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Everyone deserves a healthy and financially sound future. Often, that means saving your money wisely and finding ways to get discounts on essentials – such as dental care – without compromising on quality.
Skipping dental care to save money is counterproductive. It will compromise your oral and overall health and cost more in the long run. You can afford to get the dental care you need to stay healthy – for example, dental savings plans can save plan members an average of 50%* on their dental costs.
Read on for details on how to live well on a fixed income and enjoy a healthy retirement.
See how much you can save with a dental savings plan.
Use our calculator below >
First, let’s do the retirement math
How much should you save yearly for your retirement? Fidelity, a financial services firm, has a good rule of thumb: Save 10x your income by age 67.
They even did the math for us, and say that you should aim to save at least:
- 1x your salary by age 30
- 3x by 40
- 6x by 50
- 8x by 60
- and 10x by 67
Regardless of where you’re at, we all want to save money when we’re retired (or getting ready to retire). Let’s jump into how to save money in retirement.
Eight simple ways to save money during retirement
Adjust your lifestyle – You can retire to a less expensive location, continue working part time, or plan to cut way back on expenses after retirement (but remember, cost of living will almost certainly continue to increase).
Prioritize your health – A healthy lifestyle can prevent certain medical conditions, and regular checkups allow for early treatment, which typically costs less and can result in better outcomes. Staying healthy can save you money and, very obviously, greatly enhances your quality of life.
Make a budget – Break down what you need to spend each month (your fixed expenses), what you need to save (a set percentage of your income) and the amount you’ll devote to optional expenses like eating out or entertainment. Set some money aside for healthcare expenses so that you don’t have to dig into your savings when you get a medical or dental bill. (Read on for how to lower those too).
Charge it – The advice used to be “cut up your credit cards! Or at least hide them on a shelf you can’t reach.” But if you don’t use your credit for extended periods of time, your accounts could be canceled. Spend a set amount on credit and pay it off monthly.
Use discount codes and coupons – Search online for promo codes and coupons. Subscribe to your favorite brands newsletters for exclusive offers and sales alerts. But if you struggle with overspending, unsubscribe to sales emails, remove your credit card info from online accounts, and consider having weekly “no spend” days.
Join a dental savings plan – Dental savings plans are a trusted alternative to dental insurance where plan members can save an average of 50%* on their dental care. Dental savings plans are often a great choice for seniors because they have no annual limits (we tend to need more expensive treatments as we get older) and no restrictions or exclusions based on current health conditions.
Check your health or dental plan for extra savings – Many dental savings plans come with additional savings at no extra cost. You can save on prescriptions, hearing and vision care, telehealth, wellness programs, and find coupons for over-the-counter health products. Check the details of your plan for more information and offers.
The best place to learn more about dental savings plans is at DentalPlans.com – the largest marketplace for both dental savings plans and dental insurance. Use our online tools or speak to our team to find a plan that can save you the most during retirement.
Want a personalized recommendation? Call us at 1-833-735-0399 or use our calculator below for a quick look at what you can save.
*Discount Health Program consumer and provider surveys indicate average savings of 50%. Savings may vary by provider, location, and plan.
