4 tips for saving in retirement


April 29, 2011

Many retirees are finding out that trying to build a nest egg doesn't necessarily stop when they stop working – instead, it's a constant process that requires conscious spending and saving. AARP.org recently suggested some tips that can help one keep investing in the future: 

1. Break the routine. It's tempting to continue renewing subscriptions and memberships just out of instinct, but sit down and take a look at expenses. Give the ax to any that aren't useful anymore.

2. Cellphone use. How often is a cellphone used? If older adults find that they're relying more on the internet to stay in touch with family, consider canceling the plan altogether. This alone could free up finances.

3. Protect older parent. While not on the news source's list, recent retirees are also finding that it's tough to enjoy retirement when a senior parent requires help. Installing a senior alert system in a residence allows an older adult to immediately send a medical alert, so caregivers don't have to make the often difficult trip to check on a parent's health as often.

4. Use the internet. The internet is one of the best price comparison tools. Don't just use it to find the greatest deal on a new book – try finding where senior discounts and early bird specials.