Most of us are all too familiar with the juggling act of managing life's expenses and sticking to budgets. Retirement might seem like the grand finale of this financial balancing act, but surprise—it continues!

Even for those who have set themselves up well, effectively managing finances remains crucial in retirement. Whether you're already living the retired life or gearing up for it, we’ve compiled several tips to simplify managing your finances in retirement.

Don't Neglect Budgeting

Making your retirement money last is important. Once you don’t have a steady stream of income, you will need to ensure your money can be stretched over the rest of your years. For this reason, it's important to stick to a budget.

When making a budget for spending, consider both your needs and wants for retirement. For example, what type of budget can you allow for travel, food, and other recreational activities? Determining what you comfortably spend on these each month will help alleviate the stress of overspending. If you find it difficult to budget on your own, speaking with a wealth management or retirement financial planner can help provide expert guidance.

Find Ways to Generate Income

Just because you've retired doesn't mean you have to stop earning money! After retirement, adults can take steps to continue to grow their money. Some examples include smart investments, stocks, or finding ways to generate passive income.

Many older adults make the mistake of leaving their money in accounts that are not generating any income. Instead, getting creative to help grow your existing money can help you stress less about money during retirement and set you up for the most success.

Be Smart, But Not Too Shy

Navigating your finances during retirement can be a bit tricky, and it can occasionally bring some stress. The key is to create a realistic budget to guide your way. While it's crucial to be savvy with your money, you also don’t want to be too shy and overly cautious. Striking the perfect balance means making smart financial choices while also prioritizing yourself to live your later years to the fullest.

Stay Healthy with Preventive Care Through IntuneHealth

Primary care providers who offer preventive health care, like IntuneHealth, can help older adults save money on health care costs. IntuneHealth proactively addresses health concerns before they can escalate and lead to expensive procedures.

IntuneHealth is a new approach to primary care for people 65+ on a Medicare Advantage plan. We specialize in caring for older adults and offer proactive, preventive care to keep you healthy — including walk-in visits and same-day appointments for patients — so you can spend more time living your best life.

At IntuneHealth, we monitor your health, identify potential issues before they can escalate, and provide you with the support and resources you need to make informed decisions about your health. Make sure to book your one-on-one tour of your local center or call us today at 1 (844) 646-8863!