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?

Related articles:
Will your retirement income last?
Do you have retirement concerns?
Jack and Sue’s retirement makeover

Written by Leon Della Bosca

Publisher of YourLifeChoices – Australia's most-trusted and longest-running retirement website. A trusted voice on Australia's retirement landscape, including retirement income and planning, government entitlements, lifestyle and news and information relevant to Australians over 50. Leon has worked in publishing for more than 25 years and is also a travel writer and editor, graphic designer and photographer.

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