How to live well on a fixed income
It can be hard when you retire to live off of a fixed income. Social security is not usually enough to retire on, so the following are some tips for living well on a fixed income, just in case you don't have extra money.
The first way to live better on a fixed income is to find a lower cost of housing. Even if your home is paid off, it can be expensive because of property taxes. So, if your home is not paid off, or if you are renting, consider moving to a less expensive home, or to a low-tax area so that you pay less each year.
The second way to save money is to look for a paper dedicated to seniors for your community. Often these papers will have discounts, coupons, and other benefits you may not be privy to without it. It can be a great way to find valuable discounts, and activities or opportunities available to you. For example, there might be free entertainment for seniors, or certain days when you get discounts at specific stores.
The third thing you can do to live well on a fixed income is find a way to supplement it some. You can work part time or seasonally to help you have money for gifts at Christmas, or vacations, etc. Just be careful that you do not earn too much so your social security benefits are cut back. It may not be worth it. If you do not want to get a part time job, consider doing something at your home. For example, you can quilt, do wood working, or other types of crafts, etc. that you can sell from home, at boutiques, and craft shows.
The next thing you should consider is having a power assessment done on your home. In other words, get someone to come out and weatherize your house so that you save on energy and power consumption. Most of the time the power company will give you a free evaluation, or one at a low cost, such as $25, but the savings can be 20% or more on every bill.
Next, consider taking advantages of senior services. There are usually places that give you some low cost service or care, such as a free yearly medical evaluation, etc. So, call Eldercare Locator at 8006771116, or look up your area online to see what senior services are available to you.
Lastly, if you are finding it hard to live well on a fixed income, consider getting roommates, or moving in with family. The cost of living, utilities, etc. can be cut down significantly by sharing it with others. For example, your condo HOA fee is going to be the same whether you have 2 or 4 people, so why not get some roommates and split it up?
You can live well on a set income, you just have to be careful about your spending, and look for, and take advantage of any discounts you can get.