Over 50? 9 Small Money Moves That Pay Off Big

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Senior couple enjoying retirement
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When it comes to managing your money, little changes can lead to big results.

Like a pebble tossed in a pond, small decisions you make today can radiate and have an outsized impact on your financial future.

Yep. By investing just a few minutes, it’s possible to boost your income, slash your expenses and pave the way for a happier, less stressful retirement.

Following are nine powerful, yet simple, strategies, designed to help you maximize your nest egg without putting a crimp in your lifestyle.

In short, big potential gain, no pain!

Not all these tips may work for you, but some will, so read them all.

1. Find an expert to double your savings

To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.

A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a financial advisor. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an advisor can help lower your tax burden, create a comprehensive financial plan, maximize your Social Security, help with estate planning and making sure you’re on the right track. They can also be there in case one day, you’re not.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free, no-obligation consultation.

Nothing to lose and lots to potentially gain. Take a minute and check it out right now!

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

2. Don’t let debt trash your retirement

Debt is like a cancer that’s eating away at your retirement savings. The sooner you treat it, the better your chances of financial survival.

Worrying about debt is probably the worst way you can spend your time, and paying interest and late fees is the worst way you can spend your money.

Solution? National Debt Relief. They’re one of the most respected providers of debt relief in the U.S.

They’ve helped more than 500,000 people, are A+ rated by the Better Business Bureau and also are top-rated by Top Consumer Reviews, Top Ten Reviews, ConsumersAdvocate.org and ConsumerAffairs.

If you’d like to be debt-free in 24-48 months, fill out a form on the company website and a debt coach will call you to learn more about your situation. If they can help you, they’ll set you up with an affordable plan that works for you. There’s no upfront fee and no obligation to get started.

National Debt Relief can help you with almost any unsecured debt, like credit cards, personal loans, medical bills, repossessions … even some student loan debt. If you’re debts are more than $10,000, don’t wait another minute. Check them out right now.

3. Take care of your older self

According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.

“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That, plus inflation, could scramble any nest egg.

Solution? Long-term care insurance.

One place to find it is GoldenCare. (Unless you live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)

At least check it out and see if it’s a fit. Because a little planning today could mean a far more secure tomorrow.

4. Don’t torture your loved ones

When you’re gone, your problems will be over. But the problems for the ones you leave behind will just be beginning.

Show your loved ones you care by creating a will, a trust or both. It doesn’t take much time and doesn’t cost much money. But it will save a ton of both for your family.

A will is a simple legal document that outlines how you want your assets to be distributed, and you can have one in minutes for $199.

A trust allows you to place conditions on how and when your assets are distributed to your beneficiaries. You can get one of these created for as little as $499.

An hour or two preparing these documents means providing for your family, minimizing potential conflicts, and potentially reducing estate taxes. Do yourself and your family a favor and at least check it out right now.

5. Harness this massive source of retirement income

You’ve spent years maintaining and building equity in your home. When you’re 62 or over, it’s time for your home to pay you back.

A reverse mortgage is an insured loan that lets homeowners 62 and older convert their home equity into cash, but without selling the home. Take the money however you’d like: monthly, lump sum or line of credit. Use it however you’d like: home repairs, bills, traveling or simply living a better life.

Your home remains yours. You hold the title until you die or choose to move elsewhere, provided you maintain the home. When you leave the house, the loan is repaid.

A reverse mortgage can make a huge difference in your quality of life. But they’re not for everyone, so it’s important to get more information. Also important: not all lenders are equal. Be careful who you deal with.

One lender that’s highly rated and happy to answer questions is Longbridge Financial. They’ve earned 4.9 of a possible 5 stars from Trustpilot and ConsumersAdvocate.org said, “By far the best online experience and tools among all the reverse mortgage lenders we reviewed.”

If you’re 62 or over and have equity in your home, it’s time to at least need to see what your options are.

6. Don’t wreck your budget with car repairs

The cost of car repairs is skyrocketing. One shop told Consumer Reports that a decade ago, their average repair was $1,600. These days, the average bill is $4,000.

If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with a CarShield auto warranty.

CarShield provides extended warranty plans of up to 24 months, and allows you to choose from at least six different plans, so you’ll only pay for the coverage you need. They cover cars up to 20 years old and offer flexible month-to-month plans so you’re not locked in for years.

CarShield has a network of thousands of ASE-certified repair shops, and they pay the repair bill. All you cover is the deductible. All their warranties include 24/7 roadside assistance and rental car benefits while your vehicle is being repaired.

ConsumerAffairs calls CarShield “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.

Take a minute right now and get a quote.

7. Don’t let home repairs devour your savings

Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your castle can quickly crumble and cost you hundreds, or even thousands.

Unless, that is, a home warranty company has your back. Example? First American will protect you from giant bills by covering everything from home appliances to electrical, plumbing, heating and cooling systems — even pools and spa equipment.

They also allow you to customize your plan, so you only pay for what you need.

When something goes wrong, just call First American, day or night. The company has a network of prescreened technicians and typically dispatches an independent contractor within 48 hours.

Hey, if you’re handy and like to repair stuff yourself, that’s obviously the cheapest route. But if that’s not you, a penny spent now could save you big bucks later.

Get your free quote in 30 seconds.

8. Use this secret source for discounts

Are you over 18? Then you’re eligible to save hundreds of dollars every year simply by joining AARP.

“What?” you say. “I thought AARP was for retired people.”

As it turns out, you don’t have to be 50 or older to join AARP. And members get discounts on hundreds of things, like:

  • Up to $200 per person off flights
  • Up to 30% off rental cars
  • Up to 15% off restaurants
  • Up to 20% off hotels

You’ll also save on eyeglasses, prescriptions, meal deliveries and lots more. And that’s not all. AARP offers a Fraud Watch Network, job listings, retirement planning tools, games, and tons of information, programs and resources.

Anyone trying to save money can’t afford not to join AARP, especially since the cost is as low as $12 per year with auto-renewal. You’ll likely recoup the cost in the first week. Click here and check it out.

9. Save $610 on your car insurance

If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal is such a hassle.

Well, it used to be.

Now you can just check out Provide Insurance, the largest online marketplace for insurance in the U.S. Provide Insurance lets you compare quotes from more than 175 different carriers in minutes.

All you have to do is answer a few questions about yourself and your driving history. Then Provide will show you the best options for your needs and budget.

You could save up to $610 a year on car insurance by using Provide Insurance. That’s money you could use for other things, like investing, saving or paying off debt.

Don’t let your current insurer overcharge you. Try Provide Insurance today and see how much you can save on car insurance.

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