When it comes to saving for retirement, much focused is placed on saving in your 30s, 40s, and 50s. Of course, you will want to do so. The sooner you start saving for your retirement, the more money you will have. With that said, did you know that you can still save money after you have retired? You can.
Before focusing on a few of the many ways that you can save for retirement after you have already retired, it is important to examine your reasons for doing so. It is no secret that our wants and needs change, sometimes on a monthly basis. You may have been fine with the plan of staying around home, but you may have since changed your mind. Would you and your spouse like to travel the world or the country? Would you like to travel with friends? Do you want to start your own business or take up an expensive hobby? If so, you will need to save money, to extend to life of your retirement savings.
Examining Your Retirement Expenses
As for how you can make money after you retire, start examining your expenses. For starters, look at your bills. How much money are you paying for auto insurance, electricity, heat, internet, television, and phone? Are there ways that you can reduce their costs? Is there a cheaper phone, internet, or television package you can purchase? Can you find cheaper auto insurance through a different company? If you can, make the switch.
Your Retirement Purchases
It is also important to examine unnecessary purchases. These purchases tend to reduce after leaving the workplace, but are you still spending money on things you don’t need? Do you like to get a soda or coffee when you leave the house? If so, consider packaging a drink for you to take from home. As nice as it is to help your family in their time of need, make sure that you can afford to do so first. If your retirement goals depend on you saving more money, don’t offer to help send your grandchildren to college or buy them a new car, no matter how hard it can be to say no. Remember that your retirement should come first.
Finding Retirement Discounts
Another easy way that you can save money after you retire is by making use of senior discounts. Many businesses, including retail stores and restaurants, do offer them. If you know you qualify for a senior discount, ask for it. Do not wait for this discount to be offered to you.
Supplementing Retirement Income
An easy way to save money after you retire is to supplement it. Are you still able to work? Can you comfortable move around or stand for long periods of time? If so, consider getting a part-time job. Many retailers need part-time employees. Some of these employees are only needed to work ten hours a week. This may be the perfect type of opportunity for you. This is an easy way to make and save more money for your retirement. Just make sure that you choose a job that you love and actually enjoy being at.
Examining Your Current Living Situation
If you find yourself in need of more money for retirement, as opposed to just wanting more, it is advised that you examine your current living situation. Is your home paid off? If so, you are at an advantage, but examine your maintence costs. Is the home in constant need of repairs? Are your utility bills higher than you can afford? If so, you should consider relocating to a more affordable home. In fact, you may want to consider renting. If you are able to find an affordable apartment, the money from the sale of your home can do wonders for your retirement savings account.
Visit Bluestone Commons
Ads part of your planning process, please come visit Bluestone Commons. We have experienced counselors who can help you with your living decisions. Come visit us today!
For more information call Tom at (845) 427-7444 or email us through our contact page.