Retired? Save Money and Still Have Fun!
By Alison Lee

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You did it! You’ve saved up money, retired, and now have loads of free time to travel the world, develop hobbies, relax, and enjoy the finer things in life.

While you definitely deserve it, retirement brings its own unique financial challenges. You are no longer making a sizeable, steady income, and you should budget accordingly. Here are a few tips to help you save money and enjoy retirement at the same time, from big things like downsizing to everyday things like buying medication from a Canadian pharmacy.

Small Things – Start with These

Tip #1: Order medications online from Canadian and international drug companies.

Medication is expensive, and chances are, the older you get, the more medications you’ll need. Unfortunately, the pharmaceutical industry in the United States charges patients exorbitant prices for life-saving drugs. Many Americans are now shopping internationally for their medicine.

Ordering medication online may seem scary at first, but there are in fact many reputable sources that have undergone rigorous licensing procedures. A Canada pharmacy referral service like RxConnected offers significant savings and can ship medicine straight to the door of American residents.

Tip #2: Fly off-season.

You no longer have to budget vacation days or schedule holidays around your kids’ school calendar, so take advantage of low-season flights and hotel rates. Visiting tropical areas during rainy season, colder areas during summer, and even sailing during storm season can yield surprising benefits at discounted prices. For example, you can spot the aurora borealis in August and experience the sun at midnight.

Since you now have more free time, you can also invest more into the planning process of the trip. Lonely Planet offers comprehensive travel guides so you can check out the best time to fly, learn about your destination, and find off-the-beaten-track locations to avoid the crowds and inflated tourist prices.

Tip #3: Have fun in your own backyard.

For cheaper local fun, be sure to explore your neighbourhood. Try free activities like birdwatching or stargazing, and look up local public attractions like parks, museums, galleries, and libraries. Public institutions often have discounts for seniors, or they’re totally free.

Tip #4: Turn off appliances when you’re not using them.

Now that you’re retired, you’ll be home a lot more. This means you’ll be using your house’s lights, heating, appliances, and electronics more often. If you’re not in the living room, turn off the light. If you’re taking a nap, switch off the TV. Prefer lounging in the bedroom? Consider turning off the heat in the living room. This will prevent you from having an unpleasant surprise when the utility bill arrives.

Tip #5: Take advantage of senior discount programs like AARP.

By joining a senior discount program like AARP and paying a small, regular fee, you can enjoy immense discounts in restaurants, shops, travel, and more.

Tip #6: Just ask.

Many places offer senior discounts, and sometimes they don’t advertise it, so just ask. Restaurants, attractions, transit, even big box stores offer significant savings for older citizens. You deserve it, so take advantage of it!

Big Things – Consider These

Tip #1: Downsize.

Do you and your partner require a large house in the suburbs now that the kids have left the nest? If not, consider downsizing to a townhouse, apartment, condo, or even a smaller house. Downsizing can not only save you money and maintenance fees (less space means less electricity to run it), but a smaller space is much easier to maintain and clean. This is especially important for folks with mobility issues.

Tip #2: Stop paying for your car.

Now that your daily grind on the freeway is no longer necessary, do you still need your car? Car payments, gas, and maintenance fees are a huge money-sucker, so consider selling your auto if you’re not using it enough. Instead, enhance your health by walking or cycling. Public transit authorities often offer senior discounts, too.

Tip #3: Make money off what you love.

For many, retirement means freedom from a corporate overlord. Have you always wanted to paint, make music, or do arts and crafts? Now that you have more free time, you can invest in those skills. You can even set up an online platform to sell your stuff.

Retirement means freedom and adventure for many. Some even say this is when your real life begins. So, don’t be saddled with financial worries! Instead, take advantage of the savings opportunities now open to you and enjoy the golden years.




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