How to Save $ in Retirement? - Page 8

patbz · ‎03-10-2010

Cut out recreational shopping and go digital with newspaper.

brandiwine · ‎03-11-2010

We paid our house off about a year before we retired, but continue to pay the mortgage amount into savings. In our county once you reach 65 and have lived in your home for 10 years you get 50% off your property taxes up to the first $200,000 of assessed value. ( they don't advertise this). I retired at 50 and my DH at 55. He did some consulting work and we put that money away for special trips. Many health insurance companies have a "silver sneaker" program which lets you join a gym or other types of exercise facilities for free. We don't drive as much and don't need the super nice clothes we used to, so expenses are down. You do have to have a nice nest egg for emergencies. Enjoy!!

Tinkrbl44 · ‎08-23-2010

@buyornot

I sure hope you've been doing some preparations before now.

I'm not retired, but a friend of mine said this book was very helpful, so I'm passing her book recommendation on ......

How to Retire the Cheapskate Way by Jeff Yeager

catwhisperer · ‎07-11-2010

We just received a medical bill in the mail today for something that occurred nine months ago. This is exactly what I have been posting about previously. You think you are prepared, then you get hit with something else.

I promise to remind myself every day that I am strong, courageous, and resilient.

Silver Lining · ‎04-16-2010

@proudlyfromNJ wrote:
@software wrote:
@buyornot wrote:
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?

I posted earlier today but I forgot the 1 big thing I wanted to mention.
In Alabama, when someone turns 65, they no longer have to pay property tax on their residence, it's call the Homestead Exemption.

See if that applies where you live.
I wish. We only get a senior citizen reduction. I am in NY. Just my SS checks for the year barely cover the school and property taxes for the year. It's terrible.

@proudlyfromNJ, I always dislike it when incorrect info such as this is put out on threads. It misleads and sometimes upsets other posters. A homeowner in Alabama can apply for a state property tax exemption at age sixty-five. It is not necessarily granted. There are income and other eligibility requirements. Even then the exemption only applies to the state property tax portion. County and municiple taxes are still due. The only homeowners who can be totally exempt from all property taxes are those who have met the verified requirement of being permanently and totally disabled, and who resubmit the required document to the revenue department by a certain date each year.

september · ‎03-09-2010

@hoosieroriginal You seem like a smart retiree to me. Thanks for sharing what you're doing.

winamac1 · ‎12-29-2010

@chrystaltree wrote:
@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).

Honestly, if I had to scale my life back like that, I'd just keep working until I could have a better retirement.

ITA

I'd rather not buy a home that I truly can't afford (as far too many do), live in a more modest residence and be able to buy (within reason) what I want and still save the max in my 401K.

I want to be able to enjoy life.

Hoosier--I'm not saying what you are doing is wrong.(and it's certainly commendable)....it's just cutting back far more than I'd ever be able to do....

I also don't find that I save any money at Aldis here in Carmel. I don't go often as I find it just as expensive and with limited options. Perhaps your Aldis is better.

"friends don't let friends drink white zinfandel"

winamac1 · ‎12-29-2010

@brandiwine wrote:
We paid our house off about a year before we retired, but continue to pay the mortgage amount into savings. In our county once you reach 65 and have lived in your home for 10 years you get 50% off your property taxes up to the first $200,000 of assessed value. ( they don't advertise this). I retired at 50 and my DH at 55. He did some consulting work and we put that money away for special trips. Many health insurance companies have a "silver sneaker" program which lets you join a gym or other types of exercise facilities for free. We don't drive as much and don't need the super nice clothes we used to, so expenses are down. You do have to have a nice nest egg for emergencies. Enjoy!!

@brandiwine--do you have enough hobbies? I am always curious what people do if they retire at age 50! Congrats to you--perhaps you have children or grandchildren who keep you busy or a lot of hobbies. If so, that's awesome. I'm fearful I'd be too bored as I only have a few hobbies outside of work. I need to work on more, LOL!

"friends don't let friends drink white zinfandel"

RetRN · ‎10-01-2013

@hoosieroriginal wrote:
@chrystaltree - Hey - just for your info - I'm debt free and own my own home - not bad huh for a poor old soul who doesn't have a million dollars in the bank. Now feel sorry for me!

@chrystaltree brags about how they planned so well for retirement, and then says she and her husband plan to work until 72. Must have been a pretty lousy plan. The 60's is a great decade to be out and enjoying leisure time and taking care of yourself. Many people are really slowing down by the 70's. Like you I am also debt free and own my own home. I don't need a million dollars to be happy. I also do my own laundry, even panties.

dex · ‎03-09-2010

We started saving for retirement in our twenties.In Canada they had special savings accounts for that purpose.I can tell you that I was really upset with my DH for making me participate in that with my paltry wages but now that we have arrived at retirement I am proud of my preparedness.

We have convinced our son to do the same and I hope that when it is his time he will have a financially sound retirement too.