10 ways to reduce the cost of retirement

These changes will make a big impact on your retirement budget.

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59Comments
Jul 17, 2014 6:57PM
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Again , just common sense suggestions that most people who are old enough to retire probably already know . By the time we are old enough to retire , we have been bombarded with these ideas from every direction , mostly from each other , lol  
Jul 17, 2014 10:46PM
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It is fine to "downsize" provided that the new smaller place does not cost you as much or more than your old place.
Jul 17, 2014 10:16PM
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How about some new and useful information for the masses of 55+ people swept out of their lifetimecareers in the wave of corporate greed and government incompetency?  How to effectively recover loss of 401K/IRA funds, home equity, savings used up in long term unemployment etc. and millions forced to collect social security benefits earlier than desired.   It seems there are NO good strategies put forth in this regard as apparently there are no smart financial guides out there.....there needs to be a movement to establish legislation to help these millions of people to recover - otherwise these millions and more every day as jobs are lost will become dependent on government programs to survive.  Why is this so far continuing to be  swept under the rug.  I am so very sick of irrelevant blab based on outdated conditions.  Really????  Huge disconnect between this article and the realities of today.
Jul 17, 2014 10:38PM
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Some of this stuff listed is not good. Ride the bus and loose your freedom. Many places today are not safe. Hanging around waiting for a bus could be dangerous. I was attacked at a downtown bus stop in Seattle. Everyone looked the other way at the stop while I fended off the attacker. The bus police and the city cops arrived after I caught the bus. It was a big fight according to what the fellow bus riders said the day after. Retiring with a 68% free cash flow would be wise. Inflation is hurting most and inflation eats up the free cash flow. Overpriced hospital prices along with misdiagnosed medical problems are expensive and too common. Times are tough if your not the 1% and the old are targets. Poverty is Rampant and many people are desperate. Safety first and trust is last in today's world.
Jul 18, 2014 9:53AM
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The key to retirement is just do it!


If you've worked a good majority of your adult life then when you can retire just do it!


Yes, there will need to be some adjustments in lifestyle, but just do it!


I have a brother and sister, who are older (we are all now in our 60's) than me, and have always made significantly more money than me and are still working. They both could easily retire, but haven't. I tell them don't wait until you are too old to enjoy the things in life you have worked for.


I just turned 60 and figure that I may have about 15 good years left to do things that require some physical mobility, i.e.; biking, swimming, walking, etc.... After that I believe I will become less mobile therefore being left with less options.


Life's short and you have no guarantees.


So, if you can afford to retire just do it!

Jul 18, 2014 6:44AM
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I would be more concerned about our safety than retirement. Illegal aliens are being DUMPED across the country. ****ers get treated better than the good folks that care about our once great nation. Why have homeland security if you are not going to use it?
Jul 17, 2014 11:02PM
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I did almost the complete opposite of some things on the list. Sold my paid for house and downsized, but took on a mortgage to buy a much nicer house in the area I really wanted to live in, bought the big new crew cab Silverado I wanted, kept the Corvette that I enjoy, although sparingly, moved closer to my grandkids, which is in an area of higher taxes and higher cost of living. I do have great health insurance. I have 100% coverage on everything, a fantastic wealth adviser who makes me money every month, and gladly pay him for it. I'll take SS when I want  and not necessarily when it makes the most financial sense.
 I worked too hard and too long to scrimp and worry about how my finances will be for the next 30 or 40 years. People who do that might as well just give up and pull a trigger and get their miserable life over with now. Don't be a burden on your family, always worrying about where your next meal is coming from. I'm taking mine on a nice beach vacation soon and will live life to the fullest while I am there.
 That's what retirement is supposed to be. It's why I scrimped and saved while I worked so I could enjoy the last 3 or 4 decades of my life. None of us know how long we have after retirement. I'm taking advantage of these years. I feel sorry for the people who don't.
Jul 17, 2014 10:46PM
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That's easy just throw all the dumb bastards out of office !
Jul 17, 2014 10:46PM
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hear about the flasher who was thinking of retiring?
    he decided to stick it out for one more year.
Jul 18, 2014 8:07AM
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The system is a mess, and politicians playing games with the money is causing hardships. They harp on the word entitlement but everyone I know is working and paying into the system (including me) that will screw them in the end for the money that was put in the system by hard work.. They change the rules and make it so difficult to live now. How is anyone going to survive this is beyond me. Give up this, give up that, get used to this oh please. SAVE people SAVE.
Jul 18, 2014 8:32AM
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Reduce you expense, is called common sense, if you have any.
Jul 18, 2014 10:33AM
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The most important strategy is to develop a plan when you are young and working. Outline how you want to live in retirement and how much money you'll need. Then stick to it. Every purchase you make now is taking from what you could have later, so spend wisely and save. Follow Dave Ramsey's (conservative) or Mr. Money Mustache's (liberal) advice. (They both say essentially the same thing.) The choice is yours: be smart or be broke.
Jul 18, 2014 12:05PM
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Sitting around in those two chairs like in the picture are killers. I walk a mile or more a day. Going out tuna fishing yesterday was interesting. People called me pops. Hey pops, you hook something on those old glass rods and they will break in half. It was a different story on the way back. I not only caught the most yellow fin tuna I also caught the two biggest. Retirement is for fun and cutting back on everything is not what we saved up for all those working years.
Jul 18, 2014 12:09PM
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Retirements are like finger prints. No two are the same. Yet we all retire one way or another.
Jul 18, 2014 2:52PM
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STOP INVESTING IN LIES!!!!!!!!!

The world is a safer place.
AL Qaeda has been decimated.
I heard about it from a media report.
And - - as an American.
I'm mad as hell!!!!!!!!!!
I'm the President - - I can do whatever I want.
I will have the most transparent administration in history.
There is not a SMIDGEON of corruption in the IRS!!!!!
The stimulus will fund shovel-ready jobs.
I am focused like a laser on creating jobs.
The IRS is not targeting anyone.
It was a spontaneous riot about a movie.
If I had a son.....
I will put an end to the type of politics that "breeds division, conflict and cynicism".
You didn't build that!
I will restore trust in Government.
The Cambridge cops acted stupidly.
The public will have 5 days to look at every bill that lands on my desk
It's not my red line - it is the world's red line.
Whistle blowers will be protected in my administration.
We got back every dime we used to rescue the banks and auto companies, with interest. 
I am not spying on American citizens.
ObamaCare will be good for America 
You can keep your family doctor.
Premiums will be lowered by $2500.
If you like it, you can keep your current healthcare plan
It's just like shopping at Amazon
I knew nothing about "Fast and Furious" gun-running to Mexican drug cartels
I knew nothing about IRS targeting conservative groups
I knew nothing about what happened in Benghazi
I have never seen my Uncle from Kenya who is in the country illegally and that was arrested and told to leave the country over 20 years ago
And, I have never lived with that uncle. (He finally admitted today, [12-05-2013] that he DID know his uncle and that he DID live with him.)
 
And the biggest one of all:
"I, Barrack Hussein Obama, pledge to preserve, protect and defend the Constitution of the United States of America."



Jul 17, 2014 11:09PM
Jul 20, 2014 9:52PM
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The world is getting tougher.  Most people will depend upon the government for retirement at this rate, because they can not afford to put money away themselves.  We have to find a way though.  We have no choice but to be smarter going forward financially. I don't want to be stuck without retirement savings, which is what I fear will happen to many of my friends. That is why I have made some huge changes to my spending/savings habit that have paid early dividends. This is the best of what has worked for me:

1. Always putting the max in my 401k that my employer will match. For me this is 4%.

2. Getting rid of an expensive life insurance policy that some "advisor" sold me on a few years ago. I found that you can get policies online for much less. I have one from LifeAnt and it only costs $15 per month.

3. I got rid of said advisor, and save the 1% in yearly asset management fees. What a waste.

4. I eat out less. This is literally thousands of dollars worth of savings each year. Just cook a couple extra times per week, and watch the money pile up.

If you want to have money regardless of the economy, always stay within your means, and save save save.
Jul 18, 2014 3:10PM
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Find an empty cave and homestead....... save a lot of expense...
Jul 18, 2014 7:08AM
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I was hoping in my retirement to buy a couple of illegals from the government. They can do all of the work around my home and I can have them sleep in my basement. If we have to put up with them at least we should be able to benefit by their labor. If I keep them then they won't be a burden on the taxpayers. They would not be allowed to attend school or leave my property. I am sure an invisible fence similar to those used for dogs would work just fine.

If they get sick I can always get a couple more to dig the graves in the back yard. Or they could be cremated and the ashes dumped by airplane back on their home countries.

It should be an option for them when they are caught. Either return to your homeland or go into the purchase pool. Indentured servants are an old idea whose time has come again. With a little training they can be made to be useful additions to our society. I would vote to never grant them citizenship as they broke the law and don't deserve a reward for be dishonest.

GBA

Jul 18, 2014 6:07AM
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Downsizing, frugal living and less costly retirement locations can all make a big difference in what you spend during retirement. I just read several good posts on this topic on the site Retirement And Good Living. The site also provides a list of the top retirement locations, retirement calculators and information on many other retirement issues.
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