The years people spend in retirement have the potential to be among their most enjoyable.  Having spent a lifetime working and contributing to society, it is time for a well-deserved rest and opportunity to devote time and attention to oneself, free from the restraints of full-time employment.  Such a major shift in the pace of life can be a bit of a shock, especially when coupled with what is usually a significant change in income.  With that in mind, it is important for retirees to think smart and carefully budget to ensure they really make the most of this unique time.

Money Saving Tips
Saving money may seem like a difficult and onerous task, and all about depriving oneself of the enjoyment of spending.  In reality, it can actually be very simple and straightforward and make spending even more enjoyable as it is done with the comforting knowledge that foundations are not being laid for long-term problems.

Here are some simple guidelines to assist with budgeting:


  • Establishing a clear understanding of what money is coming in and what is being spent is the critical first step in financial planning. This knowledge is absolutely essential in order to budget effectively.


  • Identifying savings by prioritizing essential and desirable expenditure and eliminating unnecessary expense.


  • Retirees should also devote some time to exploring what they are entitled to.  Not only in terms of tax and social security, but also discounts and special offers available exclusively to retired people.

The right home

Choosing the right place to live is also essential, as this will have a profound effect on both income and outgoings.  People may dismiss senior communities as an expense they cannot even consider as being within their budget, but it would be a huge mistake to not at least look into this as an option and think about it as part of a bigger picture.

Life in a senior community provides a consistency that makes financial planning significantly easier, and can help save money in the long-term.  Many provide health care, for example, negating the requirement to repeatedly shop around for and change medical care providers.  This is something that many people state as one of the biggest and most expensive inconveniences they experience in their retirement.

Senior communities can also provide a wealth of opportunities for activities and socializing, helping to facilitate a busy and active lifestyle in a safe, secure and friendly environment on one’s doorstep.  Residents can gather in libraries, sports clubs and gardens, for minimal costs compared to the expense of similar activity outside such a community.


Saving money when one is no longer earning will not only ensure that retirement is as comfortable and enjoyable as possible; it will also help to secure the value of one’s estate for future generations.  By following some simple guidelines and making wise decisions about where to live, achieving this balance is easily possible.