Written by: Pier Alsup, American Eagle Credit Union, Chief Community Engagement Officer
Is retirement around the corner? Are you looking for ways to cut back or downsize due to one of the breadwinners in your home quitting their job?
Many of us are eagerly awaiting the part of life where we can retire, sit back, relax, and enjoy. But with retirement and the loss of income may come financial challenges. If you aren’t prepared. the golden years that you have looked forward to may not be as golden.
As the Financial Literacy Partner of KTRS, we are sharing 5 ways to cut expenses after retirement that can have you living comfortably, and in the black.
Drop your second (or your luxury) car
Dropping a second (or even third) vehicle will provide considerable savings on insurance as well as maintenance expenses, and even car payments, you have a loan on the vehicle. If you are nervous about managing with only one vehicle, considering replacing your higher end vehicle with a more modest auto. Or investigate “car share” programs in your area.
Downsize your home
If you’re still living in the house where you raised your kids and made memories, it can be tough to sell. But ask yourself, do you really need a 4 bedroom, 3 bath house, with a large yard? Downsizing can save on property taxes, homeowners insurance, utility costs and maintenance services such as lawn and cleaning services. All combined these savings can total thousands or tens of thousands each year.
Cut your landline
If you have decent cell phone reception at home, the time might have come to cut the cord! This can save you between a couple hundred to nearly a thousand dollars a year.
Maximize senior discounts
Discounts are not just for your grandparents! They’re often available for consumers as young as age 50!
If your retirement dreams include traveling the world, you’ll save plenty by taking advantage of yes – senior discounts – and by traveling off-season. And, as your more flexible retirement schedule allows, be sure to key an out for last-minute discount travel packages.
It is important to cut expenses after retirement to not only help keep the bottom line down, but to also lessen the stress on your wallet and/or pocketbook. We hope these tips help!
For great savings tips and more money-management information and tools, including calculators, visit us online at www.ameaglecu.org.
American Eagle Credit Union Foundation is collecting new schools supplies to benefit KidSmart’s PUSH FOR PENCILS. The most requested supplies include: paper, crayons, markers, glue, notebooks, backpacks, pocket folders, colored pencils, pencil boxes, scissors and pens.
Collection bins will be available at all American Eagle Credit Union branches in St. Louis from Monday, July 8, through Friday, August 2. Monetary donations can be made via our web site: ameaglecu.org.
KidSmart operates the only free educational supply store in Missouri, collects more than 500,000 new school supplies and equips 90,000 students living in poverty with essential school supplies. Supplies are distributed to teachers through the KidSmart Free Educational Supply Store located in Bridgeton, Missouri and through KidSmart’s On the Go! Truck.
By working together, we can help minimize the effects of poverty in the classroom in more than 160 schools in our community. Equipping children with quality school supplies not only sets them up for success in the classroom, it increases their self-esteem.