US Expecting Recession in 2023. If You Are Retired, Are You Ready? 4 Things To Save You Money
There is a financial storm brewing with all the winds (fuel, food, inflation, war, housing, etc.) coming together perfectly to force America into a recession. Many economists, major company CEOs, banks and financial firms are shouting the “R” word from the top of their lungs. Major outlets like Bloomberg, Forbes, Fortune, Yahoo!Finance, CNBC, Reuters and many more are reporting it. If you’re in retirement, are you ready? If not, here are four things to help you save money and protect your savings.
In the categories mentioned above, there are no solutions for some, but there are options for others. There’s nothing we can do about wars and lowering inflation; however, we can find help with food, get discounts on gas and more. Let’s look at these.
There are many food pantries available. I put on several, sponsored by Humana, in order to help people during these high inflationary times. Also, there are food pantries available at many churches, non-profit organizations and during community events. A little Googling and you can find several where you can take what’s offered, see what’s missing for your needs, and buy the rest. This will dramatically lower your food expenses, providing extra money for gas.
If you belong to a church or organization in the Tampa Bay, Florida area and would like a food pantry at your location, contact me. I can provide one with up to 100 bags of great food for FREE. We fill the bags and deliver them ready for distribution, and we even hand them out for you. A great way to help your patrons and attract new ones.
If you’re a T-Mobile customer, then you may be familiar with T-Mobile Tuesdays. Each Tuesday, they give away anywhere from .10 to .25 cents in Fuel Rewards. Fuel Rewards is a popular app that allows you to save money at participating Shell gasoline stations. I’ve saved as much as .50 cents off every gallon, on average .25 cents per gallon. You get your discount through the T-Mobile Tuesday app which you can download from the App store on Apple and Google Play on Android phones.
There’s also GetUpside, an app that actually gives you cashback when you buy gasoline. It’s simple to use and you get paid via PayPal, a check or digital gift card. And now they are helping you save on groceries as well. As you get paid, you can put the savings back in the tank!
Unless you are on Medicaid, if you have a Medicare Advantage policy, you will notice if you are hospitalized that there is a daily copay for a certain number of days. It could be anywhere from $75 to $395 per day, between four (4) to seven (7) days and anywhere in between. For example, one popular plan charges $200 per day for the first 5 days of a hospitalization. What this means is that if you are in the hospital for three (3) days, you owe $600; if you were there for five (5) days or greater, you owe $1,000.
This can hurt one’s finances whether in a recession or not, dipping into savings meant to last your entire retirement. However, you can purchase a hospital indemnity plan, inexpensively, that will provide you the money you need to pay those copays and any non-medical bills you may have incurred.
For example, you can choose to receive $300 per day for each day hospitalized, up to seven (7) days. So, if we use the previous example, if you were hospitalized for seven days, you would owe $1,000, but would receive $2,100. This is your money paid directly to you to use as you see fit. You can save the rest or use it for any other expenses you may have. And the cost is very reasonable. I recommend getting a quote and decide for yourself.
Final expense insurance is not life insurance. Life insurance is for the living; final expense insurance is for the dead. While that may sound morbid, it happens to all of us sooner or later, and not preparing for it won’t make it go away.
The average cost of a funeral is $7,000 (if cremated), more if you want a burial since it requires a real estate transaction for the plot and a coffin – and don’t forget the headstone. However, here are two things to consider.
The older you get, the more a final-expense policy will cost. So, get a quote as soon as possible and get to know your options. What you do with that information is totally up to you; but at least be aware.
While financial markets and economies will ebb and flow forever, these money-saving and protection strategies will help you weather any economy better. You will be able to have peace of mind knowing you did your due diligence and put a plan in place to provide for you and your family. And if you need help with any of it, know that YourCareRep LLC is here to help. Here’s to your health!
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