“HOW MUCH?!” – That’s my usual reaction whenever I read articles about how much I will actually need to save in order to retire comfortably, it’s a big scary number that seems so far out of reach.
Okay calm down, it’s okay. We have lots of time to save and keep in mind that there will always be ways to our expenses. Here’s a short top 10 list:
- Downsize your home – Chances are that your kids have grown and you have a lot of space that you are not using.
- Cut down to one car – If you have two vehicles and both you and your partner are retired you may be able to get away with having one one vehicle.
- Hold off on collecting Social Security – While it’s tempting to take it at 62, if you wait until you are 70 years old you’ll collect roughly 8% more each year.
- Improve your health and well being – Eat better, go for walks, be more active – getting in better shape and living a healthir lifestyle is not only good for you but it can help cut your medical costs.
- Do things for free – There may be a number of free or very cheap activities that you can do in your area for entertainment. This will also allow you to be active, meet new people and save cash.
- Go to a State Park – Many State parks offer reduced admission for seniors. Have a picnic, walk around and maybe go swimming! It’s an excellent way to spend your day.
- Volunteer – There are so many places that could use volunteers. By volunteering you are helping others, being productive and not spending money.
- Travel Wisely – Research locations and airfare. Try to book your vacation 3 months in advance.
- Use your Seniors Discount – Ask everywhere you go if they offer a seniors discount, chances are that they do.
- Rethink expensive purchases – the last thing that you want to do is spend money unnecessarily. When making big purchases evaluate them critically before taking the plunge.
Retiring means that your time is your time. Take good care of yourself, go outside, do whatever makes you happy. You’ve saved all your pennies for this, you deserve it!