If there was ever a time to get the flu shot, itâs probably amid the COVID-19 pandemic.
Having two potentially deadly viruses that share some of the same symptoms makes getting the flu vaccine important for both protecting yourself from the flu and reducing the strain on healthcare facilities responding to the coronavirus.
The good news: Flu activity in the U.S. is unusually low at this time, according to the Centers for Disease Control and Prevention. It attributes the drop to precautions taken to slow the spread of COVID-19, including a record high number of Americans receiving doses of the flu vaccine.
But getting vaccinated doesnât have to be expensive. Hereâs where to get a flu shot for cheap or free â plus where you could actually snag a little extra spending money by taking your shot.
Where to Get a Free or Low-Cost Flu Shot
The annual flu vaccine can help protect you from getting the flu and reduce the severity if you do contract it.
The CDC recommends an annual flu vaccine for everyone 6 months and older.
Although September and October are the ideal times to get vaccinated, the CDC notes that you can get a vaccine so long as the flu virus is circulating â flu season doesnât officially end until around April or May.
If you have health insurance, youâll likely be able to get a free flu shot. But even if you donât have insurance, you can still find affordable â and sometimes free â options.
Pro Tip
Under the Affordable Care Act, all marketplace insurance plans must cover the cost of the vaccine. However, check your plan for details, as some set limitations on where you can get the shot for free.
Ready to protect yourself from the influenza virus? Hereâs where to go for your shot.
1. Local Retailers, Grocery Stores and Pharmacies
Just by showing your insurance card, you can get a free flu shot at many places youâre already visiting, which makes this a convenient option for most people.
Pro Tip
Some providers may have limited supplies of the flu vaccine remaining â check with your location before you go.
If you donât have insurance, you can typically get the shot for less than $50 at the following businesses:
Costco. You donât need to be a member of the warehouse club to use a Costco pharmacy. And even if you donât have insurance, you can get a flu vaccine starting at $19.99. Walk-ins are welcome, or you can click here to book an appointment online.
CVS. Get your flu shot at CVS pharmacy or its Minute Clinic. Click here for the details and to schedule an appointment.
Kroger. You can make an appointment to get a flu shot at Kroger Healthâs pharmacies. Click here to book online.
Publix. The grocery chain typically welcomes walk-up flu shot appointments, but this year it is also offering an online service that allows customers to schedule an appointment and sign consent forms ahead of time, which you can do by clicking here.
Rite Aid. Flu shots at the pharmacy chain are available without insurance for $39.99. No appointment is necessary, but click here for the consent form you should bring with you.
Safeway. Although no appointment is necessary, the grocery chain recommends filling out this consent form before you visit. It could really be worth your trouble â you get 10% off your next grocery trip with an immunization.
Target. Stop by a CVS pharmacy at Target â walk in or schedule an appointment.
Walgreens. You can either walk in or schedule an appointment at the pharmacy chain.
Walmart. In response to the pandemic, the retailer launched a digital scheduler via the Walmart mobile app. And all Walmart employees will be able to get flu shots at the retailerâs pharmacies for free â regardless of their insurance status. Itâs also offering a special pharmacy hour from 6 a.m. to 7 a.m. on Tuesdays for seniors and those at-risk.
2. Your Doctor and Urgent Care Clinics
If you have health insurance, you can get a free flu shot at a variety of places, including your doctor and urgent care clinics.
While the shot may be free, the office visit may not be â check before you make an appointment or show up at a clinic.
3. Your Workplace
If your office closed due to the pandemic, your employer might not be offering free flu shots this year. However, if youâre still showing up to work, it doesnât hurt to ask your human resources department if your company would sponsor an on-site flu vaccination.
4. Your College Campus
If campus is open, thereâs a good chance your college is still offering free flu shots to college students. Most times, all youâll need is your student ID.
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5. Community Health Centers
Community-based health centers are available in areas with limited access to affordable health care services. They provide services regardless of a patientsâ ability to pay and charge for services on a sliding scale.
Depending on where you live, your local health center may offer free flu shots, regardless of your insurance status. Locate a center near you by clicking here.
6. VA Health Centers
If youâre a veteran enrolled in the VA health care system, you can get a flu shot for free at a VA health care facility or an in-network retail pharmacy or urgent care location near you. Just present a valid, government-issued identification and this flyer.
And if none of these places work for you, check with VaccineFinder.org for vaccination locations near you. Regardless of where you choose to , get your shot as soon as possible.
Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder. Read her bio and other work here, then catch her on Twitter @TiffanyWendeln.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
What you may know about RVing: Itâs a great, cheap way to travel, or even a low-cost alternative for living full time.
What you may not know: RVing costs can stack up, and even eclipse the cost of traditional car-and-hotel travel, or living in a sticks-and-bricks home.
Here, weâll detail the primary expenses associated with the RV lifestyle, with tips to help you reduce them.
How to Go RVing on a Budget
As someone whoâs traveled extensively by RV, and even lived in a travel trailer, I know exactly how much of a burden RVing can be on your budget. Hereâs what Iâve learned.
The Vehicle Itself
The first thing you need to go RVing ⦠is an RV. And depending on how you source it, this first purchase can be very pricy.
First-timers are more likely to rent than buy, but if you end up falling in love with the lifestyle, you should know that even modest motorhomes cost tens of thousands of dollars. Super luxurious ones go for over $1 million. (Yes, seriously.)
Travel trailers tend to be less expensive than motorcoaches for a comparable level of quality, from entry level all the way up to the top. Keep in mind, though, that you need a vehicle capable of towing the rig around.
But letâs go back to the rental option. Expect to see per-night prices of $250 or more, which can easily outstrip a moderately priced hotel room. Additional fees for mileage and insurance can push your bottom line even higher.
Consider looking at peer-to-peer RV rental marketplaces, like RVshare or Outdoorsy, where you can rent a rig directly from its private owner, which often means lower rental prices. (Think of it like Airbnb for RVs.)
You may also be able to find super-cheap rentals through RV relocation deals, in which you serve as a rental companyâs courier, delivering RVs to destinations where they are in demand. In return, you get use of the rig for a steal â but keep in mind youâll be limited in your ability to personalize your itinerary. Youâll have to stick to the companyâs route and timetable.
As far as buying is concerned, shop around â and consider shopping gently used. RV does stand for recreational vehicle, after all, and although the loan you take out might look more like a mortgage than auto financing, you probably arenât going to be building equity. You donât want to go too old, because maintenance starts to become a problem, but something three to five years old could save you a nice chunk of change.
Fuel
The appeal of RVs is simple: You get to bring everything along with you for the trip, including the kitchen sink.
But all of those accommodations and extras are weighty, which means that all but the smallest RVs are pretty serious gas guzzlers. Case in point: The largest Class A motorhomes get as little as 4-6 miles to the gallon.
If youâre hoping to save at the pump, consider taking a vacation closer to home or narrowing down to a single destination. Not only will you spend less money on gas, youâll also spend less of your time driving.
Campsite Accommodation Costs
Many people think you can load up into an RV, hit the road and just pull off to the side when youâre ready to catch some sleep.
But in most cases, thatâs not true. Although some rest stops and big box store parking lots allow overnight RV parking, many do not. Besides, do you really want to spend your vacation sleeping under the glare of 24/7 floodlights?
The most comfortable campgrounds â the ones where you can hook up to electricity, water, and sewer connections â can cost a pretty penny, especially in highly sought-after destinations. Malibu Beach may be an extreme example, but during peak seasons, youâre looking at about $100 per night for a basic site, and up to $230 for a premium location. (Remember, thatâs on top of your rental price. And fuel.)
But you can find resort-style accommodations for $35 to $50 per night, often with discounts available for veterans, military members or those staying a week or longer. There are also a variety of camping discount clubs that can help you score lower-cost campground accommodations.
Youâll also want to look into state parks, which often offer RV sites with hookups for prices much lower than privately owned campgrounds (though they may not have a cell signal).
Finally, there are places you can camp for free (or super cheap), but even in an RV, youâll kind of be roughing it. On BLM-managed land and in certain other wilderness locations, you can do âdispersedâ camping, otherwise known as âboondockingâ or âdry campingâ â basically, camping without any hookups.
But you need to check ahead of time to make sure that cool-looking space is actually okay to park in and not privately owned. There isnât always appropriate signage, and if you accidentally end up in someoneâs backyard, you may be asked to move or even ticketed. Some great resources for finding spots include Campendium and FreeCampsites.net.
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Maintenance and Storage
If you buy an RV, you should be prepared for costs associated with maintenance â and, if you canât park it on your own property, storage. In Portland, Oregon, I pay $75 a month to keep my travel trailer in an uncovered lot. More desirable, secure storage is almost $200.
Then there are the maintenance costs of both the vehicular and household systems of an RV, which need regular upkeep. Doing it yourself may be time intensive, but even a minor trip to the repair shop can mean a major bill.
Itâs best if you already have a place in mind to keep it â and the initiative to learn some DIY mechanics. Thereâs a YouTube tutorial for most RV repair and maintenance basics.
Overall, the great thing about RVing is that the expenses are easily modified to fit almost any budget â you may just have to rethink which RV you drive, where youâre going and how youâll be staying once you get there.
Jamie Cattanachâs work has been featured at Fodorâs, Yahoo, SELF, The Huffington Post, The Motley Fool and other outlets. Learn more at www.jamiecattanach.com.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
You probably donât need us to tell you that the earlier you start saving for retirement, the better. But letâs face it: For a lot of people, the problem isnât that they donât understand how compounding works. They start saving late because their paychecks will only stretch so far.
Whether youâre in your 20s or your golden years are fast-approaching, saving and investing whatever you can will help make your retirement more comfortable. Weâll discuss how to save for retirement during each decade, along with the hurdles you may face at different stages of life.
How Much Should You Save for Retirement?
A good rule of thumb is to save between 10% and 20% of pre-tax income for retirement. But the truth is, the actual amount you need to save for retirement depends on a lot of factors, including:
Your age. If you get a late start, youâll need to save more.
Whether your employer matches contributions. The 10% to 20% guideline includes your employerâs match. So if your employer matches your contributions dollar-for-dollar, you may be able to get away with less.
How aggressively you invest. Taking more risk usually leads to larger returns, but your losses will be steeper if the stock market tanks.
How long you plan to spend in retirement. Itâs impossible to predict how long youâll be able to work or how long youâll live. But if you plan to retire early or people in your family often live into their mid-90s, youâll want to save more.
How to Save for Retirement at Every Age
Now that youâre ready to start saving, hereâs a decade-by-decade breakdown of savings strategies and how to make your retirement a priority.
Saving for Retirement in Your 20s
A dollar invested in your 20s is worth more than a dollar invested in your 30s or 40s. The problem: When youâre living on an entry-level salary, you just donât have that many dollars to invest, particularly if you have student loan debt.
Prioritize Your 401(k) Match
If your company offers a 401(k) plan, a 403(b) plan or any retirement account with matching contributions, contribute enough to get the full match â unless of course you wouldnât be able to pay bills as a result. The stock market delivers annual returns of about 8% on average. But if your employer gives you a 50% match, youâre getting a 50% return on your contribution before your money is even invested. Thatâs free money no investor would ever pass up.
Pay off High-Interest Debt
After getting that employer match, focus on tackling any high-interest debt. Those 8% average annual stock market returns pale in comparison to the average 16% interest rate for people who have credit card debt. In a typical year, youâd expect a $100 investment could earn you $8. Put that $100 toward your balance? Youâre guaranteed to save $16.
Take More Risks
Look, weâre not telling you to throw your money into risky investments like bitcoin or the penny stock your cousin wonât shut up about. But when you start investing, youâll probably answer some questions to assess your risk tolerance. Take on as much risk as you can mentally handle, which means youâll invest mostly in stocks with a small percentage in bonds. Donât worry too much about a stock market crash. Missing out on growth is a bigger concern right now.
Build Your Emergency Fund
Building an emergency fund that could cover your expenses for three to six months is a great way to safeguard your retirement savings. That way you wonât need to tap your growing nest egg in a cash crunch. This isnât money you should have invested, though. Keep it in a high-yield savings account, a money market account or a certificate of deposit (CD).
Tame Lifestyle Inflation
We want you to enjoy those much-deserved raises ahead of you â but keep lifestyle inflation in check. Donât spend every dollar each time your paycheck gets higher. Commit to investing a certain percentage of each raise and then use the rest as you please.
Saving for Retirement in Your 30s
If youâre just starting to save in your 30s, the picture isnât too dire. You still have about three decades left until retirement, but itâs essential not to delay any further. Saving may be a challenge now, though, if youâve added kids and homeownership to the mix.
Invest in an IRA
Opening a Roth IRA is a great way to supplement your savings if youâve only been investing in your 401(k) thus far. A Roth IRA is a solid bet because youâll get tax-free money in retirement.
In both 2020 and 2021, you can contribute up to $6,000, or $7,000 if youâre over 50. The deadline to contribute isnât until tax day for any given year, so you can still make 2020 contributions until April 15, 2021. If you earn too much to fund a Roth IRA, or you want the tax break now (even though it means paying taxes in retirement), you can contribute to a traditional IRA.
Your investment options with a 401(k) are limited. But with an IRA, you can invest in whatever stocks, bonds, mutual funds or exchange-traded funds (ETFs) you choose.
Pro Tip
If you or your spouse isnât working but you can afford to save for retirement, consider a spousal IRA. Itâs a regular IRA, but the working spouse funds it for the non-earning spouse.Â
Avoid Mixing Retirement Money With Other Savings
Youâre allowed to take a 401(k) loan for a home purchase. The Roth IRA rules give you the flexibility to use your investment money for a first-time home purchase or college tuition. Youâre also allowed to withdraw your contributions whenever you want. Wait, though. That doesnât mean you should.
The obvious drawback is that youâre taking money out of the market before itâs had time to compound. But thereâs another downside. Itâs hard to figure out if youâre on track for your retirement goals when your Roth IRA is doing double duty as a college savings account or down payment fund.
Start a 529 Plan While Your Kids Are Young
Saving for your own future takes higher priority than saving for your kidsâ college. But if your retirement funds are in shipshape, opening a 529 plan to save for your childrenâs education is a smart move. Not only will you keep the money separate from your nest egg, but by planning for their education early, youâll avoid having to tap your savings for their needs later on.
Keep Investing When the Stock Market Crashes
The stock market has a major meltdown like the March 2020 COVID-19 crash about once a decade. But when a crash happens in your 30s, itâs often the first time you have enough invested to see your net worth take a hit. Donât let panic take over. No cashing out. Commit to dollar-cost averaging and keep investing as usual, even when youâre terrified.
Saving for Retirement in Your 40s
If youâre in your 40s and started saving early, you may have a healthy nest egg by now. But if youâre behind on your retirement goals, now is the time to ramp things up. You still have plenty of time to save, but youâve missed out on those early years of compounding.
Continue Taking Enough Risk
You may feel like you can afford less investment risk in your 40s, but you still realistically have another two decades left until retirement. Your money still has â and needs â plenty of time to grow. Stay invested mostly in stocks, even if itâs more unnerving than ever when you see the stock market tank.
Put Your Retirement Above Your Kidsâ College Fund
You can only afford to pay for your kidsâ college if youâre on track for retirement. Talk to your kids early on about what you can afford, as well their options for avoiding massive student loan debt, including attending a cheaper school, getting financial aid, and working while going to school. Your options for funding your retirement are much more limited.
Keep Your Mortgage
Mortgage rates are historically low â well below 3% as of December 2020. Your potential returns are much higher for investing, so youâre better off putting extra money into your retirement accounts. If you havenât already done so, consider refinancing your mortgage to get the lowest rate.
Invest Even More
Now is the time to invest even more if you can afford to. Keep getting that full employer 401(k) match. Beyond that, try to max out your IRA contributions. If you have extra money to invest on top of that, consider allocating more to your 401(k). Or you could invest in a taxable brokerage account if you want more flexibility on how to invest.
Meet With a Financial Adviser
Youâre about halfway through your working years when youâre in your 40s. Now is a good time to meet with a financial adviser. If you canât afford one, a financial counselor is typically less expensive. Theyâll focus on fundamentals like budgeting and paying off debt, rather than giving investment advice.
Saving for Retirement in Your 50s
By your 50s, those retirement years that once seemed like they were an eternity away are getting closer. Maybe thatâs an exciting prospect â or perhaps it fills you with dread. Whether you want to keep working forever or retirement canât come soon enough, now is the perfect time to start setting goals for when you want to retire and what you want your retirement to look like.
Review Your Asset Allocation
In your 50s, you may want to start shifting more into safe assets, like bonds or CDs. Your money has less time to recover from a stock market crash. Be careful, though. You still want to be invested in stocks so you can earn returns that will keep your money growing. With interest rates likely to stay low through 2023, bonds and CDs probably wonât earn enough to keep pace with inflation.
Take Advantage of Catch-up Contributions
If youâre behind on retirement savings, give your funds a boost using catch-up contributions. In 2020 and 2021, you can contribute:
$1,000 extra to a Roth or traditional IRA (or split the money between the two) once youâre 50
$6,500 extra to your 401(k) once youâre 50
$1,000 extra to a health savings account (HSA) once youâre 55.
Work More if Youâre Behind
Your window for catching up on retirement savings is getting smaller now. So if youâre behind, consider your options for earning extra money to put into your nest egg. You could take on a side hustle, take on freelance work or work overtime if thatâs a possibility to bring in extra cash. Even if you intend to work for another decade or two, many people are forced to retire earlier than they planned. Itâs essential that you earn as much as possible while you can.
Pay off Your Remaining Debt
Since your 50s is often when you start shifting away from high-growth mode and into safer investments, now is a good time to use extra money to pay off lower-interest debt, including your mortgage. Retirement will be much more relaxing if you can enjoy it debt-free.
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Saving for Retirement in Your 60s
Hooray, youâve made it! Hopefully your retirement goals are looking attainable by now after working for decades to get here. But you still have some big decisions to make. Someone in their 60s in 2021 could easily spend another two to three decades in retirement. Your challenge now is to make that hard-earned money last as long as possible.
Make a Retirement Budget
Start planning your retirement budget at least a couple years before you actually retire. Financial planners generally recommend replacing about 70% to 80% of your pre-retirement income. Common income sources for seniors include:
Social Security benefits. Monthly benefits replace about 40% of pre-retirement income for the average senior.
Retirement account withdrawals. Money you take out from your retirement accounts, like your 401(k) and IRA.
Defined-benefit pensions. These are increasingly rare in the private sector, but still somewhat common for those retiring from a career in public service.
Annuities. Though controversial in the personal finance world, an annuity could make sense if youâre worried about outliving your savings.
Other investment income. Some seniors supplement their retirement and Social Security income with earnings from real estate investments or dividend stocks, for example.
Part-time work. A part-time job can help you delay dipping into your retirement savings account, giving your money more time to grow.
You can plan on some expenses going away. You wonât be paying payroll taxes or making retirement contributions, for example, and maybe your mortgage will be paid off. But you generally donât want to plan for any budget cuts that are too drastic.
Even though some of your expenses will decrease, health care costs eat up a large chunk of senior income, even once youâre eligible for Medicare coverage â and they usually increase much faster than inflation.
Develop Your Social Security Strategy
You can take your Social Security benefits as early as 62 or as late as age 70. But the earlier you take benefits, the lower your monthly benefits will be. If your retirement funds are lacking, delaying as long as you can is usually the best solution. Taking your benefit at 70 vs. 62 will result in monthly checks that are about 76% higher. However, if you have significant health problems, taking benefits earlier may pay off.
Pro Tip
Use Social Securityâs Retirement Estimator to estimate what your monthly benefit will be.
Figure Out How Much You Can Afford to Withdraw
Once youâve made your retirement budget and estimated how much Social Security youâll receive, you can estimate how much youâll be able to safely withdraw from your retirement accounts. A common retirement planning guideline is the 4% rule: You withdraw no more than 4% of your retirement savings in the first year, then adjust the amount for inflation.
If you have a Roth IRA, you can let that money grow as long as you want and then enjoy it tax-free. But youâll have to take required minimum distributions, or RMDs, beginning at age 72 if you have a 401(k) or a traditional IRA. These are mandatory distributions based on your life expectancy. The penalties for not taking them are stiff: Youâll owe the IRS 50% of the amount you were supposed to withdraw.
Keep Investing While Youâre Working
Avoid taking money out of your retirement accounts while youâre still working. Once youâre over age 59 ½, you wonât pay an early withdrawal penalty, but you want to avoid touching your retirement funds for as long as possible.
Instead, continue to invest in your retirement plans as long as youâre still earning money. But do so cautiously. Keep money out of the stock market if youâll need it in the next five years or so, since your money doesnât have much time to recover from a stock market crash in your 60s.
A Final Thought: Make Your Retirement About You
Whether youâre still working or youâre already enjoying your golden years, this part is essential: You need to prioritize you. That means your retirement savings goals need to come before bailing out family members, or paying for college for your children and grandchildren. After all, no one else is going to come to the rescue if you get to retirement with no savings.
If youâre like most people, youâll work for decades to get to retirement. The earlier you start planning for it, the more stress-free it will be.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder. She writes the Dear Penny personal finance advice column. Send your tricky money questions to DearPenny@thepennyhoarder.com.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
