Tag Archives: savings in retirement

Money Monday: Cut Down on Your Retirement Costs

Unless you plan on working part-time instead of fully retiring, you may need to cut down on your cost of living in order to live within your means.

retirement

Photo credit: 401kcalculator.org

Here are a few suggestions on how you can cut some costs:

1. Downsize your living space

Not only will downsizing your home most likely help with mortgage and utility costs, but it may also cut down on the required time spent maintaining the house and yard.

If downsizing sounds ideal, please give me a call to see how I can help sell and/or buy your next home! John A Silva – (619) 890-3648

2. Sell unnecessary vehicles

If both of you are retiring, then you may be able to get away with one vehicle for the both of you, cutting significant upkeep, registration and insurance costs.

3. Enroll in Medicare on time

Sign up within the initial seven-month time-frame allotted (three months before your 65th birthday until three months after). Otherwise, you’ll be paying more for those doctor visits.

Read all of Money.CNN.com’s suggestions here: “Slash your retirement costs with these 5 tips”.