A simpler life with lesser things to buy means you can spend your golden years needing lesser money. However, with extra time on your hands, you may end up spending much more than you had budgeted on things like travel, entertainment and leisure senior activities. A study has shown that during the first couple of years of retirement, nearly 50% of households had greater expenses than what they used to spend on before retirement. Costs can add up quickly without you noticing, hence it is essential to continue efficient money saving in retirement to maintain good quality of life.
Get New Healthcare Coverage
If you already have Medicare healthcare coverage, it may not fully match your needs which can cost you additional dollars in the long run. A data report found that an average 65-year-old retiree couple spends $11,369 in 2017 during their first retirement year. By the time they turn 85, they spend close to $40,000. Get in touch with a Medicare agent to determine if your Medicare coverage is indeed adequate for your medical needs or requires some adjustments.
Cut Down on Transportation
You may not need to commute to and from work anymore but owning a car can still be costly. The average cost to own and operate a new vehicle can amount up to $8,469 yearly as reported by AAA. Repair and maintenance on older vehicles can also be extensive. To save on costs, you can shop for a smaller car that requires lesser maintenance and insurance coverage. Alternatively, you can go public if your neighborhood has an accessible transportation system. At a retirement community, you will also enjoy complimentary senior living transportation, hence helping you to save even more.
Enjoy Senior Discounts
One of the perks of being an older adult are the senior discounts you can enjoy at various venues. Whether it is at the grocery stores, restaurants, or other retailers, you can always ask the staff if they offer any senior discounts or even veteran discounts. You will get to enjoy a certain percentage off of your final bill.
Join a Discount Club
There is also another way for you to enjoy discounts and that is to join a discount club. There are many community centers that offer various activities that you can participate with your friends and family at a reduced fee. You can visit parks at a fraction of the cost, go for group outings, and more.
Consider New Accommodation
If you find that your current housing is too costly for you to pay and maintain in the long run, you can always consider new accommodation that better suits your finances. There are retirement communities that include your meals, accommodation, transportation, and programming in just one rental package to help you better manage your monthly expenses. You can also opt to share a senior apartment with another person so as to further save up on the rental.
There is nothing embarrassing to be found shopping at thrift stores. In fact, it is actually way smarter than having to pay extra for the same item at a regular store. From clothing to household goods and accessories, you can get almost anything at a thrift store at a fraction of the price.