Things Older Adults Need to Put Aside Money For

Posted by Meghan Orner on October 31, 2017

Things Older Adults Need to Put Aside Money For

Written by guest blogger Aaron Hall, Best Company
If you're reading this, it's probably because you've advanced beyond your typical 9-to-5 job and you're ready to retire. It's going to be nice to enjoy some quiet time with your family and catch up on some golf, but are you sure you've accounted for everything that you should when it comes to retirement money management? If you haven't already thought of it, here are a handful of recommendations.

Medical Expenses

This is the big one. As you get older, you’re likely to have more medical expenses. It's best to keep a lump sum of money saved away for medical emergencies, such as hospital visits and surgeries. You also might have to start taking a new prescription that could be costly if it's not covered by Medicaid, so if you already have a nice lump of cash saved up for such events, it's going to make life a lot easier.

If you're over the age of 65, we also recommend getting a medical alert system. The risk of falling increases exponentially every year after age 65, and this could lead to serious injury. When you purchase one of these systems, emergency help is available at just the push of a button, and this doesn't mean just medical emergencies. These systems are useful for fires and break-ins as well.

Vacations

According to Forbes, a lack of travel is the 11th biggest life regret that people have besides too much work and not spending enough time with loved ones. Trips to places like Disneyland, Europe, or even just a nearby lake for a boating trip make for cherished memories that last a lifetime.

If you're feeling a little more adventurous, world travel is also as inexpensive as ever. There is a host of businesses today that exist for the sole purpose of finding you cheap tickets to the places you want to go. Some of them will even allow you to pool together costs for the flight, rental car, and hotel. Here are just a few examples:

  • Pomelo Travel
  • Priceline
  • Orbitz
  • Expedia
  • Home and Car Repairs

    Accidents happen. Maybe the dishwasher breaks or the basement floods. Maybe the transmission finally goes out. Hopefully, none of those things happen, but what if they do? Having that cash reserve like we talked about earlier will make life a lot easier when the time comes.

    It's recommended that you have at least $2,000 at your disposal in the event of home/car repairs. Of course, in an ideal world, this amount should cover anything you need, but that probably isn't the case. It is, however, a great place to start and should cover a lot of the basics.

    If you're open to the idea, home warranty companies will charge a yearly fee and in exchange for low-cost repairs on household products. These deductibles can range from $50-100 depending on the appliance and the company. You can find the best home warranty companies in your state here.

    Exercise & A Healthy Diet

    It's important to take care of your body at every stage of your life. Take a little bit out of your monthly expenditures to sign up for a gym membership or visit your local rec center. A lot of gyms cost less than you think--sometimes only $10 per month. There, you'll have tools and opportunities to exercise in ways that aren't too straining physically, such as:

    • Yoga
    • Tai Chi
    • Treadmill walking
    • Light weightlifting

    Also be sure to make a healthy diet a part of your lifestyle. Eating healthy foods that haven't been highly processed can be a little more expensive, but are much better for your body. Professionals at the Harvard School of Public Health organized a chart that indicates the following:

    • Fruits and vegetables should be half of what you consume every day, excluding potatoes.
    • Whole grains should be one-quarter of what you consume every day, such as whole wheat bread, brown rice, and whole grain pasta.
    • The last quarter of what you consume should be healthy protein. This means fish, poultry, beans, and nuts. Avoid bacon, cold cuts, and processed meats.

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    TAGS: money saving tips