Managing Money In Retirement

Besides your retirement savings, you may not have any income

, so its essential to be careful on what you spend your money on. There are many banks which can help senior citizens to make the most out of their savings.

If you are a travelling senior citizen, then you want to store your money in a larger Australian institution so that you will not incur banking fees, like withdrawing money from a different banks ATM.

You can earn a great amount of interest with larger savings accounts - look for a banking institution that offers higher rates for higher sums of stored money.

Take advantage of senior citizen discounts - Saving a few dollars here and there can really save you heaps of money in the long run. There are various types of senior discounts that can range from transportation to movie tickets. There may even be discounts for credit card interest rates. Just ask as you never know where you will find a great deal or senior discount.

When you go out to shop, take the time to compare products. Ask your kids and grandkids to help you compare online. It could even become your new hobby.

With grown children, they will no doubt have their own insurance policies. Therefore, you can lower your insurance rate since your family will already be well taken care of.

Generic medicines are always less expensive than the brand name alternative and they do the same job.

As a senior citizen, you are entitled to various discounts. You no longer have to pay full price for things like transportation, insurance, activities and more. Even at shopping centers, there are senior citizen days where you may receive a 10 per cent discount off your purchases.

Your superannuation account may be winding down, but you no longer have to worry as long as you stay in your budget and save on everything you can. It really is that simple.

by: Elizabeth Mclean

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