“I retired from teaching five years ago and I’m finding it very hard to make ends meet. I have a fixed pension and it seems that every month my expenses increase. Do you have any advice on how to make my retirement money stretch more?”

These are financially challenging times for all consumers, especially retired persons. We’re constantly searching for creative ways to spend less, but sometimes it seems that the cost of living demands more of our hard-earned dollars every day.

For retirees on fixed pensions, it can be frightening to see your nest eggs dwindling. Many additional health concerns may also be brought on by the stress of wondering if you’ll outlive your money.

Last week we looked at how to take control over your retirement funds. Today we’ll give you tips on how to reduce expenses as a senior citizen and to creatively earn additional income.

Save On Medical Costs

One of your major expenses might be purchasing medication. Oftentimes your health insurance benefits end when you retire, but you can choose to continue with the insurance company by paying your own premiums. There are also several options to get lower-cost drugs and services:

1. The Jamaica Drugs for the Elderly Programme (JADEP). This programme allows you to pay just J$40 for a month’s supply of selected drugs to alleviate specific illnesses. You can register for JADEP at the National Council for Senior Citizens at 11 West Kings House Road, Kingston 10, or with the Council representative located at the National Insurance Scheme (NIS) office in each parish capital.

2. NI Gold Health Card. Government pensioners can apply for the NI Gold Health Card that provides health services and prescriptions at discounted costs. You can register at any Electoral Office.

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3. National Health Fund. This is a scheme for all persons with certain chronic illnesses, and it provides drugs at lower costs. Ask your doctor to fill out details of your specific condition on a registration form, and apply for this card at the Electoral Office.

You can combine these cards along with any other private health insurance benefits to provide significant reductions in your medical costs.

Shop Around

More and more persons over the age of sixty are living active, vibrant lives, and this means that senior citizens have more clout as a consumer group than ever before. Many business places recognize this and offer senior citizen discounts. For every product or service you require, call around to find out which company offers age discounts, and spend your money there.

There are special rates for movies and cable services, and reduced prices at supermarkets and pharmacies, to name a few. Even if it’s not advertised ask the manager for your senior discount. They may very well honour your request.

You can also get discounts for the Jamaica Urban Transit Company (JUTC) bus service.  Register for a senior citizen JUTC bus pass at the National Council for Senior Citizens. Currently the reduced bus fare is J$15 per ride.

Look For Earning Opportunities

Just because you have retired from one job, it doesn’t mean that you have to stop earning an income. In fact most people at age 60 or 65 are still very capable of continuing their jobs. If possible, ask your old employer if you can return to work part-time.

There is also the possibility of providing consulting services within your field. As a retired teacher you can offer extra lessons and market your services by word of mouth.

If you were only too glad to see the end of your past job because you disliked it, you now have a grand opportunity to achieve a new, fulfilling career. Try to rediscover your talents and you may find a hobby that pays.

You could grow organic vegetables for sale at the nearby supermarket, or learn how to make ceramics and sell your pottery at craft shows. The National Council for Senior Citizens is a great place to find out what other retirees are doing to keep active, save on expenses and make extra money.

If retirement for you means giving up work completely, there are still ways to earn income with little effort. You could consider renting out a room or section of your house if it won’t be inconvenient.

You could become a member of a reputable network club that sells health supplements and encourage your friends to sign up through you. You have the opportunity to earn residual income every time they make a purchase.

You don’t have to feel powerless about your finances in retirement. Take the steps that will work for you to reduce or remove your money concerns.