Retirement is a great accomplishment for those in the working force. No longer do you have to wake up, drive to work and put in your 40 hours a week. If you’ve planned well, you can retire on time with a nice cushion of money to enjoy. Whether or not you saved a lot of money, or got to saving later in the game, it’s always good to watch what you spend. Keeping close watch of your money is a good idea to ensure it lasts a long time. The good thing is, during retirement, not everything is expensive. The following is a list of things that actually get cheaper once you retire.
Taxes: It is likely you will be paying less in taxes when you retire. You certainly will no longer have to pay into Social Security and Medicare and you may even qualify for a property tax exemption.
Clothing & Dry Cleaning: Turn in your work uniform or suit and slacks for pajamas and a t-shirt! When you don’t have to dress nice for work anymore, you don’t need to run out and purchase new clothing. Now that you are retired, you will find that a comfortable pair of slacks and slippers will be your favorite things to wear!
Commuting Costs: You may not know it, but gas can be expensive. Even more than that, so can car repairs. now that you won’t have to drive to and form your job every day, you can save on gas money. Your car is less likely to have mechanical issues, so you will be saving money from not having to pay the mechanic!
Recreation & Entertainment: This one can technically be a double-edged sword. Everything from discount movie matinees, to senior citizen discounts at local grocery stores will now be available to you. However, with the free time you now have because you are retired, you are more likely to shop more and go to the movies more too!
Home Repairs & Chores: When you are working all day, 5 days a week, it was easier to just pay someone to do the house chores for you. You may have paid someone to mow the lawn once a week, or pay to have a cleaning person come by and spruce up your home. Now that you have a whole wealth of free time, you can save money by taking up these jobs that were once outsourced to someone else. Granted, these aren’t fun activities, but it’ll put some extra cash in your pocket at the end of the day.
What are your thoughts? How are you spending your retirement?