Divorce
Nowadays, divorce is increasingly common among older adults. That’s probably why they like to call them “gray divorces.” Unfortunately, this could have a significant impact on your retirement savings, especially since assets are mainly split between parties and living costs increase.
If you want to efficiently save money, make sure you openly communicate with your partner about your finances. Consider creating a prenuptial agreement or even working with a financial advisor to plan for other types of unexpected outcomes.
Unused membership
Seniors might have more free time, which could potentially lead to signing up for memberships and subscriptions for different services and activities. But if any of these things are used sparingly, they could become a totally unnecessary expense.
Make sure you carefully consider your interests and needs before you sign up to save money on any kind of unused membership. You could also look for different options that offer senior discounts or flexible cancellation policies.
But naturally, there’s way more to learn when it comes to this subject. That’s why we recommend you read “Retirement Money Secrets: A Financial Insider’s Guide to Income Independence” by Steve Selengut.
It’s a great insight into an effective system for investing. As Steve Selengut says, it shouldn’t be a secret, even though it is. You will learn how to build a reliable income without needing to sell any of your hard-earned investments. Give it a try!
Are you looking for more insights? Check out the book “Divorce the IRS: How to Defuse Your Biggest Tax Time Bombs Before You Retire” by James G. Miller.
If you enjoyed reading this article, we also recommend reading: Emotional Impact of Caregiver Guilt and 7 Ways to Overcome It
2 Responses
The worst cost is the ridiculous property taxes that the blue states have! NJ is the worst. That is a total waste of $$$!
I will sell my house in a split second. Worst decision I ever made was buying a house. Even though I have a low interest rate, I am sick and tired of being nickel and dimed to death with fees by my mortgage company.