I need to know the top 5 things you do to save money to make retirement work.?

I edit a not-for-profit senior web site that someone cited here, www.seniorark.com. Please help us with ideas for making retirement work for you. Thanks, Bob

Public Comments

1. I've worked the numbers every way possible. Based on my analysis of my projected income vs minimizing my expenses and saving every dime I possibly can, I have determined that I will be able to retire from work without having to worry about money precisely 2 years and 3 months after I am dead.
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3. I also do not believe either my husband or myself will be able to fully retire. It is going to be nip and tuck if there is any social security for one thing. Thank god he has a pension but we have seen them disappear also.
4. I have shared some of the things I do to save money, and live on Social Security only.I do own my own house though. 1. If you presently own your home in the North, and were thinking about moving anyway, move South, like I did, and I don't mean Florida.You can get great bargains in the Carolinas.We are below the snow line, Taxes are cheap,the cost of living is generally far less. 2. Shop at grocery stores tthat discount meat 50% off on the sell date.Buy dented cans if available.Day old Bakery stores. 3. Share your newspaper with a neighbor.Each of you saves 50% 4. If you have a garden and lawn, have a well dug.At a cost of $400.00 it will pay for itself in 2 years. 5.Insulate your house where ever you live.$500.00 worth of attic Insulation, saved me $200.00 in A/C costs the first year.
5. (1) Food: Don't cook more than you will eat,buy whats on sale. (2) Buy your clothes detg,soaps,toilet tissue, paper towels & ect at Dallor General Stores. (3) Use a electric blanket in the winter..have a thermostat with a timer on it (4)Try to always go where perscriptions are the lowest. (5) Jan. 1 to Dec 23 each year save your change..will never be out Xmas money.
6. lmao ! I just retired 11-30-07. I don't know yet. It ain't gonna be easy. Obviously have already cut down on my driving and eating out.
7. work at jobs that have retirement plans i.e. military if firm has 401k or 403 invest up to matching amount put addition money in ira have house PAID for when retire have no other major debt when you retire have all your toys paid for boat, camper, time share, etc
8. I stopped wearing makeup, nail polish and pantyhose (both super expensive). Sometimes I handwash things (clothes and small items) in the sink instead of at the laundromat. if I wash at the laundromat and the bag of clothes is small then I bring them home to dry (they dry on the spring pole above my bathtub. Instead of many cleaning products I now choose only two. I no longer use wax (for me or my floors or furniture). I color my own hair at home. I used to use shampoo "and" cream rinse...now I purchase one bottle of them combined. Dishwashing solution and clothes washing soap is now "concentrated" so you can use a lot less of it. Just by observance I've cut down on my cat's sand in her sandbox from 5 to 2 ten pound bags a month (and am considering teaching her to use the potty). I re-use the plastic bags I get at the grocery store (to store items in or to double bag the cat sand when it's ready for the garbage). I don't use a beautician (don't get haircuts there, no perms, no colors, no nails done, no pedicures). I've been using the pamper wipes to wash up with instead of wasting a lot of bath water. For furniture occasionally if you live in an apartment complex you can go dumpster diving (actually the furniture is set out) to see if there is a stand or chair that you could use, paint and use, or give to salvation army. I used to derust and hand paint my own car (now I can't anymore), and some things you can fix on your own with black tape. Some tv dinners are inexpensive. My filler is popcorn (one bag of Jollytime can yield enough for 10 or more movie watchings). Instead of bottled drinks I buy powdered tang or kool aid (that saves the money, the weight to carry, and solves the disposal problem, plus gives you a nice container to drink from). I save on the electric bill by blocking my windows from the cold or heat with 4 layers (material, plastic, box) and I unplug everything but the fire alarm during the night and when not in use. I buy $10 shoes at payless which last me 5 or more years. I'm not hard on my daily clothes (I hand wash them) so they last me 10 years. All that has saved me money, but it's also given me money to be able to do some of the things I want to do and need to get done. I don't have a cell phone, don't have cable, the computer was given to me when a family member passed and I don't buy the extras for it. I never buy newspapers or magazines. I do allow myself once a month to eat at the restaurant (but find the same meals are at the grocery store for a lot less). Buying $10 worth of gas per month is enough to do what I need to do and have some left for the next month. I have a 1985 vehicle. I will be doing the online insurance program to get a certificate that will lower my car insurance costs for three years.
9. # 1 i don't eat out, 2 only purchase items on sale or with coupon, 3 use public transportation it's so much cheaper 4 keep thermostat @ a low setting in the winter & high setting in the summer.5 recycle alot of things ie; plastic bags as trash can liners, milk jugs as water containers butter bowl to put leftovers in to freeze.
10. I work at MetLife and we created a Social Security Decision Tool to help people decide when to starting taking their Social Security benefit - I'm obviously biased but I think knowing when to take Social Security should be one of the top 5 things people do in order to have the kind of income they want in retirement Here's a link, we'd love to know what your readers think http://www.metlife.com/Applications/Corporate/WPS/CDA/PageGenerator/0,4773,P17259,00.html
11. Live within your means, period.
12. Don't spend more than you make.
13. The key to good retirement is to plan well during your working career to have adequate income and dont plan to live lavishly above your means. Your expenses, except for those that were work related, will not be any cheaper in retirement than prior to it. My family already lives frugally. We pay cash for things,dont need all the new gadgets, enjoy doing a lot of things that dont cost a lot of money, shop wisely for things that are on sale, clip coupons for food, other items and even restaurant meals. Always ask about a senior or AARP discount. We have alwas been concious of saving energy and recycling so our utilities are manageable and we dont buy a lot of useless items. Our house is well insulated and kept in good repair. If you have a skill you can barter it for other work you need done or items you require. My husband bartered painting for electrical work. I make sure that I get clothes that are all mix and match so I get several different outfits out of a few items. I only shop with a list and if its not on sale, I am willing to wait until it is.
14. 1) don't pay the bills 2) don't buy groceries 3) don't buy clothing 4) don't purchase any personal property 5) never work and don't pay taxes If you can get away for 40 years like that, you can get away with it for another 40 and live a long prosperous life.
15. One of the little known facts about retirement is that money is not as big an issue as you anticipated. It is amazing how far your retirement income will go when you are no longer working and no longer paying for commuting to work, coffee at Starbucks, lunches out, gifts for wedding and baby showers for people you will never see again, retirement parties and gifts, Girl Scout cookies and all the other fund raising products co-workers sold in the workplace. When I was working, I spent well over $100 a year on pantyhose and $500 per year on Cokes from office vending machines. Another $500 or more went to newspapers and magazines to read on the train. I can't even begin to calculate the money I spent on retail therapy when I was working, but it should be noted that Marshall Field & Company is no longer in business in Chicago! Being retired, I now have time to do a better job of grocery shopping and i do a lot more home cooking. That results in an enormous saving because I am not buying takeout food or eating out as often. The point of this is that it costs money to work. When you are no longer working, your needs tend to reduce to the level of your diminished revenue. I am living better on less.
16. Do not "run to the store" all the time. The longer you put it off, the more money you save. You will be surprised how long you can 'make it' without going! Plan your menus for the week. Plan your grocery list from the menus. At some stores there is "UNIT pricing" On the price of the item on the shelf front. Such as bacon. If you look at the unit price you will see that some is 16 cents some is 19 cents and some is 39cents. Almost everything is 'unit priced' in a fair store. The difference in price is deceiving. Just pick the cheapest unit price and THAT is the BEST BUY!! Don't hire someone to cut your grass, and then walk for your exercise! Buy a lawnmower for less than $200. and get your exercise besides getting your grass cut! In the Winter, close off rooms that you are not using. We have completely turned off our central heat and live in the four rooms we always live in and heat it with a little 'store bought' fireplace. GAS. In the summer, open up the rest of your house, the upstairs especially and the summer heat will go up and out of the downstairs rooms.
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