Retirement. It’s the dream isn’t it? For some of you, it’s right down the road. For a lot of young professionals, it seems like a long way off. And for Xennials (you know, the Oregon Trail Generation) like me, it’s not exactly coming soon, but it’s sneaking closer every day. So how are you getting ready? Are you already prepared? And how will you need to adjust your lifestyle once you’ve called it quits? Here are some ways MyBankTracker suggests you can reduce your expenses once you’ve exited your office for the last time…
Retire to a cheaper location: You know that the cost of living is different all over the country, so keep that in mind if you want to retire to somewhere with nicer weather. If you already have some locations in mind, here’s some good information from The Council for Community and Economic Research that can help you decide.
Downsize: If you’re still living in the same house where you raised your children, it’s probably starting to feel a little empty. Do you really need a 4 BR 4 BA house for just you and your spouse? Selling your house for something a bit smaller will net a good chunk of change, plus think of the money you’ll save on property taxes and energy costs.
Find senior discounts: Most places you’ll go for dining or entertainment purposes will offer some sort of senior discount. Also, you’re retired now, so it may be time to join AARP and take advantage of the bevy of benefits and discounts that a membership can provide.