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5 Tips to Save Money During Retirement

Posted by Dairel Denton Posted on Jan 06 2015

You may already be in retirement or currently transitioning from the working world to the peace and quiet of retirement.  No matter which phase of retirement you’re in, you can find creative ways to stretch your dollars.  Here are my top 5 tips to save money during retirement:


1) Make a budget.  Remember the days when you and your spouse were first starting out?  Money may have been a bit tight and you had to be creative with your spending.  Well those days may be behind you, but sometimes it really saves to get creative.  Set an outline of how much to spend each month for travel, groceries, living expenses, etc.  You may not always be able to stick to it perfectly, but creating an awareness of your money will really save in the long run.


Also, don’t be afraid to ask for a discount.  Many restaurants, movie theaters, and other businesses offer major savings for retirees.  Make sure to take advantage and ask for the senior discount wherever you go.  I once heard of a mechanic offering a discount to drivers 55 and over.  You may be surprised by who offers a discount.  It never hurts to ask about a discount and the savings can really add up.


2) Guard yourself against spams.  There are people and businesses in this world that target retired-age individuals.  These businesses and individual will try to sell you a home repair service that you simply may not need nor may they be equipped to take on such a repair.  You may also be asked to purchase a magazine subscription or help out with a cause.  Make sure to do your homework before opening your wallet. 


Be cautious of who you give your information to.  Never give out your credit card, bank account, social security number or other important information to someone over the phone or to someone you do not know.

3) Have a trusted advisor.  Do you have a Certified Public Accountant or Certified Financial Planner that you trust?  No matter your age or where you are at in your working life, everyone should have someone who is educated in finances.  Having someone you rely on to answer tax questions or give sound investment advice is really important.  The savings could be substantial when you have someone who is knowledgeable and experienced in your corner.

4) Reevaluate your living expenses.  You no longer have the kids living at home, which means you may not need the super deluxe cable package or the fastest internet speed.  Take a look at your cable package, internet and phone bundle to decide what you really will use.  You may be able to save a pretty penny by downsizing your packages. 

5) Save money on clothes.  Being retired probably means you no longer have to purchase new suits every few months or have a uniform that you’re required to wear.  By being able to purchase more casual clothes, you will be able to save money. 

Hope these tips will help you save money during retirement.  If you have any questions, please call your Certified Public Accountant or Certified Financial Planner.  Don’t have a trusted advisor?  Then give me a call, I’d be happy to discuss your concerns with you.  Call me today at 573-686-3053.