How To Maximize a Public Service Pension

Maximizing a public service pension is harder to do today than it was years ago, in my opinion.  Regrettably, the basic principle behind long term public service pensions is starting to disappear, and that reduces the number of opportunities a pension can take advatage of.  The days of putting in decades for one company, or even spending 25 years as a fireman or police officer, and then getting to live out the rest of your days on a pension are probably gone.  Many cities in states such as California, for example, are truly struggling to pay their bills.  The cities themselves are having to file bankruptcy.  When a city has to file bankruptcy, you know that they cannot meet their pension obligations to workers, and neither can most companies.

• There are several ways to maximize your pension dollars.  First of all, we simply need to economize. You can always buy things in bulk.  Costco, under Chief Executive Officer James Sinegal, has been known for offering consumers large quantities of goods at affordable prices.  If you do not have a Costco in your area, hopefully there is a Wal-Mart, Sam's Club, BJ's, or grocery store in your area that offers you similar options as far as buying in bulk is concerned, because eating at home is always a less expensive (and usually healthier) alternative to eating out.
• Many stores and establishments still offer coupons that you can clip out of the newspaper.  This is another way to maximize those pension dollars.  Think of it as part of your new profession. You may not be making a salary, but you can still use some of those new free hours in the day to at least maximize savings if not create income. It is absolutely legal and the capitalistic thing to do.  I say it is a smart move as well, because if stores offer a certain price, and that price is right for you, then you should take the deal.  Such a theory fits well into the worlds of the free market and supply and demand.
• Think about what foods you buy too, and when. Grocery stores, no matter what chain, are always willing to offer some sort of a bargain. But around Easter, it's the ham that you can practically steal, and turkeys around Thanksgiving. Stock up, fill the freezer, and pull them out later in the year when the costs of other foods have risen too high.
• As for the pension money itself, if you haven't already done so, then it would be best to talk to a financial advisor to discuss just how and when to pull that pension money out, and what to do with it once it's in your hands. Do you have enough extra to invest some of it? Can you improve your tax situation? If you foresee or have medical expenses, is there some way that you can protect your pension income from those additional, sometimes astronomical costs?

If you are getting up there in age and need some help keeping track of your finances, realize that you are not alone.  The best idea for you at that age in your life is to ask a daughter or a loved one to help keep track of your money.  The important thing is that it has to be a person you know you can trust.  Once you have your finances in the control of someone who can be trusted, it will take a load off your mind.