Your 70s aren’t the time to hit pause on financial decisions. In fact, some of your smartest money moves are still ahead. No major overhauls needed, just small actions with solid payoffs. The goal? Less stress, more security, and zero regret. Want to see what helps? Here are the smart retirement steps worth making after 70 rolls around.
Cutting Subscriptions And Recurring Bills Adds Up
Recurring bills are easy to forget, which is why they quietly drain money month after month. Many people continue paying for unused subscriptions, outdated memberships, or services they no longer need. These charges slip through unnoticed on automatic payments. Fortunately, apps like Rocket Money can scan your accounts and cancel unused subscriptions.
Budgeting With A Retirement Income Plan Increases Control
Retirees who follow a written income plan are less likely to overspend or make hasty withdrawals. When you match fixed expenses with steady income, you take control over daily finances. Today’s budgeting tools factor in healthcare and inflation, making planning much easier. Yet surprisingly few actually write their plan down.
Reducing Investment Fees Boosts Long-Term Growth
Even small investment fees can quietly chip away at your returns over time. As yearly charges add up, they shrink long-term growth. Switching to index funds—investments that track market benchmarks like the S&P 500—can lower costs without sacrificing performance. Additionally, Robo-advisors provide similar benefits by managing investments at lower costs.
Delaying Social Security Can Increase Lifetime Benefits
For every year you delay claiming Social Security after full retirement age, your monthly benefit grows. That increase can provide more stable income later in life, especially when healthcare costs rise. Some use the boost to help cover long-term care. Many who claimed early later regretted it, realizing they gave up thousands in lifetime value.
Downsizing Your Home Frees Up Serious Cash
Home equity holds a large share of retirement wealth, and downsizing is one way to access it. Moving to a smaller property turns that value into usable cash while cutting expenses like taxes, insurance, and utilities. Plenty of retirees choose RVs or compact communities, and usually find emotional relief along with financial freedom.
Joining Senior Discount Programs Lowers Everyday Costs
Senior discount programs help cut costs on everyday items like groceries, prescriptions, dining, and transportation. Many start as early as age 50. Organizations such as AARP offer even more savings through exclusive member deals. These discounts make it easier to manage regular expenses without giving up convenience or the things you enjoy.
Charitable Giving From IRAs Can Lower Your Tax Bill
An IRA is a type of retirement account designed to offer tax advantages. Donating directly from it to a qualified charity can lower your taxable income and meet your required minimum distributions. Since the donation isn’t counted as income, it may also help you avoid Medicare surcharges.
Annuities Can Provide Guaranteed Monthly Income
Fixed annuities create a dependable stream of income during retirement. For those without a pension or rental revenue, this steady payout fills the gap. Some plans now bundle in inflation coverage or care benefits. Reviewing available options reveals just how many ways annuities can stabilize monthly finances long-term.
Health Savings Accounts Still Offer Benefits In Retirement
Health Savings Accounts (HSAs) can still be valuable after retirement. You won’t pay taxes on withdrawals if the money is used for approved medical expenses like copays, Medicare premiums, dental, or vision care. With unused funds rolling over each year, your HSA can keep growing to help cover future healthcare costs.
Medicare Advantage Plans May Offer Extra Perks
Take a moment to review your Medicare Advantage coverage during the annual enrollment period. Specific plans include dental and vision benefits along with basic care. Additional features like transportation or meals are usually available. Comparing plan options each year can lower costs and improve access to everyday services.
