Tips to Make Your Retirement Savings Last

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Many of us spend years saving for retirement but once we have retired, we still need to determine how to make the most of our retirement savings. After all, these are the funds that are going to have to last us through our golden years. As we age, there are some expenses that tend to increase, such as healthcare. However, there are still ways you can minimize the expenses you pay during retirement. Here are a few tips that can help make your retirement savings last:

Starting with Housing Changes
One of the costliest parts of retirement after your medical expenses are your housing expenses. Typically, seniors have homes that were affordable when they were working but now may be too costly. Additionally, most retirees find their homes are now too large since their children are now grown and in many cases, have families of their own. This is one of the primary reasons so many seniors start investigating Charlotte retirement communities. Retirement communities offer size appropriate homes generally at far lower costs than your existing single family home.

Verifying Sufficient Insurance

In addition to your health care, there are other types of insurance which can help protect you in retirement. Life insurance and longevity insurance which you start investing in when you are newly retired can help protect your nest egg, ensure you have sufficient income to supplement Social Security and also help protect your loved ones. Another smart investment that could save you money later is long-term care insurance; this will help defray medical bills should you require nursing home or in-home nursing care.

Having More Than Retirement Savings

One costly mistake many seniors make is depending entirely on their retirement accounts for all expenses. However, in most cases, you can extend your retirement savings by having a fund set aside for living expenses or a household emergency. Having an emergency fund can help you avoid dipping into funds that you want to use later for your living expenses or other household expenses. Remember, there are expenses you may be able to reduce that can add to your savings. Many seniors find they can save substantial amounts of money looking at everyday expenses like cable channel packages, cell phone bills and even memberships at local gyms or health clubs. Finding added savings with these everyday expenses could give you more money to save for when you really need the funds.

Delaying Social Security if Possible

While nearly all retirees are entitled to begin collecting Social Security, you can increase your income (and therefore your savings) by waiting as long as possible to begin collecting. In fact, those who wait until age 70 can get as much as a third more in monthly payments. This means you have more opportunities to save money for travel, investments and your nest egg. Take a look at your overall income and determine whether putting this off later will still allow you to maintain your current lifestyle.

Protecting Your Investments

If you have the bulk of your investments in the stock market, you may want to consider investing a portion of those funds into bonds either direct government bonds or a bond-based mutual fund. Oftentimes, you will be able to increase the money you are taking on a monthly basis while having funds available that will not be costly to liquidate should you need additional funds.

Taking Advantage of Various Discounts

As a senior citizen, you will be entitled to various discounts including cost savings on travel (usually in groups), restaurant discounts, retail store discounts and more. Whenever possible, use these benefits because they typically provide a 10 to 20 percent cost savings on items you are going to purchase anyway. By taking advantage of these various discounts, you can continue an active social life while still saving money in retirement.

Reviewing Your Debts Immediately

Credit card interest can be very costly and whether you are just preparing to retire or you have recently retired, it is a good time to take a look at all of your credit card debt and either consolidate all your debt using a lower interest rate card or paying off as many of your credit cards as possible. The fact is interest on your credit cards will simply mount up without end if you are only paying the minimum payments on a monthly basis. You could save hundreds of dollars a year in interest by simply paying off credit cards and limiting their use.

Researching Additional Cost Savings in Retirement
One of the reasons so many seniors in Charlotte turn to retirement communities is the other cost benefits they offer. For example, seniors would normally pay for yard work, monthly utility bills and memberships at golf clubs and other recreational facilities. One of the best reasons to take a closer look at The Cypress of Charlotte is these amenities exist onsite allowing seniors to save even more money.  We can also help keep the cost of your health care down because we offer continuing care, personal nursing services onsite and more. You will be surprised at how much money you can save when you purchase a home at The Cypress of Charlotte.

We take pride in helping seniors maintain a healthy lifestyle with plenty of onsite access to recreation. If you need to travel offsite for shopping or other activities we can even provide transportation. Our community is comprised of health-conscious active seniors and we have plenty of onsite activities to keep you busy. If you are searching for a way to make your retirement dollars go further, take a look at the offerings at The Cypress of Charlotte retirement community. You need not look any further for suitable housing, an active community and a great way to save money throughout your retirement.

 

 

 

 

 

 

 

 

 

 

 

 

 

Things to Do in Charlotte in the Spring with Grandkids

Spring in Charlotte

Charlotte is a great place to live or visit year-round, but springtime in Charlotte is particularly magical. The multitude of blooming flowers and trees in the Queen City are reason enough to visit, but you’ll also find ample opportunities for fun activities you can do with your grandkids. Here are a few of our favorite things to do in Charlotte in the spring.

Take in a Charlotte Knights Game

What says spring like baseball and hot dogs? Enjoy the national pastime and root for the hometown Knights at beautiful BB&T Ballpark. While you’re there, be sure to take some photos with Charlotte’s beloved mascot, Homer the Dragon. And save some calories for a frozen goodie from The Fuzzy Peach, a North Carolina-based treats shop that offers waffle cones, frozen yogurt and more. You’ll find The Fuzzy Peach behind right field.

Check out the U.S. National Whitewater Center

At the U.S. National Whitewater Center, you and the grandchildren can participate in a variety of outdoor spring activities for people of all ages. If you’re looking for an adventure, try kayaking or whitewater rafting, rock climbing, stand-up paddle boarding, a ropes course or the zip line. If taking it easy is more your speed, you’ll find plenty of great people-watching as well.

Enjoy the Farmers Market

At the Charlotte Regional Farmers Market, you’ll find an array of delectable produce you can buy — as you chat with the farmer who grew it! In this friendly atmosphere, peruse delicacies like goat’s milk cheese, grass-fed beef, jams and jellies, and baked goods, along with fresh flowers and handmade crafts.

Take a Stroll in a Botanical Garden

The Daniel Stowe Botanical Garden, located just outside Charlotte in nearby Belmont, features 110 acres of woods and meadows and is widely recognized as one of the world’s most beautiful gardens. Enjoy the half-mile woodland trail along with a variety of kids’ activities and nine themed gardens — including the tropical-themed Canal Garden.

Head for the Lake

If a day at the lake is right up your alley, you’ll love the Charlotte area. Located just 15 miles from Uptown, Lake Norman is the state’s largest man-made body of fresh water. The lake offers a number of public access areas where you can fish, hike, picnic and enjoy the spring sunshine.

Visit Carowinds

If you’re looking for an activity your grandkids will adore, head to Carowinds, a 398-acre amusement park that also includes the 20-acre water park Carolina Harbor. You’ll find plenty of rides for thrill-seekers young and old along with shows, dining, special events and many other attractions. If you plan to visit frequently, consider a season pass.

Take Advantage of Spring Time in Charlotte

If you love beautiful weather and having fun with your grandchildren, you’ll find a multitude of things to do in Charlotte in the spring. While you’re here, we’d love to have you visit The Cypress of Charlotte. Please contact us to schedule your personal tour.