1/27/2014

Retirement: Saving Money During the Golden Years






One of the few things that is rarely discussed during any discussion on retirement is how to save money as a retiree. All the discussion centers around financial planning prior to retirement.  Of course, if you plan well, saving money during retirement becomes somewhat a moot point.  But, since not all of us are able to financially plan a $400K nest egg, let's talk about some ways you can save money during your retirement.  One of the ways to save money was thrust upon me this past weekend.  My dryer was simply not drying my clothes.  I was having to set the cycle 3 or 4 times.  Even then the clothes were still damp.  So, what to do?  I got online and posed the question on Google.  What I discovered was that my question was answered by many articles.  I always cleaned the filter.  But, that had no effect at all.  The vent connection was removed and you would not have believed the amount of lint that was built up.  I got a new dryer vent connecter ($10.00 or so), cleaned out the screen inside the wall, checked the outside flapper and set the dryer to dry again.  Problem solved!  In all, according to an appliance dealer I talked to, I saved about $200 including the service call.  Not to mention, I also probably stopped a potential house fire.  Doing it yourself can save you a boatload of money.

As a senior citizen, you get many discounts that others don't get.  Movie theaters, pharmacies, hotels, restaurants, car rentals and auto repair shops offer senior discounts.  Even businesses that don't advertise such discounts will give you the senior discount if you ask.

Speaking of social activities, senior centers offer a great deal of events to the retiree.  Many senior centers offer groups classes on everything from computer classes to yoga to chess.  These centers are also a source of information on how to get discounts on practically everything. 

Do a reevaluation on your car insurance.  Since you don't drive to work everyday, as a retiree, they should reduce your rate on that criteria alone.  Also, in regard to life insurance, you can probably drop disability insurance.  Why do you need that now that you are no longer working?  Life insurance?  Drop or reduce it.  All you really need is burial insurance.

Most people had two cars when they were working.  Sell your extra car.  Think of the money you save on insurance, gas and maintenance alone. 

A reverse mortgage is another viable way to save money.  A reverse mortgage is a financial alterrnative that allows seniors to access the equity in their home without income or credit qualifications. Seniors must be 62, live in their own home and have equity in it. You do need to weigh all the pros and cons here on a reverse mortgage.  For some people, it might not be a good idea. For others, it would solve most, if not all, of their money woes in retirement.

These are some easy, cheap ways to save money during the retirement years.  Give them a try.


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