Top Money Management Tips for Snowbirds and Retirees

Stretching savings dollars is more important than ever for baby boomers as they leave the workforce to become snowbirds and retirees. Use these money management tips to stay on top of matters while living life to the fullest.

1. Travelling. As many retirees use new-found leisure time to travel, you can benefit from a more flexible schedule by booking trips during off-peak seasons or by booking last minute. Take advantage of discounts and explore deals for seniors for hotels, planes, trains, and entertainment, as well as specials that you may qualify for, like veteran rates or CAA member pricing.

2. Shopping. Check out the many discounts that can start as early as age 55, available at grocery stores, pharmacies, and other retailers. You can also sign up for emails from your favourite chains or browse their flyers and shop earlier in the day during sales for the best selection and fewer crowds.

3. Downsizing. This term can sounds scary, but it doesn’t have to mean a big negative change to your lifestyle. Trade in your gas-guzzling SUV or minivan for a more eco-friendly and fuel-efficient car. Need less space at home or want the convenience of no stairs, amenities and not needing to mow your lawn or shovel snow? Consider condo living. If that sounds too drastic, save on home expenses by choosing greener appliances, programming your thermostat and caulking doors and windows to prevent drafts.

4. Planning. Work with a qualified financial advisor to determine how to invest as you get older and the best way to take money from your savings. Consider designating someone you trust as your power of attorney in the event that you become unable to make financial decisions.

5. Banking. Ask your financial institution about discount banking available for seniors. You can also get your Canadian Pension Plan, Old Age Security, and tax-related payments deposited straight into your bank account by signing up for direct deposit. It’s the fastest, safest and greenest way to get your payments. Love seeing your teller every week? You can still do all your other banking as you normally would — direct deposit just means you don’t have the extra hassle of one more cheque to cash. This way, even if you decide to travel down south for winter, you’ll still have access to your money. Sign up for direct deposit by visiting your financial institution or go to directdeposit.gc.ca for more information.

SOURCE: www.newscanada.com