How to Keep Saving After Retirement

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National Free Planning Kit

November 16, 2016

People think about retirement as a time to cross things off their bucket list, take exotic vacations, or buy vintage cars. They want to spend their golden years celebrating the fruits of their labor. But how do you finance this lavish lifestyle? It’s not just about saving for retirement, it’s also about keeping your spending in check to continue saving after retirement. This article offers tips on how to save money while living life to the fullest.

Downsize to Start Saving After Retirement

Are you an empty nester? Have you wondered why you need so much space? Retirement gives you a new perspective on life, a new appreciation for details you once overlooked, and sometimes a new realization that your living space far exceeds your current needs. Downsizing and subsequently decreasing utility and maintenance costs, property taxes, etc. is a popular way of saving money after retirement. Downsizing will also provide an opportunity to declutter your life and only keep what is truly important or useful. You can even make some extra money by selling your unwanted items online or at a local garage sale.

Get Crafty with Your Retirement Savings

Saving during retirement forces you to make hard decisions. Can you take that Caribbean vacation with the holiday season right around the corner? Save money for your dream vacation by making Christmas gifts this year. Knit a blanket or a scarf that will keep you friends and family warm while reminding them of your love. Create a scrapbook that commemorates the wonderful time you’ve spent together. Your homemade gift will be more meaningful than anything money could buy.

Stay in to Save Big

According to Forbes, “Americans spend nearly $1,000 annually eating out for lunch. Americans go out for lunch on average twice a week and spend $10 each time. That means they're spending $936 annually.” You can continue to save money after retirement by eating your meals at home. You may not know how to cook, but now that you are retired you have plenty of time to learn. Cooking classes are offered at most local activity centers and community colleges. By learning to cook you will accomplish your goal of saving money after retirement, and soon you will be creating culinary masterpieces for your friends and family to enjoy.

Retire from the Workforce, Not Your Work

Did you have a passion for your career? Just because you no longer participate in the nine-to-five workforce doesn’t mean you can’t still participate in your industry. Retirement means different things to different people. It can be a relaxing condo by the coast, or it can be an exciting new business venture. If you have no interest in improving your golf game and you are looking for ways to continue saving after retirement, you should consider becoming a private consultant. This will provide an additional income and allow you to continue pursuing your passion, while also allowing you to maintain your freedom and flexible schedule. You can work Monday through Thursday, then take a mini-vacation with your new expendable income.

You Saved for Retirement, Now Save for Your Future

​Pre-planning your burial is one of the best kept secrets when it comes to saving money after retirement. Rising funeral costs should not dictate how you live your life. Pre-plan your funeral, ​eliminate emotion-driven decisions to overspend​, lock in your price to avoid inflation, and choose an affordable payment plan that suits your budget. Schedule a burial planning consultation to educate yourself on your options. By knowing the exact cost of your burial, you will be able to save appropriately as well as spend freely – buy that boat, take that vacation! Embrace your golden years by pre-planning your burial and eliminating stress of the unknown.​


Don’t feel limited by your finances. Retire on your own terms. Use any or all of the tips above to be released from the chains of financial worry and become free to pursue your passions. Allow fiscal responsibility to be the foundation of your retirement by continuing to save after retirement.