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.

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

Read Next
How to Stop Living Paycheck to Paycheck in 8 Steps
How to Stop Living Paycheck to Paycheck in 8 Steps

Is your paycheck gone the moment you get it? Here’s how to break that vicious cycle.

These Are the 4 Best Medicare Advantage Plans for 2020
These Are the 4 Best Medicare Advantage Plans for 2020

Medicare Advantage customers themselves rate these plans highest.

15 Painless Ways You Can Cut Costs in 2021
15 Painless Ways You Can Cut Costs in 2021

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

20 Generic Brands That Amazon Created
20 Generic Brands That Amazon Created

Amazon’s growing collection of private brands offers everything from toilet paper and coffee to motor oil and clothing.

These Medicare Expenses Will Jump in January
These Medicare Expenses Will Jump in January

Some Medicare premiums and deductibles will take a bigger bite out of Social Security payments next year.

View this page without ads

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

Get Started

Most Popular
7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

How to Buy Gas At Costco Without a Membership
How to Buy Gas At Costco Without a Membership

The warehouse club often has some of the cheapest gas in town. Here’s how you can get it as a nonmember.

10 Things to Stop Buying If You Want a Clutter-Free Home
10 Things to Stop Buying If You Want a Clutter-Free Home

If you like to keep things simple, avoid these purchases.

A Simple Way to Silence Robocalls Today
A Simple Way to Silence Robocalls Today

A few steps can keep your phone from ringing when a spammer calls.

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

This iconic dinnerware is prized for everyday use as well as reselling for profit.

This Company Makes the Best Tires in America
This Company Makes the Best Tires in America

Driver satisfaction with tires is at an all-time high, but one brand stands out.

This Health Issue Can Hint at Dementia Years in Advance
This Health Issue Can Hint at Dementia Years in Advance

One type of pain is especially associated with cognitive decline.

Can I Switch to Spousal Social Security Benefits When My Ex Dies?
Can I Switch to Spousal Social Security Benefits When My Ex Dies?

Knowing when to claim can help you maximize benefits.

Medicare Will Not Cover These 6 Medical Costs
Medicare Will Not Cover These 6 Medical Costs

Don’t let these health care expenses catch you off guard in retirement.

Beware This Hidden Ingredient in Rotisserie Chicken
Beware This Hidden Ingredient in Rotisserie Chicken

Something foul may lurk in those delicious, ready-to-eat birds.

8 Things You Should Always Buy on Amazon
8 Things You Should Always Buy on Amazon

The giant retailer shines when it comes to these things, from basics to hard-to-find specialty goods.

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.

5 Ways to Fill Your Pantry With Free Food
5 Ways to Fill Your Pantry With Free Food

Anyone can take advantage of these resources.

Never Buy These 10 Things on Amazon
Never Buy These 10 Things on Amazon

Just because you can purchase something on Amazon doesn’t mean that you should.

7 Big Purchases You Should Never Make
7 Big Purchases You Should Never Make

Sometimes a big-ticket purchase is nothing more than a big waste of money.

5 States With the Worst Health Care for Retirees
5 States With the Worst Health Care for Retirees

All of these states are located in the same region of the nation.

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.

5 Products You Should Never Buy Generic
5 Products You Should Never Buy Generic

Sometimes the brand-name version is clearly superior.

6 Reasons You Should Stop Hiding Cash at Home
6 Reasons You Should Stop Hiding Cash at Home

Stashing money around the house is anything but harmless.

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.