Five Methods for Living Cheap in Retirement

Living cheap in retirement is not impossible. In fact, with a bit of preplanning and careful budgeting, one can save a considerable amount of money. Following are five ways to save money and still enjoy the golden years.

Consider RV Living

Many retirees are opting to sell their homes and belongings and move into an RV. RV living is not only exciting but it also saves one a considerable amount of money. It has been estimated that a person can live on $20,000 a year in an RV, although those who prefer a truly comfortable lifestyle may spend up to $40,000 a year. When living in an RV, one does not have to worry about utility bills or having to repair the house or care for the yard. One can also enjoy traveling around.

Move into a Retirement Community

Living Cheap in Retirement

Living cheap while on retirement is easy when living in a retirement community. Many of these communities offer large rooms for rent that cost only a fraction of what a house would cost.

There is a large measure of privacy in a retirement community, as the rooms are separate and also include a small kitchen and living room. In many instances transportation and a certain level of medical care are provided by the retirement community.

Move Abroad

Moving abroad is one of the best methods of living cheap while on retirement. There are many countries that have a much lower cost of living than the United States or Europe. Some popular retirement destinations of this nature are Panama, Thailand, Mexico, Ecuador and Costa Rica.

Cutting Back on Expenses

Living Cheap in RetirementLiving cheap in retirement is impossible unless one is willing to cut back on certain expenses. A retiree often spends at least a couple hundred dollars a month on food out.

In order to save money, one can either cook at home more often or eat out during “off hours” when meals are frequently cheaper than they would be otherwise. One can save money on electricity by installing solar panels on the house.

Saving Money on Health Care

The average retiree will spend $100,000 on doctor visits throughout the course of his or her retirement. While Medicare will pay for part of this, it will not pay for many of a retiree’s medical needs. Health insurance for the elderly can be quite expensive, unless one is in very good health.

A senior citizen who is interested in living cheap during retirement should maintain a healthy diet, exercise on a regular basis, drink plenty of water and get enough sleep at night. By staying in good health, a retiree will not only save money but be happier as well.

Living cheap during retirement is attainable. A retiree can live comfortably on a limited budget if he or she is careful with money. While living cheap in retirement involves making some sacrifices, it is well worth changing a few old lifestyle habits in order to save money and better enjoy retirement.


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