Strategies to save money

Retirement means you are living on a fixed income, yet it is a time in life we imagine we will embark on many adventures. We dream of the freedom to set our own schedule, travel, and pursue hobbies and passions. Retirement may mean finding ways to save money and stretch every dollar can help you live the retirement.

Strategies to Stretch Your Retirement Dollar

Credit card rewards points: Using one credit card for everything from gas purchases to grocery shopping can help you earn rewards points to put toward gift cards, travel, and more. Take time to research and choose a credit card with a lucrative rewards program, low-interest rate, and low fees.

Local library resources: As e-books continue to gain popularity, many people have forgotten about the benefits offered by their local library. In addition to being a popular gathering place for groups and activities, libraries can also save you money. You can take out e-books, DVDs, movie projectors, and more. Many libraries also offer movie nights, art classes, lectures, and other programs at nominal fees.

Pay annually: While monthly payments might seem easier on the budget, paying annually can save you money in the long run. This applies to everything from car insurance to annual service fees for maintenance contracts. Take a good look at every item on your budget to see which ones you could save on by paying annually.

(For my US friends) Medicare open enrollment: It might be easy just to continue your current Medicare coverage instead of searching for better values. Without a doubt, Medicare’s open enrollment period can be a little confusing. But there could be an insurance plan out there that can save you money without forcing you to compromise on care.

Programmable thermostat: Utilities can chew away at a senior’s retirement income. Taking a proactive approach to monitoring and managing these costs is important. One helpful step you can take is to install a programmable thermostat. For example, in the winter, you can program the temperature to be lower at night when you are sleeping and to automatically increase when you typically get up every morning. Some even have large screens and displays to make it easier for older eyes to read.

Store brands: Don’t fall into the trap of thinking you need to buy only name-brand food and household products. A higher price doesn’t always mean better quality. Many stores have their own in-house brands that are just as good at much lower prices. Costco’s Kirkland Signature brand, for example, is manufactured by name-brand companies ranging from Tyson to Tide, Cascade, Duracell, and even Starbucks.

Cell phone provider: Eighty-five percent of older adults now own a cell phone. This is another area where spending a little time researching options based on your needs may save you money. MyRatePlan.com can help you find the cheapest possible provider based on your need for text messages, data, and cell phone minutes.

Water: Don’t waste money on soda and other pricey sports and energy drinks. Unless your doctor suggests otherwise, drinking water is best. Not only is it healthier, but it can also be kinder on the budget. Add lemons, limes, and berries for an extra dash of flavour.

Senior discounts: Senior discounts can be another great way to save. Create a list of your favourite to shop, eat, and play and call each to inquire about their discount programs. Some grocery stores offer 10 percent off on Tuesdays, which is often one of their slowest days of the week. AARP, The Senior List, and your local branch of AAA are a few good places to begin your research.

Downsizing or moving to an independent living community can be another way to save money.  You’ll say goodbye to property taxes, as well as expenses for home maintenance and repair, lawn care, snow removal, and more which works out to be about on average $1,000 a month. 

Causes of Isolation and Loneliness: Takeaways

As I wrap up this series of posts, I hope you have seen over there are a number of things that can contribute to social isolation and loneliness.  They can range from aspects of your mental and physical health to where you live and your financial situation. 

Here are some causes that have the potential to limit human contact and thus increase the chances of social isolation.

Hearing.  This is a big one.  You may not be able to talk on the phone.  Group meetings or basic social interactions can be hard.  It could be very easy to lose contact with friends. 

Eyesight.  Deteriorating vision can limit driving, mobility, reading, and more.  Poor eyesight may cause you to stay in your room more; you may not feel as confident now as you used to when you could see better.  For example, you don’t go out as much because you feel more vulnerable and less secure.  This lack of mobility can make you feel like you are stuck in your own prison.

Poor physical health.  For example, a heart condition.  Poor health may prevent you from participating in your previous hobbies (e.g., golf).  Older adults may have to find new hobbies due to physical ailments.  This could contribute to greater social isolation.

Mobility issues.  Examples could include not being able to walk very well, not being able to drive anymore and living somewhere with limited access to public transportation.  Obviously, factors that could lead to increased isolation.

Age-segregated communities.  The type of housing we occupy can greatly affect not only our physical but also our mental wellbeing.  Poorly designed housing complexes, coupled with an age-segregated population of older adults needing help with basic living, could contribute to unhappiness from a sense of isolation, decreased mobility, ill health, and cognitive decline. 
   
Cognitive or memory impairment.  Dementia can add a very complicated layer to the already-complicated issue of isolation and loneliness in older adults.  It can contribute to, as well as exacerbate, isolation and loneliness.  It makes loneliness mitigation attempts even more challenging and difficult.

Fixed income.  Unfortunately, having lower and fixed incomes can be limiting when you age.   Tight finances can limit the options and opportunities available to some older adults, thus possibly increasing isolation and maybe loneliness.  For example, affording home-care services, or the basic costs of leisurely endeavours.

Retired/empty nester.  The daily and weekly social interactions that you may have been used to, or happened kind of automatically at work or with previous household members, are now not there anymore.  The family may be farther away, making isolation more likely.

Death of a partner/spouse and friends.  It can be hard to replace old, longtime friends with new ones.  And even if you can, it often takes time.  Isolation and loneliness can sometimes creep in. 

Lack of purpose or meaning in life.  This can sometimes be a core reason for loneliness.  There’s an old saying that everyone needs something to make them get up and out of bed in the morning.
Difficulty making contact with others.  For some people, it can be hard to interact with other people.  Sometimes, you just need to get out of your comfort zone to initiate social connections.  It can be easy to talk oneself out of it.  Often times, it is the hardest part and you just need to force yourself to do it.

Any tips or comments that you would like to add? 

Dementia isolation and loneliness

Dementia can add a very complicated layer to the already-complicated issue of isolation and loneliness in older adults.  

Often times with dementia sufferers, the problem with communication and connection is the initiation of the interaction.  Good conversations can and do happen with dementia patients, but just relying on the patient to get the interaction started can be the stumbling block.  

Here are some novel ideas for helping dementia sufferers kickstart or initiate interactions.

Robots.  Build or program a robot to get a dementia sufferer’s attention.  For example, when a remote family member wants to talk to the person on the phone, the robot would be programmed to approach the dementia-ed person and then just start talking or initiating the phone conversation.  Thus, the interaction is initiated remotely for the family member via the robot and it is easy for the dementia sufferer to join in.

A lower-tech option: A big sign.  For the same goal of helping to remotely initiate the interaction, you could also use a large sign on the wall in the room.  So, when a phone call from a family member comes in for the dementia sufferer, a special noise will be created.  Correspondingly, a large sign on the wall of the room will say “If you hear a noise, then press the red button on your pad.”  This will help the dementia sufferer get started in the interaction, from a remote location.

Visitors may need advice and instruction.  Interacting with dementia sufferers can be difficult and challenging at times.  Not all well-intentioned visitors know how to interact with folks with dementia.  Thus, visitation can be boring and awkward.  Basic advice and instruction could be helpful and keep visitors interested in coming back again.

Pets and music can also be beneficial for making a connection with a dementia sufferer.  If regular personal or family visits are not very successful, pets or music may be an option that opens the door to connection and communication.

Housing Solutions for Social Isolation.

Some interesting options in housing can help combat isolation and loneliness among older adults.  Especially as we get older, the type of housing we occupy can greatly affect not only our physical but also our mental wellbeing. 

Here are a few of the various community living and care arrangements which can help provide companionship. 

All-age residential hotels.  Some explorers spoke highly of ‘all age’ living facilities, compared to more age-segregated communities.  More specifically, they like the atmosphere and higher energy, as well as the increased opportunities to connect with different ages and learn new things.   

Accessory unit rentals.  As one becomes older, and as family situations change, a current house could become too big for one person.  Accessory units (or ‘granny units’) on the property can be rented out, or maybe separate living quarters can be made of current house space.  Housing rental could also be exchanged for home maintenance, help, and companionship.  Graduate students would be good candidates for this option.  Discussions also included the importance of careful screening for this housing option.

Co-housing.  Somewhat of a newer option that seems well received thus far is co-housing, where residents (old and young) share living facilities.  The benefits for older adults are shared help, companionship and contact with younger generations.  

However, such facilities are few in a number of areas, and efforts need to be made to ensure residents are harmonious with each other.

Apartment-complex social programs.  Some apartment complexes also provide organized social programs, which can provide multigenerational contacts to avoid isolation.