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Seniors looking to cut costs have many places to look

October 26, 2012

Even for people who have already entered retirement, saving money wherever possible can be a priority. Whether it's due to a desire to save for a trip or simply a habit of not letting any money go to waste, senior financial planning remains an important topic even for those who have long left the workforce. Fortunately, there are a number of small changes older adults can make to save money, according to U.S. News and World Report.

One easy way for seniors to save money is to shop around for the best Medicare coverage. Many adults assume that their plan stays the same from year to year, but thanks to the Patient Protection and Affordable Care Act signed into law in 2010, there may be more suitable options available to them. Seniors can look around during the Medicare open enrollment period, which runs from October 15 through December 7, in order to find a plan that works for them.

Although taking another look at Medicare can help, there are some smaller moves around the house that can also save seniors money. For instance, energy-saving practices such as unplugging unused devices can save a significant amount on monthly bills, as can turning off the heat in unused rooms, notes U.S. News.

Experts also say that focusing on healthy aging can also prove to be an effective way for seniors to maintain their finances. Whether it be regularly exercising or eating well, focusing on healthy lifestyle habits will save money by reducing expenditures on things like prescription drug costs.

Baby boomers approaching retirement have certainly placed an emphasis on making sure they're spending less, according to a recent report from the National Center for Policy Analysis. Researchers found that spending on entertainment and dining out by adults between 55 and 64 dropped considerably between 1990 and 2010.