5 ways you will save money after retirement

There are many expenses that will be reduced after retirement. Some work-related costs retire along with the job, while others can be eliminated once you are no longer supporting a family.

Here’s how you will spend less after retirement…

Housing – Housing is the biggest monthly expense for most working households, but this can all change in retirement. If you have been diligent about paying your mortgage, you could pay off the loan before retirement. This will reduce the monthly cost of housing greatly, but that’s not the only way to spend less.After retirement you won’t be tied down to a location near your work anymore, and the possibilities are endless! You can sell your house and move into an affordable retirement village like Pinelands Grove Retirement Village.

Transportation – One thing you definitely won’t miss about work is the commute. The average daily commute is almost an hour. When you are retired, you won’t have to get frustrated at rush hour anymore, plus you will save on petrol and car insurance. If you retire and find yourself living in a location with reliable public transportation, then getting rid of your car is a realistic option.

Kids – You would be surprised how much it costs each year to raise a child for 18 years – it’s a lot! And that’s not even including higher education. These costs include a larger home, child care, sports equipment, after school activities, health care, clothing, transportation and the huge amount of food they consume. Hopefully, by the time you retire, the kids will all be out of the house!

Work-related expenses – It can cost quite a bit of money to keep a professional appearance. Professional clothes and shoes are expensive, and once you’re retired you won’t even need to wear them anymore. Coffee and espresso shots can help you stay focused at work but they can also drain your wallet. These expenses might not seem like a lot, but they can add up each year.

Conveniences – Employees with a full-time job don’t have much extra time, so they value conveniences and are willing to pay for them. Luckily, retirement is a completely different story. You have a lot more free time and less income, so you have to prioritize things differently.

As you adjust to your retirement lifestyle, you will find that there are certain expenses you are able to save on. The bulk of these expenses are necessary during your working years, but retirees can reduce or eliminate these costs, freeing up time and money for something else.

At Pinelands Grove Retirement Village we can offer you gracious living in an attractive location. Here you can come to enjoy the finer things in life!