40 LONGISLANDPRESS.COM • DECEMBER 2020
PRESS HEALTH
SENIOR FISCAL HEALTH
RETIREMENT COST-CUTTING TIPS
The average person will spend more
than 50 years in the employment
sector. As retirement draws closer,
many professionals begin to daydream
about giving up the commute and having
more time to pursue their personal
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Let’s explore your
Medicare plan options
Retirees can make their money go further if they
take inventory of their spending and make some
cuts where possible.
Together, we can discuss your needs and review plan options. I can even
help you enroll. After all, you deserve to feel confident in your decision.
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1-on-1 help in person, online, or over the phone
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Gigliola Manrique
1-917-548-9278 TTY: 711
9 a.m. to 5 p.m.,
5 days a week
Gigliola.Manrique@empireblue.com
NY Lic. #1092081
Authorized Agent
interests.
Retirees can make their money go further
if they take inventory of their spending
and make some cuts where possible.
Know where your money is going. It’s impossible
to save without knowing what
your expenses are each month. Many
people are surprised to learn how much
little things add up over the course of a
month. For example, spending $4 for a
takeout coffee each day can quickly
become an expensive luxury. Add all
expenses and see where you can trim,
especially if there’s a deficit each month.
Consider extra health insurance
coverage. In the United States,
Medicare participants can
choose Medicare Supplement
Insurance plans to help reduce
out-of-pocket health care costs.
Medicare Parts A and B cover
only some of your healthcare
costs. Supplemental insurance
can cover some of the costs not
covered by original Medicare,
such as copayments, deductibles
and coinsurance, according
to the American Association
of Retired Persons (AARP).
Pare down your possessions. Take
inventory of what you have and scale
back where possible. If you are no
longer commuting to work, you may
be able to become a one-car household.
Downsizing your residence can help
seniors avoid spending too much of
their retirement time and money
maintaining their homes.
Take advantage of senior discounts.
Take advantage of the many discounts
offered to seniors. Retirees can usually
save on restaurants, travel, groceries,
and much more by simply shopping on
specific days or verifying their age
when checking out.
Purchase less expensive life insurance
or consider cancelling it altogether.
According to Cheapism, a site
that advises consumers about how
to be more frugal, the chief
purpose of life insurance is
to replace income to ensure
the financial security of
dependents in the event of
death. Retirees may have
no dependents and little
income. Therefore, a large
life insurance policy may
not be necessary, especially
if you’ve already set aside
funds to cover funeral costs.
Pay off a mortgage. Housing
is many people’s most substantial
expense. Paying off a mortgage can
free up more money each month and
allow retirees to spend their golden
years doing as they please.
As retirement nears, adults can employ
various strategies to reduce their
monthly expenses.
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