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How Do I Retire Cheaply?

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  • Written By: Susan Abe
  • Edited By: Jessica Seminara
  • Last Modified Date: 22 November 2016
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    Conjecture Corporation
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Retirement can be an expensive transition, especially if done earlier than expected or without adequate retirement planning. A worker can, however, retire cheaply with some planning and self-discipline. If an individual has been successfully living within a fixed budget while saving for retirement, retiring on that monthly budget or a smaller one will be an easier exercise. Important aspects of retirement planning involve decreasing living expenses and finding a cheaper cost of living, even if a retiring worker plans to work part-time in order to supplement his income. Other actions a worker can take to retire cheaply include considering relocating, using a budget if one has not yet been adopted and changing to a less expensive lifestyle.

One of the easiest ways to retire cheaply is for a new retiree to relocate to an area that offers a lower cost of living than his previous home required. Quite a few associations have been formed to assist retirees interested in relocating internationally in order to take advantage of much lower costs of living. Information regarding potential countries to consider, average expenses for each locale and tips from individuals who have already relocated are readily available on the Internet. Moving to a foreign country is not a retiree's only option to retire cheaply. Internet money and finance sites regularly feature US cities and towns with lower costs of living and unique attractions.

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Living within a fixed budget is another way to retire cheaply. Maintaining the self-discipline to retire cheaply and remain within a budget will also help ensure that a retiree will not have to unexpectedly or involuntarily re-enter the job market to meet expenses. This option is easier, of course, if the budget is adequate to meet a retiree's needs and if he has some experience in the effort while saving for retirement. If this lifestyle is unfamiliar to a worker considering retirement, it is strongly suggested that the potential retiree meet with a financial planner to determine if this is a workable option for him in the short-term. Again, the Internet offers many good tips on how to establish a budget and live within one.

Accepting and adopting the changes required to live a less expensive lifestyle is a major step if one wishes to retire cheaply. Retirees should consider purchasing items previously used, whether they are shopping for cars, clothes or furniture. Eliminating frequently eating out or purchasing processed convenience foods can save a remarkable amount of money over the course of a year. Reviewing line-by-line charges for utilities such as electricity, water, gas, Internet service and cell phone services may suggest actions that can be taken to save on these expenses.

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