10 Tips To Save Money After Retirement

Posted by Vladmir Garvin on July-14-2012 under Save Money

Here are 10 tips to save money after retirement. Retirement is inevitable to everybody and therefore, the importance of saving money never ceases once one retires. There are still many reasons to continue saving even if one has gained great financial achievements and freedom.

Retirement is therefore, not a setback to money-saving but a turn of a new leaf towards financial savings. Below are ways that will help you save money as well as earn more after your retirement

  1. Reevaluate and reduce your monthly services and spending: After retirement, monthly budget should be reduced as the salary one used to get becomes unavailable. Your average monthly spending should be reasonable and lesser than the amount it used to be when you were still working.
  2. Redefine insurance services: Insurances are expensive though helpful. After retirement one should revisit life and health insurances in order to reduce expensive payments towards insurances which might reduce ones savings. Payment of these huge sums after retirement greatly hinders savings after retirement.
  3. Start budgeting and planning: After retirement, one should draw a plan and budget to guide against spending on unnecessary services. There are some luxurious services one can do without or seek their alternatives which are cheaper. Planning and budgeting are the sole starting point to financial success and stability.
  4. Provide advice and consultation in your area of expertise: One can provide consultation to people new to their areas of work at a fee. Since you have gained experience working, you can offer to provide support services to other people still working in your area of work or even new people at a certain amount of money. This can help you generate income after retirement.
  5. Become a freelancer: There are numerous freelancing jobs online that requires little time and minimal resources for instance Data Entry jobs which only requires an internet connected computer. These jobs can be done at the comfort of one’s home and still generate handsome income. A retired person can do such jobs and make savings out of them.
  6. Blog for money: After retirement, a person gets a lot of free time. He can therefore start blogging for money. Blogs can be monetized and customized to accept paid adverts, promote other businesses and many other commercial services which can generate good income to the owner. Also, check out our post on tips to save money on Healthcare
  7. Work part-time jobs: A retired person can start working a part-time job in his area of expertise or any other relevant work. Part time jobs can help generate extra income in retirement. One can also provide his gained skills online as a part-time job.
  8. Set up a personal business: With availability of free time, one can start own business. Many business opportunities exist which one can identify and start. One can start a business of his choice and even employ other people. Businesses like cyber businesses, taxi businesses or even financial businesses for instance those involving stocks or futures can easily be started.
  9. Sell your goods that you do not need: Goods that are no longer in use can be sold for extra savings. One can use Amazon or even eBay to sell the goods. Amazon and eBay can as well be used to sell many other things and even start commercial trading of goods and services through it. All these can help generate income after retirement.
  10. Claim and advocate for senior citizen discounts: Senior citizen are always awarded discount in shopping malls and service oriented companies. Most of the time, an elderly person has to ask for the discounts in order to be given therefore one should always ask for the senior citizen discounts while shopping for goods or services. This reduces the total amount spent on shopping and other services all of which helps saves money after retirement.
  11. Start a real-estate business: Businesses involving land, buildings and natural resources can be started. A retired person can get licensed and become a real estate agent. One can as well start his own real estate agency and conduct businesses involving real property and thus generate good income.



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