Six ways you’ll cut costs in retirement

Six things you no longer need in retirement that will save you money.

Your loss is also your gain

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?

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    COMMENTS

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    Paddington
    29th Nov 2018
    10:23am
    We have never had two cars. It seems a waste of money as everything doubles like petrol needs, rego, insurance, repairs etc.
    Once you do not have to go to work you save on clothes as you only require a few going out clothes.
    Time is a gift that allows retired people to save a lot as well. We keep looking for the best deals and the cheapest products and groceries.
    Old age does have some pluses after all.
    MICK
    29th Nov 2018
    10:53am
    Ditto. You obviously survive well.
    PerthSV
    29th Nov 2018
    12:23pm
    In addition, as a retired teacher I no longer have to travel during peak holiday season and thus can avoid higher flight costs and the flexibility to move to cheaper days for flights during the week. Accomodation is also much cheaper during shoulder season or off season.

    Can't wait to get my seniors card.
    Paddington
    29th Nov 2018
    12:29pm
    Thanks Mick. You have to be frugal but that can be fun as well. Half price and free delivery are two of my favourite expressions lol!
    Sundays
    29th Nov 2018
    12:33pm
    In addition to cheap movie tickets, the popcorn, icecream etc. are half price, or attend a seniors morning tea where the cinema provides free tea/coffee and snack. I always businesses if there is a seniors discount, usually there is but it’s not promoted. Good article Leon, but why don’t we need haircuts? Lol
    Old Geezer
    29th Nov 2018
    1:55pm
    We own 2 cars but don't have 2 cars very often. One of the family usually has one borrowed.
    MICK
    29th Nov 2018
    10:54am
    Correct about most of this but the Seniors Card has been an abject failure. Pretty useless and been rejected at so many places. A waste of time.
    Sundays
    29th Nov 2018
    12:28pm
    The cheap public transport is pretty good. Went interstate to Sydney recently and their Opal card was a huge saving
    Paddington
    29th Nov 2018
    12:31pm
    We do not use it much either. Restaurant eating for example stopped when our wages stopped. We would rather buy nice tea and coffee for home. Holidays are when we go to see our grandchildren. It is handy to have at times for sure but mostly for people who go out a lot.
    PerthSV
    29th Nov 2018
    12:42pm
    I haven't as yet qualified for the WA seniors card which appears to be the hardest to get. I have to be 62 to qualify. (there is a sliding scale). But it does have the following benefits which does add up:
    Cost of living rebate $86-$130
    25% off property rates, water rates, emergency services
    50% off driver’s license
    50% regional travel
    50% fishing license
    $53 rebate for glasses
    Free travel during off peak hours
    Discount to various government and commercial services, zoo, museum, movies, meals, etc.
    Old Geezer
    29th Nov 2018
    1:58pm
    I seem to get better discounts with seniors card in other states than where I live. Senior card is awesome in Perth. $1.80 from the airport into town instead of queuing for taxis and shuttles.
    GeorgeM
    29th Nov 2018
    9:02pm
    I agree, Seniors card is pretty useless, especially when you are unable to use public transport due to any reasons. Very few businesses offer it.
    Captain
    29th Nov 2018
    12:24pm
    Exactly what has the Seniors Card failed at Mick?
    Sounds as though you have unrealistic expectations.
    Transport public is fine and many Govt things.
    Most have to be asked for ie it's up to you in some private capacities.
    Of course if you are not a concession card holder this will effect some of the advantages of seniors or retirees assistance.

    Maybe you forget like I do to ask!!!
    Old Geezer
    29th Nov 2018
    1:59pm
    Free coffee at the Golden Arches isn't that bad either.
    Charlie
    29th Nov 2018
    2:06pm
    The end of puberty was a big saving.
    Bella54
    29th Nov 2018
    2:43pm
    Loving retirement. I also take advantage of the free Perth travel on bus and train in Perth between 9.00-3.30pm. I explore the city and suburbs this way with friends, have a coffee out and explore a bit before returning home. Lovely day out and seeing places locally I never had time for. I too love using vouchers whether from the shopper docket or two for one online offers so we are very fortunate. We own our own modest home and only drive one car. Don’t smoke, little drink. Christmas presents are bought throughout the year in sales. It’s all fun!
    Old Geezer
    29th Nov 2018
    3:52pm
    We also got a WA card when we were in Perth and it saved us a lot of money on things like the ferry to Rottnest Island, museum entries etc.

    29th Nov 2018
    3:54pm
    I spend more now on transport than when working as I'm always getting out and about and driving interstate, going out for meals etc

    Also spend more on casual clothes so no savings there

    Mortgage paid off decades ago, again no savings

    Seniors card is rubbish

    All in all I spend just as much - only the things spent on has changed


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