Saving Money After Retirement
Post retirement, you’re likely interested in various ways you can save money. Sure, you may have put money away in your retirement fund, and you receive social security, but it doesn’t mean your days of saving are over. You want to live that post-work life you’ve always dreamed of, right?
So what are some of the best ways to save money when you’re retired?
Tips for Saving Money When You’re Retired
- Sell One of Your Cars: The average American family owns two cars, and a significant portion of families have three or more cars. This was likely a necessity before retirement, but now that you no longer need to commute to work, consider selling a car. This will also save you money on your monthly car insurance.
- Downsize your home: Downsizing from the home in which you raised your family is fairly common among retirees whose children have grown and moved out. Some choose to simply move to a smaller home, others prefer the convenience of moving to a retirement community, where lawn care, leaf raking, snow shoveling, house maintenance, and other chores will be done for them.
- Consider a one bedroom apartment: Acts communities offer many housing options, from various apartment sizes to expansive villas, but for the absolute best value, consider a one bedroom apartment. You receive all the same benefits of a CCRC — fine dining, non-stop amenities, included healthcare — at the lowest possible cost. How much extra space do you really need, anyway, when your schedule will be so full of exciting activities and hobbies? Save that money for travel instead, or to spoil your grandchildren, or for whatever else you want.
- Use Senior Discounts: You’ve earned it – why not take advantage of the many senior discounts available? For instance, seniors can usually get discounts at movie theaters, national parks, golf courses, some restaurants, and more. Plus, when you’re not stuck working 9-5, you can patronize these establishments during less busy hours.
- Be Aware of Scams: Perhaps this is not exactly a saving money after retirement tip, but it is a tip to make sure no one separates you from your hard-earned cash. Unfortunately, seniors are frequently the targets of money scams. You should be especially vigilante when it comes to guarding yourself against phone scams and online scams.
- Be Smart About Investing: Remember, that nest egg you have saved may need to last for several decades. So, while there’s nothing wrong with a little bit of investing, consider that it’s finally time to start needing that money, not just investing it in the long term.
- Shop Online for Better Deals: When you shop online, you get a better opportunity to compare prices, which will keep your costs down significantly. Whether you’re looking for new curtains or just some picture frames, you can visit as many stores online as you want—and it will take you a mere fraction of the time it would take to drive to all those stores in person. You can be confident that you’re getting the best deal, rather than settling for whatever you can find because you don’t want to go anywhere else.
- Create a Frugal Meal Plan: When you’re getting groceries, it is easy to get pulled in hundreds of different directions—and walk out with twice as many shopping bags. To save money in your retirement, creating a frugal meal plan is a great tactic. If you plan all your meals before you go grocery shopping, you won’t have to make extra trips to the store. Plus, you’ll be able to know exactly how much you’re going to spend, rather than guessing on what you might need. Make sure you’re shopping the sales when you create a meal plan. If there’s a good deal on a specific food, incorporate it into your plan for the week.
- Treat Yourself Sometimes: Even though you want to save money after retirement, you also don’t want to deprive yourself of simple pleasures. When you focus too much on not spending, it will only increase your desire to make a purchase. Instead, set aside a certain amount of money every month for small “splurges.” This allows you to treat yourself while still being conscious of your spending.
- Travel During the Off-Season: Once you’re retired, you can travel whenever you want—and when it’s not prime vacation season, you’ll get way better deals on your trips. Try to avoid major holidays and school vacations when you plan your adventures. This will ensure you don’t pay unnecessarily high prices.
- Consider Moving to a Tax-Friendly State: Taxes are a necessary evil for all of humanity, but when you’re retired, you don’t want to give up more money than you have to. There are plenty of tax-friendly states that will help you get the most out of your retirement savings. Florida, for example, has no state income tax. Similarly, Delaware doesn’t tax Social Security benefits—and it’s one of only four states with no state sales tax.
Other Things to Consider When Saving Money After Retirement
The need for healthcare as we age is sometimes overlooked (or perhaps ignored, as we may prefer not to think about it). You might be perfectly healthy now, but that could change in a number of years. And because of this, you need to be prepared. Some retirement communities, including Acts Retirement-Life Communities, offer healthcare to residents as they age. Acts also has on-site healthcare centers that rank among the top state and federal agencies.
Want to learn more about retirement community pricing? Select a community near you from this list and request an information kit.
Can I Save Money After Retirement and Still Maintain My Lifestyle?
The short answer is yes. You can absolutely maintain your lifestyle and save money while you’re retired.Not only that, but you can thrive in retirement – traveling the world, exploring new hobbies, and doing pretty much whatever you want. Assuming you follow the above steps and find ways to continue to save in retirement, your golden years can be whatever you want them to be.
Saving Money After Retirement Resources
- Viewing Retirement as a Long-term Investment
- When Should Older Adults Sell Their Homes?
- Financial Planning Advice for Older Adults
- Where are the Most Inexpensive Places to Retire?
- What Do I Need to Retire Comfortably?
- How to Apply For, and Start Collecting, Social Security
- Retirement Financial Security
- Consumer's Guide to Retirement Living
- How Much Do Retirement Homes Cost?
- Senior Living Community Options
- Hidden Costs of Homeownership
- Average Cost of Retirement Communities
- The True Cost of Retirement
- How Much Will Healthcare Cost in the Future?
- How to Plan for Healthcare Costs in Retirement
- How Much Should You Budget for Medical Expenses in Retirement?