How to Save $ in Retirement? - Page 5

SeaMaiden · ‎03-10-2010

@buyornot Congratulations on your Retirement! My husband is retiring also in just two weeks. I am always looking for ways to save money... and in retirement it is just as important. We are fortunate to have a hefty nest egg for retirement because we have always saved money and did not live beyond our means over the last 35 years. I think that is the key to having a comfortable retirement... live within your means. It does not mean you can not have fun... just plan for it.

Do you do coupons? Finding coupons on products you use anyway is great. I have always used coupon and can save a lot of money using them.

I shop online as much as I can where I can save on Tax and get better buy with discounts they offer. I probably buy 95% of my purchases online. Groceries I always still buy in store. Have not tried buying my groceries online yet.

I also awayslook for the SENIOR DISCOUNT. Where I live we have Fred Meyers and they have on every first Tuesday of the month 10% off on the Store Brand( Kroger) food items and also on their health food items. I stock up on these products I can use on senior Tuesdays on many things and save over $10.00 Plus each time. Never hurts to ask if a store has one. It will save you each time if they have one.

I do shop at Big Lots and the Dollar stores for everyday items... trash bags, zip lock bags, batteries and the like. Plus it is just FUN

I am not against going to Good Will to buy replacement things rather than to buy new. I think it is just fun anyway, but, I find many things there that save me many dollars rather than buying new. Of course at this stage in my life I am GIVING THINGS TO GOODWILL more than buying things as I am trying to downsize STUFF.

I hope you found a good financial Planner to help you with your investments and keep you on track so your money grows as you enjoy retirement. You will have to pay so much a year, usually about 1% of your total asset's, but, knowing that someone is keeping an eye on your investments and keep them growing makes it worth it.

SeaMaiden · ‎03-10-2010

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

@Azcowgirl Go see a Financial Planner... they can give you all the numbers.

SilleeMee · ‎05-22-2016

I don't agree about using cash only to buy things. When you use a cash-back credit card and pay it off monthly, you gain money this way. You don't gain money when you pay with cash unless the seller gives you a discount for paying with cash rather than a card.

SeaMaiden · ‎03-10-2010

@SilleeMee wrote:
I don't agree about using cash only to buy things. When you use a cash-back credit card and pay it off monthly, you gain money this way. You don't gain money when you pay with cash unless the seller gives you a discount for paying with cash rather than a card.

@SilleeMee I agree with you. I make money off of using my credit cards and paying them off in full each month.

Puzzle Piece · ‎06-29-2010

@excpa wrote:
Be wary of predators...salesmen, contractors, doctors etc. Be wary of those offering "senior discounts". Many seem to use this as a lure and then sell your name to other predators. I was astonished at the number of "offers" I got after I retired.
Use cash as often as possible. You might consider the allowance method. Every month take a fixed amount of cash and when "it's gone, it's gone". I found that oftern I would have money left over at the end of the month.
I've been retired for 16 years and have more money now than on the day I retired. And I have not deprived myself of anything!

Good advice.

Never Forget the Native American Indian Holocaust

ALRATIBA · ‎07-15-2016

Just the fact that I'm not going to work saves money.

Fewer dry clean only clohtes

No daily commute costs

Eat breakfast and lunch at home rather than out

Casual clohtes less expensive than work clothes

I did cancel my premium movie channels - but not to save money, but rather because of all the trash they were showing.

I retired almost 7 years ago. I worked until I was over 68 ... so my social security is higher, my retirement is higher, my 401(k) annuity is higher and the company contribution to my retirement benefit health insurance is higher.

Those extra years made an enormous difference in my retirement income ... I'm in fairly good shape and haven't had to touch any savings.

chrystaltree · ‎05-10-2010

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

If you have to ask that question.....it isn't. That's not a sarcastic answer, it's the truth. We started seriously thinking about retirement $$$ when we turned 50, even though we both plan to work until we are at least 68. After reading books and speaking with a financial counselor; if we want a comfortable retirement without money worries and a retirement that allows us to do the things we always did...we will need practically the same income we have now. Certainly not less than 85% of it. That's because older people today do not just sit in front of a tv or sit on their porches and watch the world go by while they wait for the Grim Reaper. We're going to live longer and healthier and fitter than any previous generation. We also view aging differently. So, after retirement we are going to be the same people we are no and we will want to do the same things we do now. Whatever you do with your $$ now, you'll want to do the sames things when you retire. Expenses do not go down. Sure, we don't need money for lunches and coffee breaks and won't be commuting to work. Instead, we'll be eating our meals at home and that means the food budget goes up. And we're going to eat out more. We don't need work clothes but we will still buy casual clothing. We'll be out and about more and we'll put more wear on our cars and use more gas. We're still going to take vacations and people who like to travel are going to want to travel more when they have to time to do that. Medical issues will kick in as we age and we'll be paying more for medications and for our co-pays and deductibles. Grandchildren....we're going to want to do things with them and buy things for them and perhaps even help out with tuition. I'll be honest. At 50, I never thought about any of that. I just assumed that when we retired our expenses would be considerable lower. In reality, our expenses won't change much....they just shift to differnt things. So, for us, 68 became 70 or even 72 because we don't want to ever have to ask "do I have enough money??" when it's time to retire and we don't want to lower our standard of living.

Tinkrbl44 · ‎08-23-2010

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

@Azcowgirl

Well, if you haven't already done so, which sounds like you haven't, consult with a retirement planning professional and let them take a look at your current financial status, and get their opinion. A few tweaks here and there can make a huge difference.

chrystaltree · ‎05-10-2010

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

Bingo! I'm sorry to hear that but that's the biggest thing that people just don't consider when they think about retirement. I suppose it's unpleanst to accept that as we age, our medical expenses will increase and since there is no safety net for middle class people who do have insurance or Medicare...we have to have adequate savings. Which can mean working several years longer than you would like too. I see this happening now with people we know and it's painful to watch. And it was avoidable. As we were told by a financial planner....... reaching that age when you can retire; does not mean that you should retire.

chrystaltree · ‎05-10-2010

@hoosieroriginal wrote:
I live just on my SS and don't touch my retirement money - it is for emergencies only - here are my tips:

1. Quit shopping Q - get control of your spending habits - ask yourself - do I want it or do I need it?

2. If you don't already - get your checks free from your bank - just learned this from someone here on forum - if you are a senior you should be able to get your checks for free - I was paying $30 every other month.

3. I shop Aldi's for my groceries - saves me at least 1/2 of what I was paying at Marsh or Kroger.

4. Got rid of cable TV - watch everything I want on my computer - saved me $68 a month!

5. Got rid of my newspaper - I really don't want to know what's going on in the news anymore - it's depressing!

6. I do all my yard work myself - I'm fit enough to mow - most people around me pay to have their lawns done - you get exercise and save money.

7. Any money I have at the end of the month goes into savings for emergencies.

I buy myself a couple little items a month to make me happy, but don't go on shopping sprees at all. I have lunch a couple times a month with friends. My neighbor has had to go back to work already and she retired when I did three years ago. She was having to dip into her retirement account already (and she has SS and a pension - double what I make).