You’ve worked hard all your life and put plenty of money away for retirement. Good for you. But when it comes time to quit work and enjoy your golden years, you don’t get a free pass to go on a perpetual spending spree. Even if you’ve saved up a large nest egg it’s important to budget carefully, because you never know exactly how long you’ll have to live on it.
There are certain expenses that often get lower or disappear altogether when you’re retired. But it’s always a good idea to save money anywhere you can when you’re no longer working.
Here is some retirement advice on five ways to reduce your expenses so that you won’t have to spend your retirement worrying about money.
1. Move into a smaller home. By the time you’re retired, you probably don’t need as much living space as you did when the kids were at home. Selling your home and moving into a smaller dwelling will not only allow you to cash out some of your equity; it will also save you money on energy costs, maintenance expenses and property taxes.
2. Take care of yourself. Healthcare expenses usually rise as we age. That’s why it’s especially important to take good care of yourself in retirement. Exercise regularly, eat healthy foods and take supplements if needed. Get regular checkups so that you can catch any health problems before they get out of hand. Find a doctor that you trust and follow his or her orders. These simple measures could save you big bucks on healthcare.
3. Take care of your stuff. Reducing the need to buy new things is one of the best ways to live frugally in retirement. Take your car, for example. Buying a new one could seriously drain your budget. But if you check the fluids regularly and take it in for scheduled tune-ups, the car you have will last longer.
4. Always be on the lookout for a better deal. Cell phone, internet and cable TV service are just a few of the things that you should frequently check prices on. As long as you’re not under contract with your current provider, you could save money by switching. You should also get quotes on auto and homeowners insurance at least once a year.
5. Take advantage of senior discounts. There are certain advantages to growing older. Many establishments offer discounts for customers age 65 and over. Check with your favorite stores, restaurants and entertainment venues to see if they charge lower prices for seniors. You may also be entitled to discounts on car insurance, public transportation, travel and more. A membership in AARP is a good investment, because it makes you eligible for a number of exclusive discounts.
No matter how much you’ve saved up for retirement, it’s important to keep your expenses as low as possible. It’s easier than you think – a few small adjustments can make a huge difference.
Tags: reduce expenses, retirement advice, retirement planning, save money
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You’ve worked hard all your life and put plenty of money away for retirement. Good for you. But when it comes time to quit work and enjoy your golden years, you don’t get a free pass to go on a perpetual spending spree. Even if you’ve saved up a large nest egg it’s important to budget carefully, because you never know exactly how long you’ll have to live on it.
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