7 Ways Retirees Can Fatten Their Bottom Line

Woman gives up car keys
Photo by fizkes / Shutterstock.com

Retirement is a time to put many worries behind you. Say goodbye to the rat race and hello to a life lived at your pace and on your schedule.

But retirement also raises new concerns. After decades of earning a steady paycheck, the flow of new cash is likely to slow to a trickle. In fact, money worries often leap to the fore once you give up your 9-to-5 gig.

Fortunately, there are things you can do in retirement to cut expenses and pad your bottom line.

Become a one-car household

The average cost of vehicle ownership is $9,282 annually, according to AAA. That’s a lot of cash.

But it can also be a ton of money saved if you are one-half of a retired couple who downsize from two cars to one. After all, how often do you and your partner use a car at the same time for different errands?

Downsize your living quarters

When you are raising a family, it seems like you never have enough space at home. Once the kids have flown the nest, that same house can suddenly feel quite cavernous.

A bigger home also comes with larger costs. There is more to maintain, insure, heat and cool. Your tax bill is likely to be larger as well.

Moving to a smaller home allows you to trim these costs, and to cut back on your ecological footprint. Now might be a great time to make the move, with home prices near record highs in many markets. Cash in and sink those profits into more modest living quarters.

Sell things on eBay and Amazon

Make extra cash each month by selling things online at sites such as eBay or Amazon. Most experts recommend starting by selling things from around your home that you no longer want or need.

Once you make a few sales — and feel the accompanying thrill that goes with making relatively easy cash — educate yourself on additional ways to sell at eBay, Amazon and other sites.

For more tips on making cash, check out “20 Surprising Things You Can Sell for Extra Money.”

Freelance or become a consultant

For a lot of workers, retirement is all about having your own schedule. Others simply loathe the daily commute or being stuck in a soul-stealing office for eight to 10 hours.

If you are among those who love work, but hate the trappings that surround it, consider adding a little freelancing or consulting to your daily routine. Start by working your contacts to find opportunities. You can also try websites such as Fiverr, an online marketplace for freelance services.

Then, take on as much — or as little — work as you see fit. For more tips, check out “11 Keys to a Successful Freelance Career.”

Travel during off-peak times

Take advantage of that wide-open retirement schedule to plan vacations for times of the year when you can get the best price.

For example, avoid traveling during the holidays if you can. Several years ago, a CheapAir.com study found that people who travel during the holiday season pay 50% more than those who travel at other times.

For more tips, check out “11 Smart Ways to Save on Travel.”

Delay taking your Social Security benefits

When you were working, you (hopefully) saved money each year for retirement. With any luck, you are now reaping the rewards of your willingness to delay gratification all those years.

If so, consider repeating the process again by delaying your Social Security payments.

For each year past your full retirement age that you delay taking your Social Security benefits until you reach age 70, you can increase the amount of your benefit by up to 8% annually, according to the Social Security Administration.

Even better, your Social Security benefit is adjusted for inflation each year. That trumps just about any annuity money can buy.

Take advantage of senior discounts

America is a land that celebrates eternal youth. But your golden years can be pretty sweet, too — especially if you cash in on senior discounts.

Once you reach the age of 50, you can sign up for AARP and reap the many benefits of membership in that organization. But don’t stop there. Many other price breaks are available.

For more, check out Money Talks News’ latest senior discount stories.

Do you have additional tips for cutting costs during retirement? Share them by commenting below or on our Facebook page.

How to find cheaper car insurance in minutes

Getting a better deal on car insurance doesn't have to be hard. You can have The Zebra, an insurance comparison site compare quotes in just a few minutes and find you the best rates. Consumers save an average of $368 per year, according to the site, so if you're ready to secure your new rate, get started now.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

Drivers Give These 5 Car Insurers the Highest Marks
Drivers Give These 5 Car Insurers the Highest Marks

One company claimed the top ranking in several categories.

10 Food Staples That Are Easy and Cheap to Make Yourself
10 Food Staples That Are Easy and Cheap to Make Yourself

Making any of these key foods yourself will improve meals — and your budget.

This Chase Card Is Great for Groceries and Cash Back on Everything
This Chase Card Is Great for Groceries and Cash Back on Everything

You could earn more than $600 cash back in your first year just from grocery shopping.

15 Painless Ways You Can Cut Costs in 2020
15 Painless Ways You Can Cut Costs in 2020

Follow these tips to save — so you’ll have money for things that really matter.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
This Gas Station Scam Is Victimizing More Drivers
This Gas Station Scam Is Victimizing More Drivers

For the second straight year, a growing number of Americans believe they’ve fallen prey to this scam.

9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

This Is the Most Popular Age for Claiming Social Security
This Is the Most Popular Age for Claiming Social Security

Both men and women are most likely to start receiving Social Security benefits at this age.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

The 15 Worst States for Retirees in 2020
The 15 Worst States for Retirees in 2020

Based on dozens of metrics tied to affordability, quality of life and health care, these are not ideal places to spend retirement.

Could You Give Up These 7 Expenses to Save Thousands of Dollars a Year?
Could You Give Up These 7 Expenses to Save Thousands of Dollars a Year?

You could save more than $30,000 by setting aside these costly expenses for just one year.

6 Things You Should Never Buy at Trader Joe’s
6 Things You Should Never Buy at Trader Joe’s

We love Trader Joe’s for plenty of reasons. But think twice about this handful of products.

Don’t Toss These 7 Household Items — Sell Them
Don’t Toss These 7 Household Items — Sell Them

Here’s how to earn cash as you give new life to these unwanted items.

6 Legal Documents Retirees Need — but Don’t Have
6 Legal Documents Retirees Need — but Don’t Have

Few retirees have these documents that are crucial to their golden years — especially during a pandemic.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

11 Expenses That Quietly Drain Your Wallet
11 Expenses That Quietly Drain Your Wallet

It’s scandalously easy to overspend in these areas of your life.

9 Dumb Ways You Are Ruining Your Home Value
9 Dumb Ways You Are Ruining Your Home Value

Homeowners, beware these mistakes that can drive away potential buyers.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

This Is the Cheapest Place to Buy a Used Car
This Is the Cheapest Place to Buy a Used Car

Looking for a good deal on a set of wheels? This should be your first stop.

10 Things That Really Are Free on Amazon
10 Things That Really Are Free on Amazon

These freebies are available to anyone — no Prime membership necessary.

7 Tips for Building an Emergency Stockpile
7 Tips for Building an Emergency Stockpile

A pandemic or natural disaster could leave you reliant on your existing food supply. Is your pantry prepared?

11 Disgusting Household Items You Should Toss Already
11 Disgusting Household Items You Should Toss Already

Never keep these items past their prime.

18 Amazon Purchases That We Are Loving Right Now
18 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

10 Surprising Foods You Can Freeze — and How I Freeze Them
10 Surprising Foods You Can Freeze — and How I Freeze Them

How many of the foods have you thought to put in the freezer?

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.