Frugal but Comfortable: 5 Ways Retirees Can Save Without Sacrificing Fun
Written by
Crystal Mayer
Edited by
Zuri Anderson
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Retirement is supposed to be a reward for a lifetime of hard work, but the reality is that most retirees will need to live on a budget.
According to the Federal Reserve Board, Social Security remains the most common source of income during retirement. While most people supplement their Social Security through an employer-sponsored retirement plan or other private source, the fact is that many retirees have to adjust to living on less than they did while working full-time.
The good news is that living on less doesn’t mean giving up all of life’s comforts. Here are five ways retirees can save without sacrificing fun.
Pick Up a Side Gig
Data from T. Rowe Price showed that approximately 20% of retirees had gone back to work at least part-time. Known as “unretiring,” approximately half (48%) of those surveyed reported returning to work for financial reasons. What’s more surprising is that 45% said they went back to work for social or emotional reasons.
While additional income is a perk of picking up a side gig during retirement, many people find that they can enjoy the work more. In some cases, retirees are opting for less demanding jobs that may not require a 40-hour workweek.
Without the pressure of having to earn a full-time salary, they are choosing jobs at places where they enjoy spending time, rather than places where they feel like time is taken away from them. This shift in mindset helps to keep the side gig from feeling like work and makes it more enjoyable.
Cancel Unused Subscriptions
While cancelling subscriptions may not seem like fun, it can be instantly rewarding for retirees. According to a CNET survey Americans spend an average of $1,080 per year on subscriptions, up to $200 of which is often on services that aren’t used.
For retirees doing a quick audit and getting rid of subscriptions can mean more money in their pocket. This money can either be saved to provide more cushion during retirement or be used on something that may actually get used.
Take Advantage of Senior Discounts
Many retirees are surprised to find out just how many senior discounts exist. From cheaper movie tickets to discount dining, retirees can enjoy a wealth of savings just by checking for a deal.
Seniors should not be shy about checking for an age-related discount at retail shops, restaurants, entertainment venues, and grocery stores. As reported by Good Housekeeping, little known senior deals are available at Amazon, Marriott Hotels, Walgreens, and T-Mobile.
Do a Staycation
If vacations were a mandatory requirement during retirement, but money is tight, consider doing a staycation. Discovering local hidden gems is a favorite pastime for many frugal retirees. Many state and national parks offer senior discounts or are free on certain days. Museums also offer deals for retirees.
Rediscover Things You Loved
With more time on their hands, retirees can also rediscover things they once loved to do that are low cost or free. From reading books to gardening, the possibilities are endless for seniors hoping to still live a high quality lifestyle on a budget. Many senior communities offer an endless array of activities for residents with everything from bocce ball to book clubs.
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