As individuals age one of the topics that many individuals worry about is their finances. In particular many aging adults are concerned about whether they will have enough money to retire.  One aspect to consider when thinking about how much money one will need to retire is that several expenses actually decrease when one retires.  While the money you will save from cutting out several expenses in retirement may vary from person to person almost everyone can expect to save on at least some expenses once they begin retirement. Below is a list from the AARP of things that become 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.

When thinking of retirement it is also important that you research healthcare options in your area that you can rely on in case you or a loved one needs to recover from a medical event. Sprain Brook Manor offers renowned rehabilitation and skilled nursing care in the tristate area. We have several therapies such as speech, physical and pulmonary therapy to help you or your loved one get back to enjoying retirement after a medical event.This post is provided by Sprain Brook Manor Rehab which Provides unique opportunity to recover from medical procedures that result in true satisfying results. Getting you stronger and better every day. Contact Us today to receive more information.Disclaimer: The information provided in this post in not intended to be construed as health advice, nor should it be considered a substitute for obtaining individual medical counsel or consulting your physician.