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.
- Giving fewer or smaller gifts to family members (37 percent)
- Traveling less or closer to home (37 percent)
- Shopping more often with coupons or at sales (36 percent)
- Eating out less often or at less expensive restaurants (32 percent)
- Living in a smaller house (18 percent)
- Walking, bicycling, or taking public transportation (15 percent)
- Moving in with children (3 percent)
Source: Thrivent Financial, 2008.
Retirees, how are you cutting back?