How to Save Money During Your Retirement

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How to Save Money During Retirement

Retirement is a rewarding milestone, and you’ll want to enjoy that time to the fullest. Part of making the most of your retirement is ensuring you’ve planned ahead financially. Because you’re living off your retirement savings and no longer bringing in a consistent income, looking for ways to save money can give you peace of mind. Read on to learn about different discounts and money-saving tips that can benefit you during retirement.

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Money-Saving Tips For Retirees

You deserve to relax and unwind during retirement without the stress of financial uncertainty. Luckily, there are plenty of ways to stretch your budget during retirement. These include:

Downsizing your home: If you’re an empty-nester as well as a retiree, it may make sense to move to a space that better suits the next phase of your life. You can choose to simply move to a smaller home or even explore the convenience of joining a retirement community, which may save you money on the cost of home maintenance and upkeep.
Cut down on cars: Now that you’re living a more relaxed lifestyle, you likely won’t be using your vehicle as much as you did when you were working full-time and commuting. You and your family should evaluate whether it makes sense to sell one of your cars. Without the expenses of auto insurance, car payments, gas and maintenance, you’ll have more money to put toward your retirement.
Travel during the off-season: Traveling is one of the things people look forward to most in retirement. However, you can save money on travel costs by avoiding traveling during peak times. With more free time on your hands as a retiree, you’ll have more flexibility to plan vacations at different times of the year and save money along the way.
Explore Medicare options: For those 65 and older, Medicare is an important source of healthcare coverage. Evaluating your coverage and exploring different Medicare plans at least annually can help ensure you’re getting the benefits you need at a price that works for your budget.

Take Advantage of Senior Discounts

One of the best things about getting older is being eligible for senior discounts. Did you know there are many retail, dining and entertainment discounts available for seniors, often beginning as early as 55 years old? These include:

Parks and recreation: The National Parks Service offers a senior discount pass to those 62 and older. You can explore the beauty of the country’s national parks while saving money at the same time. Check out your local or state parks for discount opportunities, as well.
Restaurants: It’s common for restaurant chains to offer a senior discount. Next time you’re going out to eat, check with the restaurant to see what savings are available.
Shopping: Senior discounts for retail are available all over, from big-box stores to local shops. Look into discount opportunities at your favorite stores; you may be surprised at the savings available to you.
Travel: Many hotels, airlines and car rental services offer savings for seniors. Before planning your next trip, do some research and see where you can cut costs.
Entertainment: Are you a fan of the arts? Movie theaters, performing arts centers and other entertainment venues may have discounted tickets for seniors.

Avoid Scams That Target Seniors

Unfortunately, scammers target vulnerable populations, and that can include seniors. From Medicare scams to life insurance scams, being preyed on financially is the last thing you want to deal with while trying to enjoy your hard-earned retirement. Thankfully, there are steps you can take to stay aware and avoid money scams. These include:

Get a second opinion: If you receive a request that seems suspicious, you should personally confirm the source that the request claims to be coming from, whether it’s your bank, your insurance provider or even your loved one.
Avoid suspicious links: Don’t open links from texts, emails or social media where you’re unsure of the source.
Keep personal information private: Sensitive information like your Social Security number, bank account information and other personal records should be stored securely and only shared with a trusted source.
Be mindful of payment methods: Most legitimate businesses will accept payment through a credit card or bank withdrawal. If you receive a request for payment via a wire transfer, money order, app, giftcard or cryptocurrency, proceed with caution.

Looking for an affordable Medicare Advantage plan? Let SelectQuote help.

Having affordable healthcare in the form of a Medicare Advantage plan can help you save money in retirement. At SelectQuote, we have over 35 years of experience guiding people of retirement age through the Medicare enrollment process. We can search Medicare Advantage plans from a variety of carriers in just minutes, finding you the right coverage for your needs and budget.

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