You may spend years anticipating the day when you finally bid adieu to the hustle and retire. Perhaps you’ve planned meticulously and know exactly where you want to live and how you will manage our new expanse of free time. Maybe you even feel confident about how much you have saved for retirement.
Discover: 10 Ways for Retirees To Cut Back on Expenses in 2024
But are you fully prepared for the financial adjustment retirement brings? Even if you’ve successfully saved for retirement, it’s likely that you’ll have to shift to a more frugal lifestyle once retired. How can you adapt to this major change and cut down on expenses without sacrificing joy?
Yahoo Financial
Do people plan for retirement by assuming it will mean a more frugal lifestyle, cutting back?
Many people assume spending will naturally be lower in retirement – no mortgage (maybe), no commuting costs, but don’t count on it.
Envision exactly how you want to live in retirement. Does that lifestyle really mean lower expenses over decades?
Do you want to live to a strict monthly budget? Do you want live in retirement by adapting?
A desirable consistent lifestyle throughout one’s life may mean a tad more frugality while working to avoid cutting back in retirement.
Make saving and investing the first use of your money, avoid credit card debt.
QUINNSCOMMENTARY 
Credit card debt is one of the bugaboos of people and their finances. It needn’t be but many carry a balance. I know Dave Ramsey blames credit cards for all our troubles but they don’t have to be. I use a 2% back card along with a 5% back card on groceries up to $500 monthly. The wife and I charge everything on them except for any purchases where a fee is imposed for credit cards. The net result is a lot of convenience by not hauling cash around and a tidy sum when we cash in the awards balance. We don’t carry a balance and always pay off on the day after the monthly closing date. Credit cards are a useful tool and should be used as such.
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Same here, use for the benefits, never carry a balance.
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Like you James I do the same–have a Southwest credit card–everything goes on that card and is paid off in full when bill arrives–has gotten me A-List boarding and Companion Pass whereby my wife pays about $12.00 in tax for free ticket wherever we go–Companion Pass is great as we can fly anywhere at any time for one price, or use of points to buy ticket.
Retirement key is controlling your spending–I never had a budget–never used the green eyeshades –spend no time with the numbers–spent over 50 years accumulating assets and now in the distribution mode. Dividends work very nicely.
For those thinking of a fixed annuity I reiterate prior thoughts about 25-30 years in retirement with no pay raise ever. Plus for the 1st 10-15 years you get a return of your own money. Has to be a real special reason for someone to buy one of those.
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