Retiree Money Saving Tips

SeniorLifestyle.com has put together a comprehensive list of tips on “Saving Money After Retirement.”

They list an impressive 27 tips, but here are the ones that stuck out to us:

1. Keep careful track of your expenses. Check your bank statement often, you can do so online if you have access to the internet. This will help you see if something in particular is draining your bank account.

2. Building off tip #1, examine any entertainment expenses and weigh whether they’re worth the money. While a certain amount of entertainment is necessary and well-deserved, it can be expensive. SeniorLifestyle suggests seniors “explore free or lower-cost hobbies, like yoga or reading books from the library.”

3. Think about downsizing. Have the children moved and you’re left with a large, expensive to maintain house? Consider selling and buying a smaller house, or moving into a “senior retirement community.”

Unfortunately, careful saving must be an important aspect of life for senior citizens as long as greedy politicians refuse to properly protect Social Security. If we can pass the Social Security Expansion Act, senior citizens will receive the financial protection they deserve.