GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
According to theSocial Security Administration, the average monthly benefit for June 2024 was $1,781.07.
Here are six new expenses youll need toconsider clipping when benefits run out.
Dining Out
For some retirees, their days standing behind a hot stove are long gone.
Without a house full of hungry mouths to feed, seniors eat out often.
Dining out frequently, however, costs you.
The good news is that many restaurants offer senior discounts or early bird specials.
Its always smart to shop around and get the best deal.
This way, you’ve got the option to still indulge in eating out without breaking the bank.
Without vigilance, you might spend almost $100 on monthly subscriptions you dont need.
Review your account to ensure youre not paying for something you rarely use.
Storage Costs
While downsizing is quite common for retirees, so is renting a storage unit.
As reported byBuilding Design + Construction, boomers accounted for 22% of self-storage renters.
Retirees must carefully consider whether the cost of storage is worth it.
To determine how much money youll need during retirement, speak with a qualified financial advisor.
If your spending regularly outpaces your income, set a budget.
Once a budget has been discussed, you may need to cut non-essentials like entertainment.
Seniors with limited income shouldnt feel hampered by their lack of funds.
Many cities offer extensive senior services, including rides to and from local attractions and free events.
Taking advantage of free or low-cost entertainment helps you remain active during retirement without paying a ton.
Higher Insurance
Shop aroundevery six months to a yearto receive better insurance rates.
Overpriced Travel
Travel is commonly listed as a top priority for seniors looking to retire.
Tragically, travel, even within the United States, is extremely expensive and cost-prohibitive for most people.
Retirees hoping to travel on a budget are encouraged to seek deals from senior specials to lower-cost destinations.
More From GOBankingRates
Share This Article:
