• Question
  • What are the most common ways that people reduce expenses in retirement?

    Asked by a 60 year old man from San Francisco, CA on 7/24/2012

    What are the most common ways people reduce expenses in retirement? I'm planning to retire in 3 years, and I'm currently spending about $6,000 per month to support myself and my wife in central Florida.

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  • Categories: Retirement Planning, Budgeting

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Great question! Reducing expenses can be a challenge as you plan to stop working. Check out our page on how to successfully reduce expenses here: http://www.newretirement.com/Services/Reducing_Expenses_to_Insure_Retirement_Security.aspx

  • Login to rate this answer:   Answered on 7/24/2012
  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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    with an advisor. Learn more...
  • Housing is typically the biggest expense for retirees. You mention that you live in Florida where real estate has reportedly been down. Depending on the specifics of your home, downsizing is one way to reduce expenses. You might also consider a Reverse Mortgage which can eliminate mortgage payments and give you additional money.

    --> Learn more about home equity solutions for retirement: http://www.newretirement.com/Services/Home_Equity_Solutions.aspx

    Another big expense in retirement is out of pocket medical expenses. Optimizing your supplemental Medicare insurance to be as low cost and efficient as possible is a good idea.

    --> Compare quotes on Supplemental Medicare Insurance: http://www.newretirement.com/supplemental-health-marketplace.aspx


  • Login to rate this answer:   Answered on 7/25/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.