Even if you feel like your budget is already tight, taking a second look could reveal opportunities for cutting your spending or reducing your regular bills.
Add extra income
Although you may not want or be able to go back to work on a full-time basis, seek out small jobs or a part-time position to boost your finances. This can help you enhance your regular income and even save a little more for the future.
Seek debt relief
If you are having trouble with your finances because of personal loan debt, seeking debt relief may help. A debt relief program may help you reorganize your debt, negotiate with creditors and take other actions to relieve this ongoing burden.
Review your Medicare program
As an older adult, a large portion of your income may go towards medical expenses. If you are already enrolled in Medicare to subsidize these costs, consider reviewing your program and enrolling in a different one. Depending on your situation, you may also qualify for a Medicare savings program.
