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A simpler life with less things to buy means retirement can be cheaper for some folks than it was when they were working. However, with a surplus of time, a significant portion of retirees end up spending more than they used to on things like entertainment, travel, and leisure. A study by the Employee Benefit Research Institute found that in the first two years of retirement, 45.9% of households spent more than what they had spent before retirement. Costs can add up quickly, so it’s beneficial to find ways to save money when possible. Seniors can save money through various cost-saving measures, such as budgeting and taking advantage of discounts which some businesses offer to those starting at the ages of 55, 60, 62 or 65. Here are some great ways for seniors to stretch their retirement savings and consider new options that can help save some money.
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Last Revised 11/15/2017