fbpx

You’ve been planning and saving money for retirement for decades, but it’s hard to know how much money you’ll really need to make ends meet. What if you want to retire a few years early, or need to keep saving in your post-retirement years?

You can still enjoy your time in retirement and pinch a few pennies here and there to make your budget stretch a bit further. Here are some tips for saving money after you are retired: 

1. Get Rid of a Vehicle

While the average American family owns two cars, how many do you need in retirement? Since you probably aren’t commuting anymore, you can save a ton of cash on car payments and insurance by selling one of your vehicles. 

2. Downsize Your Home

You might have loved having a big home to raise a family in. But, as a retiree, that may no longer be practical. A smaller home is less expensive and easier to maintain. 

3. Use Senior Discounts

Businesses offer seniors tons of discounts, and you should take full advantage of all of them. For example, you can get reduced rates at restaurants, golf courses, national parks, movie theatres, and even clothing stores on certain days of the week. 

4. Be Smart About Investing

There’s nothing wrong with continuing to invest in retirement. But you might want to be a bit more conservative in your choices since you’ll probably need that money sooner. 

5. Watch Out for Scams

Unfortunately, too many seniors fall prey to costly financial scams. Make sure you are extra vigilant about giving out your personal information and protecting your online security. 

6. Plan Your Meals Carefully

There are many options when you walk down the grocery store aisles. If you’re are trying to save some cash, it might be time to plan your meals more carefully and pay more attention to the price tags on the items you put in the basket. 

7. Travel During the Off-Season

Travel is one of the most enjoyable parts of retirement. If you want to save money, just be strategic about it. Choose your destinations and timing on the off-season or shoulder season to get better rates. 

8. Shop Online for Better Deals

If you haven’t been shopping online, retirement could be a good time to start. There are a ton of good deals on the internet, whether you’re looking for common household items or holiday gifts for your family. 

9. Get Mail-Order Prescriptions

Prescriptions can get costly for retirees, particularly if you don’t have full medical coverage. Consider opting for mail-order prescriptions, which often come in a 90-day supply and can save you some time and money. 

10. Move to a More Affordable Location

Everyone has to pay taxes. But you can lessen your tax burden and living expenses by moving someplace that is more affordable. Find out where other retirees are living, and you’ll be on the right track. 

Ready to Start Your Retirement Journey in Coastal North Carolina? 

If you’re looking for the ideal place to spend your retirement years, beautiful coastal North Carolina should be at the top of your list. At Creekmore Realty Group, we help our clients discover the special southeastern region of NC that includes the sought-after cities of Southport and Wilmington. 

We can help you learn more about what this area has to offer, including affordability, and show you retirement homes that fit your needs and budget. Contact us today for more information.