Westmark Credit Union
We are a full-service financial institution, owned by our members & committed to the development of their financial future. We have 12 convenient locations.

Making Changes to Your Budget After 60

Fitting your lifestyle to your budget—instead of the other way around—is an essential life skill that you’ve probably already mastered. But as circumstances change, so too should your budget. The most pressing concern for older adults is retirement. Since saving for retirement, budgeting during retirement, and figuring out when to retire are all complex issues, consider talking to a personal finance expert at your local credit union for personalized guidance.

Budget Reductions

Older adults are often surprised to discover that certain items in their budgets actually decrease later in life. Once you retire, you won’t have a morning commute. If you live in an area with a great public transportation system, you might consider getting rid of your car altogether to save on insurance and repairs. Housing costs often decrease as well, considering that many retirees have already paid off their mortgages. Even if you haven’t, your kids are likely out of the house and you have the option to downsize. Downsizing also reduces your utility costs and property taxes.

Budget Increases

Despite certain reductions in your budget, you’ll still need to be careful with your daily money management. Other areas of your budget will definitely increase. If you haven’t retired yet, talk to a financial advisor about making aggressive increases in your retirement savings. You should also start a health savings account, as healthcare costs will likely continue on their upward trend. You may need other insurance products as well, such as long-term care insurance, critical illness coverage, specialty cancer insurance, and life insurance.

Financial Considerations

In addition to these budget basics, consider how your lifestyle in retirement may affect your finances. During this stage of life, many people like to travel and pursue hobbies. Some provide financial assistance to their grandkids, such as by establishing a college fund. Others enjoy making charitable contributions. Make room in your budget for these extras, and stick to the limit you give yourself.

Westmark Investment Services at Westmark Credit Union is on a mission to help our members achieve their long-term personal finance goals. Our credit union in Idaho also provides a versatile range of competitive banking products, including IRAs. Call us at (208) 523-1071.

Categories: budget

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2520 Channing Way
Idaho Falls, ID 83404

Hours of Operation:

  • Closed Sunday
  • 9:30 AM to 5:00 PM Monday
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