😊 RetireHub Daily: Budgeting Tips | 06/10/2024

It is Monday, June 10th, 2024

Dear RetireHub Daily Readers, welcome back to Money Monday! Get ready for the usual deals, tips, and trivia with a financial theme.

On this day in 2007, The final episode of The Sopranos aired on HBO. The Sopranos, centered around mafia boss and family man Tony Soprano, is often considered one of the greatest TV shows ever made.

Do you know the name of the actor who played Tony Soprano? Test your knowledge in our trivia at the end of this newsletter.

Deals of the Day: Retirable

Worried about running out of money in retirement?

Worry no more! Retirable helps you understand what’s safe-to-spend each month while growing your wealth throughout retirement—alongside the ongoing care of a fiduciary financial advisor.

• Get a free, zero-commitment retirement consultation!

REI Last Season Footwear Clearance Sale: Up to 70% Off!

If you don’t mind last season’s styles, you can always clear up in the deals. This clearance event at REI features footwear up to 70% off—don’t miss out on a range of comfy running shoes, which provide great support.

• Shop the Deal

RETIREHUB POLL

Simple Budgeting Tips For Retirement

Retirement usually means living on a fixed income that may be smaller than we were used to while working. It’s important to keep that spending under control—so that we can still have some fun.

• Develop a downsizing mindset—the more you have to manage, the more money you’ll spend. The more land, cars, boats etc. you have, the more money you’ll be spending on upkeep.

• Get into home cooking—eating out is a lot of fun, but it’s also a major expense. You can use some of that sweet time we have in retirement to try new, nutritious recipes. Truly the way to be healthy, wealthy and wise!

• Switch your bills—the best way to save on bill is often to become a new customer elsewhere. Explore options for internet providers, cell phone plans, credit cards etc. You may be able to save hundreds a year.

• Get into secondhand—there are so many great clothes, household goods, cars, equipment and everything else being passed on by somebody else. Get thrifting for huge savings on perfectly good secondhand items! Or explore Facebook Marketplace (here’s a guide).

• Embrace free activities—enjoy reading? Join the library. Enjoy the outdoors? Try local parks and trails you’ve never been to. There are almost always local events going on in town. Search “free events, [town name]” to see what pops up in your area.

These are all spending habits that, combined, can lead to huge extra savings each year in your retirement without making major lifestyle changes. Happy saving!

Yesterday’s Poll Results - Have you ever reconnected with an old friend after a long period apart?

🥲 60% of RetireHub Daily readers have reconnected with old friends in retirement—and found it rewarding. It’s not all roses though, with 15% warning it wasn’t rewarding for them. For the 17% who think about reaching out to someone, those are pretty good odds for giving it a go (just read some of the inspiring comments below!).

Thanks to the many of you who vote and comment every day!

Our Favorite Comments:

We love hearing and sharing all your comments from our polls! While we can’t publish them all, we do read and appreciate every comment. We had so many amazing stories for this one, we wish we could publish them all!

• “Facebook! My best friend 50 years ago found me on Facebook. Now we see each other once or twice a month. There is nothing like an old friend to remind you of days gone by….”

• “Loved reconnecting with my bestie from high school. My oldest, truest friend I have now 🥰”

• “The person [I reconnected with] thought the world evolved around them. If you didn't do what they want to do or the way they wanted it done they threw a fit.”

• “We were best friends in kindergarten & she moved out of state. We’re only a couple hours away & when we saw each other it seemed nothing changed. We had an awesome time & plan on seeing each other on a regular basis now. ”

• “We reconnected after 40 years on Facebook. My husband and I will be married 5 years in December. He has always been the love of my life. 💞💞💞💞💞”

WHAT WE’RE READING

Each day we pick a well-reviewed book you can get for free on Kindle.

SENIOR LIVING NEWS

Tired of Buying New Clothes? How to Look Good in the Ones You Already Have!

Unlike runway models, women our age don’t want to disappear behind our clothes. It’s hard enough getting noticed at all. We want to be seen, but that makes our bodies show up as well. So how do we become visible and still look fashionable and chic?

Quality is one way. Generally, the more expensive the garment the better will be the cut and the fabric. But even buying couture right off the rack won’t guarantee that you will look stylish. It’s the person wearing the garment that makes it look chic – or dumpy.

So, if you are tired of buying new clothes, consider the following:

• Read the Article

How to Make a 401(k) Withdrawal and Avoid Penalties

How can you make a 401(k) early withdrawal? Learn how to avoid the 401(k) early withdrawal penalty by taking a qualified exception or hardship withdrawal.

Key Takeaways

•Taking an early withdrawal from your 401(k) plan should be considered a last resort.

•The IRS will typically charge a 10% fee for early withdrawals, on top of regular income tax.

•Under certain circumstances, you can make an early withdrawal without paying the fee.

Read the Guide

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Longevity Tip of the Day

Shower before bed—simple but effective, showering before bed tricks the body’s temperature gauge into feeling cool after stepping out the warm shower, a feeling that makes us relaxed and sleepy. And a regular good night’s sleep is one of the biggest weapons we have in the fight against cognitive decline. Just a quick 5-minute body shower to save on those utility bills!

Slang Word of the Day

Phrase: “The receipts“

Meaning: It’s not the itemized bill we’re talking about here. If someone requests “the receipts”, they are looking for evidence, usually relating to text messages.

In a sentence: “She said what? I need to see the receipts.“

GOOD NEWS OF THE DAY

Woman Welcomes Baby After Strangers Donate $13,000 for Her to Undergo IVF: ‘It just went mental’

A woman who was facing only a 15 percent chance of conceiving a baby naturally was finally able to give birth to a child–after strangers donated $13,000 for her to undergo IVF.

Gem Baker had always dreamed of being a mom, but she never met the right man with which to start a family.

…Read More

4-legged lifesavers: Service dogs are working wonders for veterans with PTSD, study shows

While for years there has been anecdotal evidence of the benefits of emotional support dogs for veterans, a new national study offers more definitive proof.

"He helps me so much and it’s awesome that he brings such a positive element to wherever he’s at," Anthony Certa, veteran U.S. Marine and military police officer, said. "There’s no crummy attitude around a dog, you know? He's the best."

• …Read More

RETIREHUB TRIVIA

Our goal is to grow RetireHub to over 1 million members — with this, we’ll have the leverage to get even better discounts from the likes of Netflix, Amazon, and others.

To help incentivize referrals, we’re giving away 12 months of your favorite streaming service for free! Simply forward this email to a friend (and cc [email protected]) and you’ll be entered into the drawing on June 12th! (Maximum $20/month streaming service).

Each additional friend you send the email to will count as an additional entry (25 person max).