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When the vast majority of us enter our retirement years, we gain lots of time but we lose lots of income. According to Annuity.org, the median retirement income is just more than $47,000. While this might sound like a comfortable number, it won’t go very far in some areas. But, there are some things that you can do to offset the anxiety of living with less. This guide presented by Harmonia Collaborative Care can help you figure things out.

Decide on where to live.

Housing is one of your major expenses regardless of what stage of life you are in. But, if you’re planning to retire or have recently retired, you may be thinking about where, exactly, you should live. Now is a great time to get out the calculator and decide if it is less expensive and makes the most sense to live at home or to transition into an independent or assisted-living community. There are many to choose from in New York, and you may find that you are more comfortable living in a structured environment where your utilities, food, transportation, entertainment, and housing are covered in one monthly fee.

Consider going back to work.

For many people, retirement is a long-term reward for many years in the workplace. But, for others, it means being bored and broke. If you find that you don’t have the money to support your lifestyle and you don’t know what to do with your time, going back to work may be the answer. Although you could certainly get a job as a receptionist or retail worker, you may be able to make a nice income working from home through writing, bookkeeping, pet care, or online tutoring.

Prioritize self-care.

Sometimes, the best way to overcome income anxiety is to forget about it altogether, even if just for a moment. Instead of fixating on what you don’t have, think about the things that you do. You have the time and ability to get at least eight hours of sleep and enjoy physical activity each day. The combination of these two self-care acts can improve your mental and physical health. And, fortunately, even if money is tight, you can still eat healthy foods on a budget. APWU Health Plan notes that planning ahead, shopping the perimeter of the grocery store, and eating beans and less expensive cuts of meat for protein are all great ways to slash your grocery bill without sacrificing nutrition.

Consider a roommate.

If you plan to stay in your own home, you’re in overall good health, But you live alone, a less traditional means of reducing your monthly expenses is to find a senior roommate. While you should absolutely run a background check – don’t be shy about asking for their credit report and criminal history – having someone live with you is typically considered safer than living alone. Not only will they share the financial burden, but you will both always have someone around to help with household chores or to call for help in the event of an emergency.

Retirement is a double-edged sword for many. On one hand, you have time, but on the other, you might lack money. Fortunately, there are plenty of ways to use your resources to your advantage. From taking some of your time to work a part-time job to bringing in a roommate into your current home, the above tips are just a few opportunities you may have to keep your finances in check during what may be a 25 year or longer retirement.

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The professional staff at Harmonia Collaborative Care provides behavioral health and senior care services to help bring balance into their lives. Connect with us today for more info! 716.947.5025