topic Re: How to Save $ in Retirement? in Community Chat

How to Save $ in Retirement?

buyornot — Sat, 10 Jun 2017 03:13:50 GMT

As someone with 6 days of work left, I'd LOVE to know any tips that people have found to save money in retirement time. Taxes,utilities,food,anything that you've found useful?

Re: How to Save $ in Retirement?

Sweet_Serenity — Sat, 10 Jun 2017 03:27:20 GMT

Downsizing made the difference. Sold my home moved to be closer to my Grandchildren and Son Daughter in law. Less is more than enough for my needs. Stopped impulse shopping, Qvc live was easily dangerous. Since watching online only made difference casual lifestyle means less money spent on clothes. Really helps me to back away from buying until given thought and honestly asked myself what is really going on? Will I wear this? Of course! Treating myself saved for trip bora bora. Congratulations! Enjoy your new life. Best regards!🙋

Re: How to Save $ in Retirement?

catwhisperer — Sat, 10 Jun 2017 03:35:26 GMT

Good luck. I hope you have a hefty bank account. It's not easy if you don't.

Re: How to Save $ in Retirement?

SurferWife — Sat, 10 Jun 2017 03:53:01 GMT

@catwhisperer wrote:
Good luck. I hope you have a hefty bank account. It's not easy if you don't.

@catwhisperer...exactly, which is why I plan on working until I am physically unable, or drop dead, whichever comes first. As long as God, in his magnificent grace, provides me a job, it's off to work I go. It helps that I love what I do.

Re: How to Save $ in Retirement?

Big Joanie — Sat, 10 Jun 2017 03:53:51 GMT

Yes... retirement is a big adjustment .. money wise ....

Re: How to Save $ in Retirement?

missy1 — Sat, 10 Jun 2017 03:55:10 GMT

Get an Amazon prime membership.

Re: How to Save $ in Retirement?

Big Joanie — Sat, 10 Jun 2017 03:55:01 GMT

But I should have added it has many benefits as well ....

Re: How to Save $ in Retirement?

Azcowgirl — Sat, 10 Jun 2017 04:02:17 GMT

How do you know if your bank account is " hefty" enough?

Re: How to Save $ in Retirement?

catwhisperer — Sat, 10 Jun 2017 04:03:41 GMT

@SurferWife....DH and I were doing great until a couple unforseen medical issues happened and threw us for a loop.

Re: How to Save $ in Retirement?

catwhisperer — Sat, 10 Jun 2017 04:04:51 GMT

@Azcowgirl wrote:
How do you know if your bank account is " hefty" enough?

@Azcowgirl.....it can never be hefty enough. LOL

Re: How to Save $ in Retirement?

catwhisperer — Sat, 10 Jun 2017 04:10:24 GMT

@missy1 wrote:
Get an Amazon prime membership.

@missy1...LOL. Just remember, they don't offer senior discount.

Re: How to Save $ in Retirement?

Snowpuppy — Sat, 10 Jun 2017 04:22:50 GMT

Have you figured your monthly expenses and will your retirement income be enough to cover it?

Don't forget to call your auto insurer and tell them to switch your ins to "pleasure use". If you're currently commuting, this should cut your premiums. Shop for home & auto rates at least every year or two. I was stunned at the savings when I did.

Re: How to Save $ in Retirement?

Mz iMac — Sat, 10 Jun 2017 04:34:32 GMT

Every business & eateries you walk into the first thing out your mouth should be "Do have AARP, AAA and/or Senior Discounts?"

"Utilities" - get on a equal payment plan.

Call your local Municiple Office or City Hall-ask for all 50+ "resident" discount your town my have. You can also check by visiting your towns website under "Senior Services."

Start collecting grocery & non grocery coupons.

Shop at farmers markets

Shop at clothing retail discount outlets. Most are now available online if you "online" shop.

Regarding "online" shopping - only do so if the site has toll free ordering number, accepts checks and/or money orders to avoid using a cc card.

If you do not "online" shop, only use your cc for emergencies & purchases over 1K.

Set up 2 banking accounts.

1 to pay bills

2 for "entertainment" = fun $$$$. This account can also double as an emergency acct.

Retired at age 50 & never looked back except to as I walked out the office & building.

Enjoy your retirement!!!!

Re: How to Save $ in Retirement?

tansy — Sat, 10 Jun 2017 04:43:42 GMT

Congratulations on your new life, @buyornot!

Re: How to Save $ in Retirement?

bowlicious — Sat, 10 Jun 2017 05:18:19 GMT

Try to eat the food you have until it's gone. You can save a lot of money by not wasting food.

Re: How to Save $ in Retirement?

Pook — Sat, 10 Jun 2017 17:43:43 GMT

I found that once retired I was automatically saving money because I didn't have the expenses that came with going to work. Often tired after working we would get takeout or stop somewhere to eat. Savings on gas, saving on car insurance, savings on clothing (shoes especially don't wear out now) and food since we often ordered in many days, snacks that I kept in my desk or out for coworkers to enjoy and just purchases I made try to compensate for the stress I was constantly under. Also since I was out and about daily saved money on stops to the grocery store to pick up a few items always resulted in buying way more than I do now. Then there were the numerous pass around collections and all the selling for fund raisers. I now find I actually am saving so much without cutting back

Re: How to Save $ in Retirement?

ID2 — Sat, 10 Jun 2017 10:43:27 GMT

We've been retired for 2 years now. We entered retirement without any debt. We downsized by selling our primary residence, moved into our cottage, paid off all of our debts from the sale of our house. We are living very comfortably now. I highly recommend paying off all you debts for a fresh start.

Re: How to Save $ in Retirement?

sligo — Sat, 10 Jun 2017 10:56:25 GMT

We also have retired. Since we do not have any deby. CC etc. I really think before buying anything. Usually shop for groceries on "senior day at our local grocery" Don't purchase as much. Find we don't eat as much as when we were working. We are homebodies. Daughter lives in different state. She wants us to live closer to her. Will probably sell our fully paid home and move. We no longer need 4 beds etc. Three beds have turned into clothes cupboards and other STUFF!!! LOL Find our major expense is health ins. supplement (we also have medicare) and car insurance. Be happy and thankful you have each other. GOD BLESS YOU BOTH>. Here's to a long and happy retirement. HIP, HIP HOORAY!!!!!!!!!!!

Re: How to Save $ in Retirement?

DianeFL — Sat, 10 Jun 2017 11:11:39 GMT

I retired in January and my husband will be retiring June 2018. I have found as others have said that I save money by not driving to work daily. I'm saving 100 miles a week just on wear and tear on my car plus I only gas up every 3 to 4 weeks depending if we drive over to see our grandchildren. Also if we do eat out it's usually on Saturday and I try to use a coupon or go a little earlier if there is a price increase after a certain time.

It also helps that I enjoy being home. I'm finding things that have needed to be done for years that I can now start on but at the same time take my time in doing so. If my backs starts hurting I just stop and know that I can do it later or the next day.

I worked at the same place for 37 years and I'm sooo glad I retired even if it means cutting some things back. Well worth it. Enjoy your retirement!

Re: How to Save $ in Retirement?

CalminHeart — Sat, 10 Jun 2017 11:18:42 GMT

I retired 1 year ago today. It was the best thing I've ever done. I now work 20 hours a week in customer service at a grocery store. A chunk of that money goes to savings. I contribute the max to a 401k with this company. I also help take care of my elderly parents and disabled sister. Life is good with less.