You have been working your entire life to create your ideal retirement. However, now that you have started this new chapter or as you approach it, it is possible to realize you may have underestimated the amount of money you need to maintain your retirement lifestyle.
No matter how strong your retirement savings plan is, some factors can contribute to needing to be a little extra cautious when handling your funds. But, before you get too stressed, there are ways that you can save money even after you have entered retirement. Our team at Franklin Park® Senior Living is sharing some ideas below to help you continue saving post-retirement.
Downsize Your Home
First and foremost, one of the most effective ways to save money after you retire is to downsize your home. How many rooms in your current home are no longer being used on a regular basis?
You may use an old bedroom for storage now, or maybe you have a formal dining room in which you rarely, if ever, enjoy a meal. More than likely, you no longer need all of this extra space, and, contrary to common misconceptions, downsizing does not mean downgrading!
By downsizing, not only will you save money on your mortgage payment and other utility bills, but you will also not have to worry about the costs of routine or unexpected home repairs. In addition, moving into a smaller home in itself will help cut the costs of utilities.
Another bonus of moving into a Franklin Park® Senior Living community is that you can enhance your retirement lifestyle while you save money. You will have access to exceptional community amenities and engaging activities without having to leave campus, saving you money on entertainment.
Sell One of Your Vehicles
Statista reports, “on average, there are 1.88 vehicles per U.S. household.” It is common for couples, families, and even individuals to own multiple vehicles. While it was probably necessary for your household to have multiple cars when you were having to commute to work every day, part of your retirement savings plan could be to sell one of them.
By doing so, you will get the initial payout from the vehicle itself, as well as save you money on your monthly auto insurance payments, yearly vehicle registration fees, gas, and routine maintenance.
Be Mindful When You Shop or Dine Out
Many retailers and restaurants offer senior discounts, but they are often only offered during certain times or on specific days of the week. However, if you pay attention to when these discounts apply, it can help you save money. Even if it is only 10% or 15% off your meal or purchase, these savings add up over time.
Additionally, using coupons when you go to the grocery store or rewards points at your favorite stores are other easy ways to save money in retirement. You do not have to take on “extreme couponing,” but clipping coupons for the items that you know you are going to buy anyway and downloading reward apps for the stores you typically shop at can go a long way in saving you money with little to no effort on your part.
A recent survey found that 46% of Americans ages 60 to 75 said they plan to work part-time after they retire. While there are several reasons that retirees choose to do this, earning extra income is definitely a benefit.
However, if you choose to get a part-time job after you retire, it does not have to be in the same field as your previous career. Instead, get creative and turn one of your hobbies into a way to make additional money.
Retirement is a time to enjoy life, not stress about your retirement savings plan. While it may take a few adjustments, there are ways that you can save and create your ideal retirement lifestyle simultaneously. Work with a financial planner to uncover more opportunities and make smart decisions for your retirement situation.
To explore our luxury senior living communities throughout Texas, we invite you to visit our website or contact a member of the Franklin Park® Senior Living team.