Nearly everyone has a written or internal list of things they want to achieve or experience before they die. For senior citizens, however, the items on these bucket lists may take on an added urgency and may require added planning to ensure that these peak experiences can be funded and accomplished successfully. Finding alternative methods for funding bucket list adventures can help you enjoy your retirement years to the fullest and to experience the rewards of a life well lived.
Taking a Part-Time Job
Remaining active during retirement can offer two-fold benefits for many older adults. The mental and physical exercise required to manage a part-time job can help seniors stay fit and remain sharp throughout these golden years. Additionally, the extra funds earned through part-time employment can be put toward travel abroad or new adventures closer to home. Be sure to consider your current state of health and any medical precautions necessary before taking on these challenges. In some cases, it may be helpful to get a “thumbs up” from your physician before accepting the job.
Tapping the Value of Insurance
Most retired individuals and couples no longer need life insurance to take care of dependents living in their homes. By entering into a life settlement arrangement and selling the value of these insurance policies to outside investment companies, senior citizens can receive a significant amount of cash that can be used to fund lifelong dreams and cross a few more items off their bucket lists. Best of all, these solutions do not involve taking on added debt. Instead, they use assets you already own to provide you with needed cash quickly and conveniently.
Another way to accumulate funds for major bucket list expenses is to reduce spending on non-essential items. Opt
ing for public transportation can allow senior citizens to avoid the expenses of car ownership. Downsizing to a smaller home or apartment can also free up a considerable amount of cash. Dropping larger cable packages and opting for a la carte channel additions can also save money over the course of a year. Be careful not to trim expenses too deeply, however: Adopting a spartan existence can lessen your enjoyment of your retirement years.
Making Every Penny Count
The humble piggy bank is the inspiration for another easy way to save for bucket list items. By emptying all change from purses, coats and pants pockets into a jar or piggy bank, you can quickly accumulate a surprising amount of cash that may provide a real start on funding your bucket list activities. Resist the temptation to dip into the piggy bank for minor expenses: This can delay your bucket list funding plans and reduce the effectiveness of this saving strategy.
Combining two or more of these strategies can provide even faster results in coming up with the funds to achieve your dreams and accomplish your lifelong goals. Saving up for bucket list travel and adventure can also allow you to enjoy a sense of achievement and anticipation throughout your retirement years.
About the Author: Cybil Morgan- Cybil spends her days researching and writing on a variety of topics including investment, retirement, and aging.