Comparison shop. There's no excuse in retirement not to comparison shop, haggle, and negotiate for the best prices on everything from your credit card interest rate to your latest haircut. "You have the time to budget and plan and think about how you spend your money," says Young. Try to buy items you use frequently in bulk, wait for sales, and clip coupons.
Eliminate debt. Pay off as many debts as possible before retirement. "Most folks should really plan to have their mortgage paid off at the point of retirement. Then you have eliminated a fixed expense," says Phil Fragasso, president of investment advisory firm I-Pension in Newton, Mass., and author of Your Nest Egg Game Plan. "There is never a good reason to carry credit card balances, but especially so in retirement." Eradicating your mortgage, car payment, and credit card balance gives you more money to spend in retirement.