Curious About Retirement Savings? Here’s What Gets Cheaper!
Retirement is a great opportunity to rediscover ourselves and make the best out of our golden years. Even though retirement comes with a lot of fears, and the most prominent one is maybe the fear of the unknown, it can still become the best part of our lives.
Adapting to a totally new lifestyle and saying goodbye to a very well-structured program can be challenging at first, but it can be also a great way to rediscover ourselves. The extra free time we have when we become retirees should be more appreciated and used to our advantage. I chose to make new friends, find new passions, and start new hobbies. All of these activities help me stay socially active and feel alive. I can’t imagine a retirement characterized by isolation and sadness. That’s not who I am!
Besides the fact that the free time gives us unlimited options, we also experience significant discounts and changes when it comes to finances. Did you know about all of the benefits? Continue reading to find out everything you need to know about this new chapter of your life!
1. Transportation
Did you know that adults under the age of 65 spend $13.865 each year on transportation costs? The good news is that the number drops to $8.172 for adults 65 and over. Isn’t that cool?
Public transportation, senior ride programs, and even cycling became convenient once I retired. My name is Jane and I’m 65. I never thought that retirement would be this fun! Many cities offer discounted or free public transit for seniors, making it easier and cheaper to get around. This shift not only saved me a lot of money but also significantly reduced the stress I had for driving and parking. My lifestyle has improved and I could’ve been happier. Continue reading to find out about more benefits you’ll have once you retire.
2. Clothing
Considering that your 9 to 5 job is now over, you don’t need to constantly purchase new clothing items. You can easily enjoy your retirement with some simple and comfortable outfits, without feeling the need to always be on point. While I used to work, I spent a lot of money on clothes because I wanted to be appreciated and always trendy. But now, I spend most of the time with my family and grandkids, I understand how important is to feel comfortable above all. So, now I make smarter choices and I spend significantly less on clothing items.
3. Utilities and home maintenance
With more time to manage my home, I found ways to reduce utility costs and home maintenance expenses. Simple changes like using energy-efficient appliances, installing programmable thermostats, and performing regular maintenance tasks myself added to significant savings. I also had the time to shop around for better deals on services like internet and cable, ensuring I wasn’t overpaying.
Retirement comes with a lot of changes, but in my case, everything changed for the better. I am happier now.
4. Health
Even though healthcare needs tend to increase as we age, Medicare helped me reduce overall healthcare expenses. Before retiring, I used to pay a lot for my employer-sponsored health insurance. Once I turned 65, I enrolled in Medicare, which significantly lowered my health insurance costs. Additionally, out-of-pocket expenses for things like prescription drugs or doctor visits became more predictable and manageable. I truly believe that health is the most important and we should do everything that we possibly can to protect ourselves and take care of our needs.
5. Subscriptions and memberships
In retirement, I took a close look at my subscriptions and memberships. Many of the professional memberships and industry publications I needed during my career were no longer necessary. So, I canceled all the subscriptions that I no longer used, such as trade magazines and professional journals. I totally recommend you do the same. Have a close look at what you are paying for and select which services you are continuing to use. If some subscriptions and memberships can be canceled, stop avoiding doing it. It can save you a lot of money!
6. Pets
As a pet owner, I noticed that the cost of pet care became more manageable in retirement. With more time at home, I was able to take care of my pets myself, reducing the need for professional services like dog walking or pet sitting. I also had the time to groom and care for my pets at home, saving a lot on grooming costs. Last but not least, being able to shop around for pet supplies and take advantage of sales and discounts helped lower the overall cost of pet ownership. And, don’t get me wrong! I have a lot of fun taking care of my dog! I love spending time with him. It makes me happy.
7. Education
Lifelong learning is something I’ve always valued, and retirement provided the perfect opportunity to pursue new interests. Many community colleges and universities offer free or heavily discounted courses for seniors. I took advantage of this by enrolling in classes that interested me, from history to gardening. Oh, I love gardening! It’s one of the passions I discovered once I turned 60. Libraries also are a source of valuable free resources, including books, audiobooks, and online courses. With more time on my hands, I was able to learn and explore new subjects without spending a fortune.
8. Dining out
During my working years, dining out was often a convenience due to my busy schedule. In retirement, I found more joy in cooking at home. Not only is home-cooked food often healthier, but it’s also significantly cheaper. Grocery shopping and meal planning became enjoyable activities, and I discovered new recipes and cooking techniques. When we do dine out, many restaurants offer senior discounts, and early bird specials, me and my husband’s personal care expenses dropped significantly since we became retirees.
9. Hobbies
Retirement provided the perfect opportunity to dive into hobbies and crafts that I’d always wanted to pursue. Many hobbies, like gardening, knitting, and painting, are relatively inexpensive and provide hours of enjoyment. With the time to explore these interests, I found that I spent less money on entertainment and leisure activities than I used to pay for. That’s not all! Engaging in hobbies often led to creating handmade gifts and items, adding a personal touch to special occasions. I avoid buying expensive gifts for my best friend’s birthdays, I learned that they treasure more handmade items. I also love working for them. I saved a lot of money and I also established stronger relations with my loved ones.
10. Social activities
Socializing in retirement doesn’t have to be expensive. I joined local clubs and groups that offered a range of free and low-cost activities, from book clubs to walking groups. Many communities have senior centers that provide a variety of programs and events. Volunteering also became a fulfilling way to stay connected and active without spending money. It allowed me to learn so many new things and make new friends. These social activities enriched my life and contributed a lot to the way I feel about retirement. I am beyond grateful for this new chapter of my life.
11. Fitness
Staying active is very important, especially when you are a 65-year-old lady. Retirement allowed me to explore more cost-effective ways to stay fit. Instead of expensive gym memberships, I found enjoyment in activities like walking, hiking, and cycling. Many community centers offer free or low-cost fitness classes for seniors, and some health insurance plans include fitness benefits. I am happy that I can stay active and healthy without spending a lot of money.
12. Downsizing
Have you considered downsizing? One of the big decisions my spouse and I made after retirement was to downsize. We moved from our large family home to a smaller, more manageable house. This move not only reduced our mortgage payments but also cut our utility bills, property taxes, and maintenance costs. Smaller homes are generally more energy-efficient, and with fewer rooms to heat, cool, and clean, the savings added up quickly. For some retirees, selling the family home and renting can also be a great way to cut costs and simplify life.
Before leaving, check out this great book that can be found on Amazon: Retiring? Your Next Chapter Is About Much More Than Money.
Are you interested in learning more about how you can earn some money in retirement? You should also read: 8 Super Easy Ways You Can Earn Money from Home.
