Slashing Expenses Can Make Your Nest Egg Last Longer

Here are 7 ways retirees are cutting back.

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Retirees don't have to commute, dry clean expensive work clothes, or live in a pricey suburb or city just because it's near work. So right off the bat, you can downsize a few major expenses. And if you're lucky, the kids are out of the house and supporting themselves, so you might be able to get by with a smaller house or condo. Here are some other ways retirees are cutting back in retirement to save money, according to a Thrivent Financial and Action Market Research telephone survey of Americans age 60 to 74.

  1. Giving fewer or smaller gifts to family members (37 percent)
  2. Traveling less or closer to home (37 percent)
  3. Shopping more often with coupons or at sales (36 percent)
  4. Eating out less often or at less expensive restaurants (32 percent)
  5. Living in a smaller house (18 percent)
  6. Walking, bicycling, or taking public transportation (15 percent)
  7. Moving in with children (3 percent)
  8. Source: Thrivent Financial, 2008.

    Retirees, how are you cutting back?