As millions of baby boomers approach retirement, financial issues will be a major concern for many of them. Fortunately, many seniors will be able to reduce expenses after they finish working. US News and World Report recently examined several costs that retirees will be able to cut later in life.
One big cost retirees can likely reduce is transportation. Some seniors give up their keys entirely when they enter a senior living facility, while others want to continue to drive. No matter what the decision, it’s likely that retirees will be driving much less than they used to. Cutting out the daily commute will likely result in less money being spent on gasoline, and if seniors give up the car completely they’ll save on monthly loan payments and maintenance costs.
Personal expenses can also be cut in many ways. Seniors should try to focus on things they like to do and how to approach them in a cost-effective manner. For example, those who don’t watch television all that much may consider going without cable TV. Readers can visit their local library rather than spend on new releases.
There are many things that seniors can do to help themselves live more comfortably in retirement. Those considering moving to a retirement community should be sure to consider all of their financial options beforehand.