{"id":12837,"date":"2022-10-10T16:09:07","date_gmt":"2022-10-10T16:09:07","guid":{"rendered":"https:\/\/healthyaging.net\/magazine\/?p=12837"},"modified":"2022-10-11T13:24:58","modified_gmt":"2022-10-11T13:24:58","slug":"10-tips-for-saving-money-after-retirement","status":"publish","type":"post","link":"https:\/\/healthyaging.net\/magazine\/fall-2022\/10-tips-for-saving-money-after-retirement\/","title":{"rendered":"10 Tips for Saving Money After Retirement"},"content":{"rendered":"

By Lyle Solomon<\/p><\/p>\n

I<\/span>f you\u2019ve failed to save enough to realize your retirement goals, don\u2019t worry. We have compiled a list of ten tips to help you save money even after retirement.<\/p>\n

You’ve worked hard most of your life, dreaming of the perfect retirement. However, according to Fidelity<\/a>, a financial services corporation, you must have eight times your annual salary in the bank by the time you’re 60 to achieve your retirement goals.<\/p>\n

But, for most Americans, reality falls short of their expectations.<\/p>\n

More than 77% of Americans have retirement savings that fall short of conservative savings targets, according to the National Institute on Retirement Security<\/a> (NIRS).<\/p>\n

If you\u2019ve failed to achieve the Fidelity standards before retirement, there’s no need to turn gloomy; there’s still hope for you.<\/p>\n

This post has compiled a list of ten tips to help you save money even after retirement.<\/p>\n

So, let’s go!<\/p>\n

Cut Down On What You Don’t Need<\/h3>\n

Consider this: do you need everything you own? What about cable television?<\/p>\n

Did you know that instead of paying more than $100 per month for cable TV, you can now get YouTube TV for $49.99 per month, which includes local television networks?<\/p>\n

So, consider what you own, what you need, and what you can live without – like your cable subscription, an extra vehicle, or designer clothes and handbags.<\/p>\n

You can easily make some quick cash by selling what you don’t need on online marketplaces like eBay and OfferUp.<\/p>\n

Check your Lifestyle and Spending<\/h3>\n

Consider your recent purchases and identify any unnecessary spending habits. You may find out that you have an active subscription that you no longer need, or you may catch yourself eating out more frequently.<\/p>\n

Keep a diary to track your expenses. Seeing your finances on paper will allow you to ensure your progress toward financial goals efficiently.<\/p>\n

Make a list of your most expensive purchases and habits and look for ways to trim them.<\/p>\n

Look into Benefits Programs<\/h3>\n

Several benefits programs are available for seniors, including care assistance, transportation, medical assistance, and health care.<\/p>\n

Signing up for these programs can help you significantly reduce your expenses. To check which benefits programs you qualify for, you can visit here<\/a>.<\/p>\n

Investigate Debt Reduction Options<\/h3>\n

Eliminating your credit card debt will remove a sizable monthly bill from your retirement expenses.<\/p>\n

But, like 67%<\/a> of retirees, if you have difficulty paying off your credit card balance, look into debt reduction options. There are several choices available to help you settle credit card debt<\/a> and save money in the process.<\/p>\n

Use Public Transportation<\/h3>\n

If you’re healthy enough to avail yourself of public transportation, why not use it? In addition to lessening your environmental footprint, you can save a significant portion of your money.<\/p>\n

According to the American Public Transportation Association<\/a>, a household can save $10,000 yearly by owning fewer cars and taking public transit instead. That’s around $833 per month.<\/p>\n

This figure, however, is centered around active commuters, and retirees won’t need to travel to work every day. So, the figure does not accurately reflect how much they can save after retirement.<\/p>\n

But, if your post-retirement lifestyle demands frequent traveling, using public transportation can be a great money saver.<\/p>\n

Prioritize Your Health<\/h3>\n

According to the Fidelity Retiree Health Care Cost Estimate, an average retired couple aged 65 in 2022 may need approximately $315,000 saved (after tax) to cover health care expenses in retirement.<\/p>\n

The figure suggests how expensive it can get if you fall sick.<\/p>\n

“You may think that Medicare will cover all your health care costs in retirement, but it’s not always the case,” says Steve Feinschreiber, senior vice president of the Financial Solutions Group at Fidelity.<\/p>\n

So, prioritizing your health to the extent possible can help you save a significant portion of your money.<\/p>\n

Look for Low-Risk Investment Opportunities<\/h3>\n

Now that you’re saving money following all the tips above, what should you do with it?\nOf course, you need an emergency fund, and to that end, a good goal is to stock cash in your savings account.<\/p>\n

But after you save enough to cover three to six months of essential expenses, you need to invest (if you want to keep increasing your wealth).<\/p>\n

Here are some low-risk investment options that can earn you decent returns, according to US News –<\/p>\n