Title : How Do Retirees Save Money?
link : How Do Retirees Save Money?
How Do Retirees Save Money?
Since then so much has happened in my life, and yours. Some things, though, never change or go out of style, like our interest in how people save money. The article detailed what others were doing to cut expenses and make their retirement lifestyle fit their circumstances.
One couple underwent a major downsizing of their home. From a 5,000 square foot house, they moved to to a a one bedroom loft condo. I thought downsizing from 3300 sq. ft to 1750 sq ft was tough, but these folks did some serious pruning. Home association and maintenance fees are nowhere near what they used to pay in property taxes and upkeep. This steep reduction allowed them to vacation in Europe and dine out often.
One topic I have addressed a few times since the article is the place of automobiles in the satisfying retirement lifestyle. One of the retirees has eliminated her car completely. She has found the $5,000 a year savings in insurance, gas, and maintenance is much more than what public transportation or simply walking where she needs to go costs her. Living in a densely populated urban area with decent public transportation would probably be required for being car-less to be practical. I could never pull it off where I live in the suburbs of Phoenix. But, there is a certain attraction.
In some cities a car-sharing option is available. Like a short term rental but much cheaper, autos are available for running errands or appointments. Then, they are dropped off at a certain location where the next person picks it up. And, of course, if you don't own a car but want to drive somewhere, there are plenty of companies that would love to rent you a car for that purpose. When this article was published the idea of an Uber or Lyft didn't exist. Now, it is a practical choice for occasional rides.
When Money Magazine came calling, we owned two cars. One was used for less than 5,000 miles a year, while the other racked about 10,000 a year. Almost a year ago we decided to make due with one car and save several thousand a year. The next change will be to a hybrid car instead of our small SUV (is that an oxymoron, like jumbo shrimp?)
Paying off the mortgage and becoming debt free was the path to retirement happiness for at least one of the couples profiled in the article. While not everyone can do this prior to retirement, it should be a goal to accomplish as soon as you can. There will be some financial advisers who will tell you I'm wrong; you should use the mortgage deduction and invest the saved money. In some circumstances they are probably right. But, from personal experience I can tell you having no mortgage, no credit card debt, and no auto loans to worry about is a tremendously liberating feeling. You feel much more secure knowing there isn't a giant sword hanging over your head.
One couple had made it their business to maximize the power of discount coupons, 2 for 1 offers, and finding ways to cut travel expenses. This isn't the extreme couponing that was popular several years ago. That involves getting food almost free by buying only items with coupons in situations where they can be tripled or trigger rebates or free products. It means stocking up when something is available in this way.
This couple simply used scissors and the paper or mail to gather bargains. Of course, if the article were written today that couple would probably be using all sorts of sites on the Internet and apps on their smart phones. Discount travel sites are easily found. Airbnb and VRBO were much smaller, localized companies seven years ago. Today, they are must-use places for many looking for great deals during vacations.
That couple's use of dining and other discount coupons used to a part of our way of life, too. Places like Groupon, Deal Chicken, and Living Social once filled my inbox with offers. Over the past few years, we decided that was too much hassle, plus some of those companies have gone of out business. Remember the printed Entertainment book with tear-out coupons? Now, we make use of happy hour price cuts or share a main course. These approaches are less expensive, but also better for our health.
"I have less money than when I worked but I enjoy my life even more." That quote from one of the folks in the article seems to sum up the attitude of everyone interviewed. I couldn't agree more. Living well on less is doable and enjoyable.
Would you mind sharing some of your money-saving tips? We love them and can't seem to get enough of them.
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