Renegade Ways to Reduce Spending in Retirement

Are you aware of these ways to reduce your spending in retirement?

Even with your most modest of late-life lifestyles and conservative dispensing of cash, fifteen to twenty years of retirement is an expensive plan to put underway.

The assurances of Medicare and Social Security will only get you so far. Yet real savings can indeed be found in a fulfilling retirement.

Separately they’re small, but added together they can shave $100 or even more off monthly retirement expenditures.

The following are some seemingly surprising ways retirees can save serious money, which are in fact only concepts of common sense:

Using Free Phone Apps

There’s no infrequency of the stereotype that the elderly can’t understand technology. Perhaps nothing seems to reveal this more than someone over the age of 65 trying to finagle a phone call through an iPhone. But this is the generation that gave the world the computer – are we really that inept? Doubtful.

That’s why retirees ought to be taking advantage of apps available through any smartphone or 3G prepaid cell phone. From personal finance assistance to free GPS navigation to being a portable flashlight, phone apps can provide a wide range of functions and save you money in the process.

Reducing Energy Use

We’ve discussed easy ways to reduce energy use in the past, but here are some more simple ways to save on energy that any retiree can manage. For instance, keeping a refrigerator packed either with food or containers of water can reduce it’s energy use by 10-15% per month. And those smartphones that were just recommended – the chargers for them continue to suck energy out of the wall long after the device has been unplugged.

To keep from wasting energy, unplug phone chargers (or any charger for that matter) after charging has been completed. You should also be making the switch to CFLs.

Selling Then Renting

Many retirees believe that holding onto a home is the smartest way to leave a sizable amount of capital behind for children. But what most people don’t take into consideration is the fact that as we grow older, we tend to perform less and less maintenance on our homes due to dwindling strength and energy.

Instead of leaving behind a money pit or spending thousands to avoid doing so, sell your home and rent a modest living space that is maintained by a property manager. Take the money from the sale and squirrel away what you want to leave behind, while at the same time take a chunk for yourself as additional financial cushioning.

Picking a Physician You Can Trust

Even with Medicare the costs of maintaining your health into old age can be staggering when you consider what the program doesn’t cover and what co-pays are looking like these days. It’s imperative that you find a doctor who you not only trust, but who trusts him or herself.

The staggering costs of healthcare in this country stem from an excess of testing, diagnostics, and prescribed treatments, many of which may not be necessary. Finding a doctor who can assure you of your health without costly testing is an imperative when it comes to saving money during retirement.

Becoming a Team Player

Senior sports leagues, clubs, and organizations abound for the obvious reason that those in retirement need something to do and want to stay active. But in addition to these benefits, such groups help reduce the costs of having a good time by spreading them out. Instead of bowling independently, join a squad and save some cash while making new friends in the process.

Retirement saving wouldn’t be a nightmare if retirement spending could be brought under control. The aforementioned certainly won’t make up for years of not planning for retirement, but they will help lower the costs of living comfortably as they slowly but surely increase over the coming years. By embracing small steps to save, you can improve your quality of retirement living in a big way.

What are some ways you (plan to) reduce spending in retirement?

Photo by taberandrew