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The 3 Best Ways To Save Money Once You’ve Retired

Moneymagpie Team 27th Jun 2022 No Comments

Reading Time: 3 minutes

There are a lot of people out there advising others on how to save up or invest to have enough money in retirement. There is a lot of good information on the subject. Yet, many people who took that advice are now struggling to make sure their money lasts when they’re retired. Inflation and rising energy costs are causing seniors who thought that they’d had everything sorted out are now struggling to get by.  

It is very important to find ways to save while still enjoying the quality of life that you were expecting leading up to your retirement. Luckily, there are a lot of ways to stretch your money when you’re a senior citizen. There are lots of deals that are offered to those on a limited income so many can still afford essentials like the best hearing aids and other medical devices. In this article, we will go over several ways to save money in your retirement.  

1 – Don’t stop working

It seems like an oxymoron to talk about working and retiring at the same time. This isn’t to say that you should put off your retirement and just keep going with your career. There is an idea called flexible retirement where you are essentially still taking in money with some type of work while also not working the way that you have for decades.  

Once you’ve hit the age at which you can retire with a full pension, you can continue to work part-time or full-time and collect your pension at the same time. This allows you to start making some adjustments to your retirement before you fully commit. It also allows you to make sure that you have more savings when heading into retirement.  

Many people retire at 65 but since we are living longer these days, working past that age is not such a big deal. In fact, many people in their mid-60s feel too young to be fully retired.  

Another thing to consider is doing some kind of work after you’ve fully retired from your old job. You can now do some more interesting types of work with a lot less of a commitment. For instance, you could go to work part-time at a garden center if you are particularly enthusiastic about gardening and plants. Or, if you used to be an accountant then you can do some bookkeeping on the side.  

2 – Grow a garden

The cost of fresh food is going up all the time. It is important for anybody to make sure that they are as resilient as possible when it comes to putting food on the table. Growing your own food is one of the best ways to do this. Even with a limited amount of space you can grow far more food than you realize. With at least a couple of hundred square feet, you could supply more than you need for a family, in fact.  

There are added benefits to it as well since gardening is a great activity for seniors. Getting outside and moving around can be a challenge for some so having a garden will allow you to do that. Bending over and digging around while also enjoying the sunshine is a great way to stay healthy and active. At the same time, you are eating far healthier vegetables than you would get at the supermarket and for almost free.  

Even in harsh climates, there are ways to grow food almost year-round. You can also put up any excess produce by making fermented foods and pickles.  

3 – Curb your consumption

It is important to stop your spending habits once you hit retirement. When you have a steady income with plenty of it being disposable means that you can essentially buy what you want whenever you want. Once you are retired and on a limited income then that has to change. You should be more careful about your consumption habits.  

Instead of always looking to buy new, you should look for people giving things away or selling used goods for cheap. Scour the yard sales and online marketplaces to find some deals.  

Be mindful about how and where you spend your money. Instead of going right out and buying something on an impulse, give it a day and sleep on it. Think about how you feel the next day as you may feel that you don’t really need it or can find a cheaper way to buy it if you do.  

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. 

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Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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