Cool Ways to Save (After Your Retirement)

If you're nearing retirement age and worry that you won't have enough money to sustain your lifestyle, don't panic. Retirement is not a deadline for savings. By becoming more savvy about cool ways to save after your retirement, you can relax and enjoy this special time in your life.

Begin with a financial plan

You can manage your money worries by making a financial plan.

  • Understand where your income will come from. Will you rely mostly on Social Security or a pension, or will you also have investment and savings income?
  • Make a budget based upon how much income you will have each month. Will you have enough money to maintain your current lifestyle?
  • Consider contacting a retirement financial planner to help navigate the realities of your financial situation. Choose a professional who charges only for advice and not on any commissions made selling you products.

Find ways to save

Pay attention to small details that may be costing you unnecessary money.

  • Eliminate bank charges. Are you paying extra fees for services you don't really need? There's no reason to pay hefty bank service charges. Find banks or credit unions that offer free services.
  • Lower credit card interest. Either negotiate with your existing credit card companies for a lower interest rate, or switch to another card that has lower rates. If you are unable to pay off your total balance every month, the amount of money you pay in interest might make a big difference in your monthly retirement budget.
  • Reduce energy costs. Begin by scheduling a home energy audit. If possible, replace inefficient appliances with Energy Star-rated appliances that will save you up to 30 percent in energy costs over the long term. Pay closer attention to turning off all electronics and lights when not in use, and switch to energy-saving light bulbs.
  • Bundle insurance costs. Most insurance companies offer bundle discounts when you insure your home and car with the same company. Another way to save is to double check that the insured value of your home hasn't decreased over the years. If that's the case, you might be paying too much for your homeowner's insurance.
  • Review life insurance. After you retire, you'll have no need for disability insurance. If the bulk of your income is from investments, Social Security and/or a pension, you may not need life insurance any longer if they will continue to pay your spouse after you die.
  • Check your lifestyle. If you plan to keep your cell phones, home phones, cable and Internet services, doing your homework to make sure that you're getting a good deal on those services presents just one of many cool ways to save money after your retirement. If most of your entertainment time is spent at home, consider joining a movie and television service like Netflix or Hulu. For a flat rate, you can watch multiple DVDs every month.

Embrace being a senior

One of the smartest ways to save after your retirement is to claim senior discounts. Make it a point to find out how many businesses and restaurants in your area offer them. Retirees are a valuable customer base. Many businesses understand that if they attract them with discounts, they will become repeat customers.

Always buy generic

Whether you are buying groceries or prescriptions, always buy generic for significant savings. Ask your doctor if your prescription comes in generic form. Some doctors will ask their patients if they want the generic version, while others may not. Be proactive, and you'll save money.

Finding cool ways to save after your retirement can become a challenge. Now that you have more time, use it to dig up other creative ways to protect your retirement income.

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