Saving Money after Retirement
The cost of living during retirement is a serious concern for many older adults. Financial experts warn of the cost of retirement, but we don’t need as much as the experts would make us believe. After retiring expenses often decrease, as retirees can actually eliminate many costs they had while working.
Here are just some of the ways to save money after retirement, without affecting lifestyle choices:
- Commuting costs/transportation: If you are no longer commuting it is a good opportunity to sell off that second or third car you own. If you were previously driving to work every day the money you spent on gas is greatly reduced and you are likely saving more than $5,000 a year. Also if you get rid of one of your cars you can also eliminate paying that extra insurance premium.
- Downsizing: You’re no longer tethered to your place of work and your chicks have left the nest. Now is a good opportunity to move outside the city hub; you’d be surprised how much you can save moving within a 20 mile radius – the price of housing, property taxes and maintenance can be decreased.
- Downgrade on services: Now you’re the boss so you don’t need to pay for the premium cable package the kids once insisted on. If you’re not using all your minutes on your cell it might make more sense to switch to a more cost effective plan. Look through your credit card statements and utility bills to see if you are paying for services you longer use. Now is the time to cancel the charges and use the cash on activities you love, like travel.
- Travel: With the freedom to take vacations at your ease pick your travel day’s midweek and save on airfare and hotel costs. Also look for senior discounts and off-peak seasons. You’re flexibility means you can take advantage of many great deals.
If you are approaching retirement, and would like to kickback sooner rather than later it is worth sitting down and assessing your options. If you’re interested in learning what your retirement options may be there’s a neat quiz on the blog Sightings Over 60 that we encourage you to take. Remember retirement is your time to truly enjoy your life, after all you’ve worked for it!