Relax: These 15 Things Are Cheaper Once You Retire

Some people who’ve envisioned retirement to be a welcome reprieve and reward for years of hard work are instead feeling overwhelmed and anxious when they think about financing such a long-term vacation. And those feelings aren’t totally misguided.

Most Americans feel they don’t have enough money saved to maintain their lifestyle once they retire, and going from a comfortable salary to a fixed income is worrisome. Luckily, when it comes to retirement coin, there are two sides we must consider. Yes, your available income might decrease during retirement, but your ability to live frugally also gets much easier.

Retirees are privy to many discounts and savings opportunities other younger workhorses are not. Therefore, in addition to a refreshing decline in work-related responsibilities, there’s something more that awaits new retirees, including discounted expenses. Here are 15 things that get a lot cheaper once you retire.

1. Traveling

Donald and Melania Trump depart airplane

Travel in style with discounts only available to retirees. | Chris Kleponis-Pool/Getty Images

Having time on your side allows retirees to see the world at a low cost. Without a dedicated work schedule, you can travel during the off-season for a fraction of the high-season price or take advantage of last-minute deals. Airlines offer senior citizen discounts, and cruises offer special rates to cruisers 55 and over. The first few weeks of May and early December are said to be the best times to cruise because kids are back in school and the Christmas holiday has not yet come.

Next: Why retirement is the best time for continuing education

2. Education

senior man with group of students

It’s never too late to go back to college. | Justin Sullivan/Getty Images

Eventually tee times and tennis matches will get boring. If you want to avoid having your brain turn to mush, retirement is a great time to continue your education. Many colleges allow seniors to attend if there are empty seats, or they can audit a class for free. It only costs retirees $800 to attend three classes at Harvard. Check with your local university on its specific policy, and use this as an inexpensive way to stay sharp and meet new people.

Next: Pay less in taxes

3. Taxes

blank USA tax forms

Uncle Sam takes less of your money in retirement. | iStock.com/alfexe

After you retire, you’ll probably pay less in taxes every year. For starters, you won’t be paying into Social Security and Medicare unless you are still working in some capacity. And whether you choose to itemize or take the standard deduction, you’ll be getting a sizable cut either way. The standard deduction for single taxpayers over age 65 in 2017 is $7,850. You could also be eligible for an additional elderly or disabled tax credit.

Next: See why your food bills will get cheaper during retirement.

4. Dinners at a restaurant

Waitress bringing coffees

Cheap early-bird specials are yours for the taking. | iStock.com/monkeybusinessimages

Have no shame in your game when it comes to discounts on dinners out of your home. Most places offer early-bird specials and senior discounts that can seriously lessen your food bill. Suddenly, it won’t seem as difficult to make a 5 p.m. dinner reservation when there’s no project deadline looming. You might even find cooking at home becomes more enjoyable with extra time, so it’s likely you’ll spend less on takeout and delivery services, too.

Next: See the entertainment discounts available to retirees.

5. Entertainment

senior couple enjoying retirement by having a glass of wine at campsite

Always ask whether there is a senior discount available. | iStock.com/Jacob Ammentorp Lund

Many items, such as movie tickets and hunting licenses (in some states), are cheaper with a senior citizen discount. Retirees can go see a movie in the middle of the day when tickets are cheapest. Even museums offer discounted rates on certain days.

“The key is to always ask if there is a senior discount available,” RetiredBrains.com founder Art Koff says. “More than 50% of the companies that offer these discounts tell RetiredBrains that those entitled to them do not ask, and in most cases, the discounts are not offered unless they are requested.”

Next: More time for DIY

6. House maintenance

Gardener taking care of her plants

There’s no need to pay for house chores once you retire. | iStock.com/Ivanko_Brnjakovic

It’s easy to outsource your home repairs and household chores when you’re putting in 40 hours or more of work each week, but during retirement you have the time to shoulder some of the work yourself. With all that extra time, you can clean the house, mow the lawn, landscape, and remodel without having to pay others to do it. You could become a regular Mr. or Mrs. Fix-it, just by watching YouTube videos or reading how-to books.

Next: Eliminating a dress code will save you tons of money.

7. Wardrobe

clothes shopping

Say goodbye to dress codes and dry cleaning bills after you retire. | iStock.com

Once you leave the corporate confines, everything pertaining to your wardrobe becomes much cheaper during retirement. Long gone are the days of pressed suits, button-down shirts, and dresses. Dry cleaning one suit costs about $10 to $15 depending on your location, according to Angie’s List, so you could save a nice chunk of change every week just by wearing casual clothes.

And because you no longer need a closet full of professional attire, consider donating your work clothes to charity to get an additional tax write-off.

Next: Get rid of traffic jams and commuting costs.

8. Commuting

woman checking watch while driving

You’ll save both time and money by cutting back on your commute to work. | iStock.com/dolgachov

Your time as a highway vagabond will diminish drastically once you retire. Actually, you’ll save significantly in both time and money when it comes to gas, maintenance, and traffic annoyances. The average full-time commuter travels 200 hours annually and spend $2,600 just to get to work. So consider that time and money back in your pocket in retirement.

Outside of personal travel, Amtrak offers a 15% discount to travelers 62 years or older. And those age 55 and older receive a 10% discount on Greyhound bus travel, according to Retiredbrains.com.

Next: Your insurance rates might decrease, too.

9. Insurance

Medical bill and health insurance

Health insurance can be expensive, but there are ways to cut back. | iStock.com/everydayplus

Access to Medicare and Medicaid is a no-brainer, but there are also other insurance hacks retirees can take advantage of. Because most retirees are through working, disability insurance is unnecessary. Depending on your situation, it might also be possible to forgo life insurance once you’re retired if you don’t have any dependents.

AAA says it costs $8,558 annually to own and operate an average sedan. But luckily, you can make cuts to your transportation during retirement. You’ll be driving fewer miles, so slimming down to just one car for your family during your later years could lower your insurance rates.

Next: How not saving is still saving

10. Savings contributions

401(k) form

Once retired, you can enjoy a life well saved. | iStock.com/GaryPhoto

After all those years of diligently putting away retirement contributions, it’s finally time to enjoy your money in your life of leisure. It seems obvious, but one thing that keeps costs low is the fact that you no longer need to save as much. Before retirement, you might have allotted 15% of your income to your 401(k) and other accounts. Now, you can withdraw from your accounts and relish in the glory of a life well saved.

Next: Discounts to U.S. national parks

11. National park admission

couple taking outdoor picture

Passes to national parks are almost free for retirees. | iStock.com

It’ll never be cheaper to explore the U.S. landscape than when retired. Whether you want to see the Badlands in South Dakota or Glacier National Park in Montana, the all-access pass is your ticket to over 2,000 federal recreation sites and national parks. Seniors 62 and older can purchase a lifetime pass for $10, which is good for entry and, in some cases, other discounts on amenities, such as camping or swimming.

Next: Why you should hop on the phone with your cable company

12. Utilities

dish and direcTV satellites

Call the utility companies for applicable retirement discounts. | Justin Sullivan/Getty Images

Those at retirement age also have an opportunity to save on their utility bills. Time Warner Cable offers senior discounts if you call to inquire about services. Some power companies, such as those in Georgia, offer special senior pricing, as well. This will vary by state and company, but it never hurts to ask.

Next: Get your workout for less.

13. Gym memberships

man doing ab exercises in the gym

Senior citizens have access to gym discounts. | iStock.com/Barryj13

Staying active and involved in retirement is crucial for both mental and physical health. Luckily, gym memberships are another thing that gets cheaper once you stop working. Many national gyms, such as Gold’s Gym or the YMCA, offer senior memberships at a discounted rate.

Also, you might be able to get reduced membership dues through your insurance provider in some states. For example, Blue Cross Blue Shield offers a $20 per month credit to members in Minnesota who exercise a certain number of times per month. Silver Sneakers has a fitness program offering eligible Medicare recipients discounted or free gym memberships, as well as other benefits, such as customized fitness classes for seniors.

Next: Cut back your phone bill.

14. Cellphone plans

woman on phone

Cut back on your cellphone bill once retired. | iStock.com/ajr_images

According to Pew Research Center, 42% of those age 65 and older are now smartphone owners. But that fancy new iPhone might not be the most cost-effective for your new low-key lifestyle, especially when considering other discounts that are available to retirees. Most cellphone companies have discounts for those over 65.

If a discount isn’t available to you, consider reviewing how much data and overall usage you’re using now that you’re not working full time. You can likely reduce your plan to a much cheaper rate once retired.

Next: Something for the early retirees, too

15. AARP discounts

couple traveling in car

Those 50 and older have access to all sorts of discounts through AARP. | iStock.com

As an AARP member, retirees can get discounts on just about everything. Even if you’re not yet retired, you still can get a head start on saving because the only eligibility requirement is age-related. You must be 50 or older to join and get discounts on things pertaining to shopping, dining, fitness, health services, home and auto repair, and home security.

Follow Lauren on Twitter @la_hamer.

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