21 Ways to Cut Expenses in Retirement

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According to statistics, the wife is supposed to outlive the husband. In my case, that didn't happen. This coming July will be the 3rd year anniversary of her having passed away. I just retired last month because one thing my wife's passage taught me is that you never know when the Grim Reaper will come calling for you. Since I no longer have to work in order to ensure that she'd be covered by my health insurance, I stayed on at work just long enough to complete 30 years with the same employer, and retired from the rat race and aggravation. Thus far, I'm in perfect agreement with Richard from NC. I also plan to apply for Social Security benefits as soon as I turn 62 because although you'd collect a bigger check the longer you keep working, can anyone guarantee you'll still be alive and/or in good health if you decide to postpone your retirement. Plus, consider the fact that the Government would just love for you to postpone your retirement for as long as possible. They're hedging their bets that you'll either not live long enough to collect your SS benefits, or that you'll kick the bucket 1 or 2 years after you start receiving your benefits, and the cost to them will be minimal. It's a win-win situation for them. Don't be a chump. Retire as soon as you're eligible to do so, recoup some of that money you put into the system by working all them years, and take time to smell the roses. If you have to worry about money, take time to really assess your life, cut out any and all unnecessary expenses, and remember, you can always apply to be a door greeter at Wal-Mart.

Old vato from TX of TX 8:49PM March 17, 2010

What happens when you are at early retirement age and you no longer have a job OR unemployment insurance? SS is a must take, so you have an incoming of some sorts coming in.
It is also a shame they tax unemployment insurance these days! It makes it
hard enough to live on the unemployment before taxing. The government needs to help us retiree out for a change!
There is alot of us out here sinking, instead of swimming! And wonder where the job are. And when they are coming!

Maryann of TN 4:07PM March 16, 2010

I think retirement is great. No traffic delays or bottlenecks going to and from work. No work stress. No boss giving you grief. No deadlines. Plenty of time for causal reading, movies, travel and relaxation. I can take a nap or do volunteer work. I sold my house and moved into an apartment. I paid off credit card debt and take advantage of senior discounts.
I moved from a cold and snowy climate to a warmer and milder climate. No pressure, no worries and lots of free time. What a great life!!!

Richard Cooklish of NC 3:26PM March 16, 2010

i my have found retirement no so good. you have to worry about money all the time. seem like all they to do is to take away from older people and people that is down and out. there need to be some changes. as for saving who can save with everything in the world going up. that a laught.

sweet pea of VA 2:33PM March 16, 2010

I am told that it is best to take Social security at 62 and the break even is 14 years? vs. taking it at 66.

John of NY 2:29PM March 16, 2010

After reading this (interesting) article, and being only 52, I can't imagine that I will ever officially "retire" when I reach retirement age. Just look at the economy now, and what will be left with SSN#, Healthcare? MediCare? Of course I do not have a "pension" to fall back on, I will only have 401(k) what ever is left due to Market Conditions, and SSN#. I will probably be working till the day I drop dead.

dw of MO 1:40PM March 16, 2010

Invest in Treasury I - Bonds each month. Use $100 up $1000 cerificate amounts.
Invest for your grand children an I bond with Co-Owner's option for yourself. In case you die early, no problem: in case you live long - you may need the money for yourself. You don't pay any taxes until you take the money out; who ever takes the money out pays - the tax.
Do not trust BANKS. Forget about Stocks, Mutual Funds or Gold.
The I - inflation bonds, would loose it's value if the USA will be taken over by China or some other country.

Stasys of GA 7:43PM March 15, 2010

As one who retired early, as I approached age 62 I weighed my Social Security options. I calculated that if I delayed Soc Sec beyond age 62, it would take 14 yrs before I came out ahead. During that time I would have had to draw taxable IRA funds that would no longer be available for investments. I opted to take Soc Sec at 62 - "bird in hand."

Willy C of VA 3:46PM March 15, 2010