You will most probably have paid off your mortgage by now and have just the day to day expenses of running your home to contend with. Make sure you are on the best energy tariff for your lifestyle now you have time to make those calls. Remember, you will no longer need to pay out to update your work wardrobe. No need to dress up for retirement! What about your cell phone? Did you mainly have all of that talk time and data to keep in touch while you were working? Maybe you don’t need so much anymore. Review your usage with your provider and get a better deal for yourself.
What you may not have considered is that your travel costs will most likely decrease as you are not going out to work every day. Check your car insurance too. With decreased mileage and change in occupation, your annual premium may be considerably less. Rail or bus travel is often offered at reduced rates, depending on the time of day. If you can avoid rush hour, you could make a significant saving. Similarly, traveling overseas in off-peak seasons will be much more affordable than when schools are on vacation.
Many places offer a discount for concessions, including seniors. Do you have a gym membership that you pay full price for? Don’t be ashamed to ask if you can go to a reduced rate now that you are retired. Museums and other places of interest usually offer concessionary rates to seniors so always check the tariff.
Children left home? It may be worth considering downsizing your house so it is more manageable. You could save on energy costs and cleaning bills. You could even move into a condo so that all of the maintenance is taken care of. What about your vehicle? Something that suited you on your commute might be a little expensive to run now that you are just running errands and visiting friends and family.
How much did you spend on eating out and/or take-outs when you were working, just for the speed and convenience? Now you have more time on your hands you can source your ingredients wisely and spend time putting them together to make delicious meals at home. You could take your time cooking up a batch of meals and freezing them to cut down on the cost of preparing one meal at a time. You could even invest in a cookery course to learn how to make new and exciting meals for you and your spouse. Having more time means being able to get back in touch with your creative side and enjoy being in the kitchen.
Just because you have retired doesn’t mean your money stops working for you. If you have other assets or savings, make sure you still see your financial advisor regularly to ensure your money is in the best place. Consider seeking advice and counsel from close family members and share with them what your plans are. The more they know about your wishes, the better they will be able to assist if and when the time should come that you need their support.
Relax and enjoy the retirement you have worked so hard for. You have earned it!