You've worked and saved, and now, it's finally time to stop working and buy that beach house, right? If you're like many Americans, you might be trying to figure out how to live in retirement with no money besides Social Security income, or maybe you're too nervous to make big purchases for fear of running out of funds early. Never fear! There are plenty of ways to save money in retirement, from tiny lifestyle changes to smart investments. If you want to be retired and thrifty but also want to have fun, our retirement savings tips can help you spend wisely and have a blast during your "twilight years."
Think of it this way: If you've already saved and retired, you're already doing great! If you were one of the unlucky ones, you'd be saying, "I want to retire but have no money." Trying to figure out how to retire with no money saved is a lot more difficult that having just a bit saved up. But even if the situation gets dire, saving after retirement isn't impossible, even while on a fixed income. There are great ways for seniors to save money out there once you know where to look!
If you're wondering how to save money after retirement, we've listed several strategies: budgeting wisely, getting a side gig or part-time job, saving with senior discounts and memberships, and avoiding spending the funds you have unnecessarily.
At this point in your life, you've probably figured out how to create a budget. On the other hand, budgeting for retirement has a few tricky factors to consider, with a fixed income being the primary source of potential problems. You can't rely on bonuses, raises, or changes in salary like you could while you were working. On the other hand, having consistent funds means you can plan consistently. Let's talk about some of the most important financial lingo.
Let's say you're not lucky enough to have extra money hiding around. If you're one of the many Americans who haven't had the chance to save enough, you may ask yourself, "How can I make money in retirement?" When people find themselves cutting down on their budgets as much as possible, sometimes, the only option is to earn more.
Going back to work full-time isn't really the best way to make money in retirement. Most people will start a part-time job or side gig instead to help them make connections with new people while earning a little bit. And there are plenty of productive things to do at home that can help you earn as well. Here are a few ideas for how senior citizens can make money:
You can create a budget, invest, and try to earn while you're a retiree, but you can also cut back a lot on spending in really creative ways. Groups like the AARP provide many of the senior discounts and deals you're looking for!
And for retirees, connecting with other seniors is critical. Social activity is scientifically related to potential longevity, so it's important to explore groups in your area that can provide friendship as well as potential financial benefits.
Joining a group like the AARP will often allow you to get more senior discounts and coupons than you would normally have access to. For example, an AARP card will get you a senior discount at Outback Steakhouse, Carrabas, and Bubba Gump Shrimp Co. On the other hand, you don't necessarily need a membership to get deals - just ask! Here's a short list of senior discounts that you can ask about whether or not you have a membership.
One of the most obvious ways to save money is to avoid having it stolen! Unfortunately, there are plenty of senior fraud cases and scams that target the elderly, and they're updating their tactics every day. Here are a few tips.
While working, many of us dream about what to do during retirement, often imagining far-off beaches and grand schemes. But the reality is that many of us will experience boredom at the lack of work. If you're finding yourself sucked into the TV after a few weeks or not reaching out, the dangers of social isolation are real. It's very important to stay active. But don't worry; there are plenty of things to do when retired and bored, even if your budget is limited!