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Personal Finance  


Simple Ways To Save In Retirement



Retirees are in a unique situation. On the one hand, they must find ways to make their existing savings last the remainder of their non-working lives. On the other hand, an individual's retirement years are supposed to be a time when he or she enjoys the fruits of his or her labor. That being said, there are several ways that retirees can stretch their dollars during their retirement years.

Watch Where You Live

While it may sound nice to move to an island or some other fantasy destination upon retirement, it can be quite expensive to do so. After all, real estate prices in exotic locales like Hawaii for instance tend to be quite lofty and often outpace the national average.

Ideally a retiree should seek out states and areas where land and construction costs are affordable. In addition, they should seek regions where property taxes are low as well. There are several potential sources of information that can help the retiree or near retiree determine which cities or states are the most attractive. Realtor.com, for example, allows the user to search property listings based upon city. Listings also typically contain property tax information.

Each year, media outlets will report which cities in America are the most affordable and that can provide retirees with a good base of knowledge as they go about their search. Also, organizations or publications that play to retirees are also usually an excellent source of information and they typically weigh a number of factors. For example, American Association of Retired Persons (AARP) Magazine often contains articles comparing and contrasting cities around the U.S. and their attractiveness to retirees.

Maintenance May Be an Issue

There is often a tremendous amount of pride that goes along with traditional single-family home ownership. In addition, ownership allows for certain freedoms. For example, a person can choose what color to paint his or her house and/or how the or she would like to landscape his or her property.

However, the downside to owning a single-family home or acreage is that it can be quite expensive. Not only are there utility and insurance costs to consider, but there are also maintenance costs. For example, a new roof can easily cost the homeowner thousands of dollars. Other chores, like mowing the lawn and trimming bushes can also be quite time consuming, expensive (the homeowner may have to buy a mower or hire someone at a high cost) and a hassle.

See Also
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  • Shield Your Wealth As It Grows: Tips From Planning Pros
  • Tax Scams: How To Avoid Them
  • New Taxes Under The Affordable Care Act
  • Hello, myRA: Retirement Savings for Beginners