Welcome to Medicare Wallet!
Your money is precious to you. You’ve worked hard to earn that money. Medicare Wallet will provide you with everything you need to know to make the most of it. We will provide financial articles to help save you money on everyday expenses. We will also help give you advice on how to spend the money you already have.
Financial planning can be difficult, especially for baby boomers and seniors. The senior age group is the fastest growing and largest financial force. Baby boomers and seniors have seen their bank accounts increase through the years, but so is their spending. Adults over the age of 50 do more spending than all other generations.
Seniors and their Finances
- Adults over the age of 50 accounts for over 40% of all after-tax income.
- A recent study showed that 29% adults 55 or older had no retirement savings or pension plan in place.
- Social Security is designed to replace 40% of an average earned income after you retire.
- Social security is estimated to only keep about 40% of American seniors above the poverty line.
- The average American receives $425 from Social Security each month.
You’ve gotten the kids out of the house. You continued working through recessions and economic dips. You’re getting close to retirement, so now what? Do you want to continue working into your 80’s or invest the money you’ve saved? You’ve heard tips on the television or from friends, but you don’t know what to do with your money now.
Seniors are living longer, but the money they spend on medications and healthcare is going down. Contrary to popular belief, the percentage of funds spent on healthcare isn’t rising. So what are baby boomers and seniors spending their money on?
One of the biggest parts of a seniors’ budget is debt. This age group has mortgages, bigger credit card bills, car payments, and their children’s student loans. The average credit card debt for a senior is over $9,000. Between the high credit card debt and mortgages, most seniors are barely treading water.
A seniors’ budge isn’t all bad news. The biggest increase in a seniors spending is on entertainment and hobbies. Seniors are spending more on the things they enjoy. Seniors are also spending more of their money on their children and grandkids (because you HAVE to spoil grandkids).
If you never read anything else on this site, we would like to go ahead and offer you a few good financial tips. These tips aren’t only good for seniors, but for everyone.
- Create a budget and know where your money is going. It is easy to keep spending and not know how much money you have left. Create a monthly budget to see how much money you will have left at the end of the month.
- Cut unnecessary expenses. Living on a retired income might not be the easiest. Try and look at your budget and see if there are any expenses that you can cut.
- Ask for discounts. Most grocery stores, retail stores, and restaurants offer discounts to customers over certain ages. These discounts add up quickly.
- Prepare for medications and doctor visits. Although Medicare can help lighten the medical expenses, seniors still spent over $4,000 in out-of-pocket expenses in 2010. Begin to set aside money to cover these costs.
Looking for help? If you’re looking for extra assistance, here a few resources:
- After retirement, tax time can become very confusing. The IRS offers several resources and assistance programs for anyone over 60 years old.
- Looking to find new ways to invest your money? com has excellent articles on managing your money as a senior.
- If you’ve had someone contact you about a financial opportunity or program and you would like to do research before hand, gov is the place to go.
If you aren’t comfortable handling your investments and retirement funds, consider consulting a financial advisor. You don’t have to be wealthy to have a financial advisor. Most times you can find a financial advisor that specializes in senior financial management.
Medicare Wallet is here to help keep you updated on all the news and tools for managing your money in this stage of life. Dealing with Social Security, Medicare/Medicaid, investments, and estate wills can be confusing. Medicare Wallet is here to help.
If you are 50 years old and just starting to save, we can help. If you are 85 years old and looking for ways to stretch your Social Security a little farther, we can help.
Meet our Founders
Garrett is co-owner and co-founder of Medicare Wallet. He holds current insurance licenses in 42 states and, over the last 8 years, has helped thousands of Medicare beneficiaries and clients across the country with comparing and choosing the right Medicare plan for their situation.
Jason is co-owner and co-founder of Medicare Wallet. He has been in the Medicare insurance market since 2005 and is licensed in 46 states. Since 2005, Jason and his teams have helped over 8000 seniors in 40 plus states.