Six ways you’ll cut costs in retirement

Font Size:

Entering retirement means losing a few things from your working life. But cheer up, your losses will end up being your gains.

Most of these big losses translate to savings – financially, physically and mentally.

For example, if you have enough money saved to pay off your mortgage, you’re one of the lucky ones who’ll lose one of life’s biggest monthly bills. Sure, you’ll still need to pay rates, bills and annual expenses, but these costs will be a fraction of the cost of mortgage repayments.

Instead of the daily commute, your transport needs will be more focused on pleasure or personal needs, so you’ll cut the financial cost of commuting, as well as the loss of time stuck on a busy train or in traffic on your way to and from work each day. You’ll be amazed at how many years you’ll add to your life with this ‘loss’.

If you and your partner can coordinate transport needs, you can lose the second car, which means you’ll recoup cash on insurance, registration, fuel and maintenance costs.

Depending on the nature of your work, you’ll most likely no longer need the suit and tie, office clothes or special heavy-duty work clothing. Same goes for haircuts, tools and accessories, such as gloves, helmets, hats or special shoes. You can now focus on leisure clothes and whatever nice attire you need for outings and recreation activities.

Qualifying for a seniors card means you’ll get all manner of items, services and activities at a discount. From seeing a film to catching public transport, accommodation discounts to special offers on shopping, food, cafés and special events, there are tonnes of seniors discounts that can really save you heaps of money. But not all discounts are advertised, so don’t be afraid to ask if your card cuts the price of whatever you’re paying for at checkout.

Travelling at peak times, be it in peak hour or during holiday season, not only usually costs more, it’s more stressful, too. Once you’re retired, you’ll most likely lose the need to travel during these times, adding dollars to your piggy bank and saving stress and, in turn, your health.

What other things did you lose in retirement that were actually gains?

RELATED LINKS

We know your retirement concerns, now here’s the solution …

Making your money last is the number one retirement concern.

Are you confident your money will last?

Most retirees are concerned that their savings will not last in retirement.

Retirement makeover improves couple's financial situation

Retirement expert Glenn Smith-Cameron gives Jack and Sue a retirement makeover.

Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?

Contact:
LinkedIn
Email



SPONSORED LINKS

Sign-up to the YourLifeChoices Enewsletter

continue reading

Podcast

Podcast: Banishing winter blues with cold water companionship

COVID lockdowns can do funny things to people, but last year Melburnian Belle Galloway decided to do something she had...

Travel

Soothe your soul with these stunning images of Japan's cherry blossoms

It's sakura season, the perfect opportunity for locals to indulge in hanami, the traditional Japanese custom of 'flower viewing'. On...

Travel

Discover New Zealand's best winter attractions

To mark the start of the trans-Tasman bubble, here are some of the best things to do in New Zealand...

Travel

Check your passport's expiry date before booking

International travel seems to be slowly but surely returning. With the trans-Tasman bubble and talks of another bubble opening with...

Travel

Tips for getting a good night's sleep on holiday

Travel can seriously mess with our sleep. The jet lag that disrupts our body clocks may be the most obvious...

Travel

Tasmania's top spots for shopping and markets

The Margate Train offers shopping with a difference at Margate, southern Tasmania. Margate is 20 minutes south of Hobart (19km)...

Travel

What will it take for travel to get restarted again?

Maraid is encouraged by the travel bubble with New Zealand opening up and wonders what needs to happen before we...

Travel

The unbelievable software flaw that led to a major flight incident

When it comes to flight engineering, you would hope that every possibility has been factored in to perfection, but a...

LOADING MORE ARTICLE...