• May 27, 2021
  • Posted by General Electric Credit Union

Can You Loosen the Reins on Saving in Retirement?

Do you always have a lingering feeling you aren’t saving enough despite the fact you rarely buy anything for simple enjoyment? It’s worth taking a look at your budget if you’re a retiree who answered yes to this question. while being mindful of saving is wise, you may be able to loosen the reins a bit if you’ve planned properly.

Evaluate your budget

You won’t know what you can reasonably afford if you have no visibility into your financial situation. If you were saving responsibly for years, it may be surprising how much you can allocate toward discretionary expenses, or expenses which aren’t required, like a streaming service or eating out.

First, write down monthly retirement income you can depend on such as payments from annuities, Social Security, etc. Then, list all of your non-discretionary expenses like rent or mortgage payments, healthcare costs, and utilities.

Review your financial plan first, but any leftover pockets of money can potentially go toward having a little fun, like a weekend trip with your partner!

Get more out of purchases

There are a few ways you can keep saving or building a nest egg while you spend. Many credit cards offer rewards like cash back or points earned on purchases. Points can later be redeemed for travel, gift cards, merchandise, or cash back! You’ll feel better about buying a new set of golf clubs when doing so helps you rack up points to use in the future.

GECU offers two industry-leading credit cards with these perks (and with no annual fee!*). The Platinum card is a points-based card with 3x the points on groceries, 2x on gas, and 1 point for all other purchases.1

If cash back is more up your alley, the Gold card offers unlimited cash back with 2% on groceries, 1.5% on gas, and 1% on all other purchases.2 Visit: gecreditunion.org/credit-cards to learn more and apply today!

Back to blog home