Things that are Cheaper in Retirement
Lower Taxes: Taxpayers that are 65 or older can receive a higher standard deduction if they don’t itemize. In addition, once you are retirement age you may see more of your paycheck as you no longer have to pay into social security and Medicare. Lower Commuting Costs: According to one study the average fulltime workers spends an estimated $240 per month traveling to and from work. Once you reached retirement you will save on commuting as well as other work related costs like dry cleaning or office gifts. Lower Insurance Costs: Once you reached retirement you may decide to get rid of disability insurance and you can be eligible for lower car insurance premium if you’re driving fewer miles. Save on home repairs and chores: When you are no longer working a day job you will have more time to do your home tasks such as gardening and maintenance like painting, instead of paying someone else to do these tasks. Saving on Travel: Once you retire you will likely want to travel more. Since you have more time and flexibility you can travel in the off season and save big on travel.