10 Things Retirees are Doing Without
The aftershocks of the economic crisis are still a cause for many people to cut back on their expenses and live within their means
. Retirees who've seen their nest eggs shrink over the past few years are some of those who have been affected the most, as they no longer have the advantages of fixed incomes. Despite any possible improvements in economic conditions, many seniors say that they plan to stick to a frugal lifestyle to ensure that their nest eggs don't run out. Here are just some of the things seniors are learning to do without:
Expensive Homes
After children leave the nest, the single or attached senior may find their large homes unnecessary. Less than ten percent of all retirees are thinking about moving to or buying a smaller house, while two percent of all surveyed are considering a roommate or a person to rent one room in their home.
Home Renovations
More than a third of all retirees are keeping home improvement projects on the back burner. Around the same percentage are also opting to do their own house painting, house cleaning, lawn care, and other chores that many used to assign to hired help.
Travel
Many retirees dream of travelling extensively during their retirement - something that they couldn't do before. The costs of travel, however, are causing many to postpone their vacation plans. More than forty percent of seniors have shelved their summer vacation plans, while twenty percent have decided on cheaper summer getaways.
Costly Means of Transportation
Couples who used to have one car each now have the option of downsizing to a single, more fuel-efficient car. Sixteen percent of retirees have done just that, while three percent carpool and take public transportation.
Dining Out
Fifty-five percent of all seniors now prepare meals in their homes as opposed to eating at restaurants. Coffee's also one of the things nine percent of retirees are avoiding.
New Clothing
Thirty-five percent of seniors are now repurposing their current wardrobe, while almost thirty percent are buying the essentials at outlet stores or thrift shops.
Entertainment
At-home entertainment for seniors, such as movies and books, are no longer as popular as before. Almost twenty percent of retirees now borrow videos and books from their local libraries.
Impulse Buys
Comparison shopping and using discounts, aside from coupon-clipping, wholesale purchases, and waiting for clearance sales are now the norm for almost a fourth of all seniors.
Some Utilities
Aside from decreasing water use, seniors can cut back on their utility costs by using their home appliances less. Almost half of all retirees are lowering their home thermostats to save on electricity.
Debt
Eliminating debt has been a priority for thirty-six percent of seniors since 2008. Almost double of the percentage are now tightening their belts to keep expenses lower than income, while thirty-two percent maintain a budget.
Seniors have been one of the hardest-hit sectors of society, especially as they need to pay for costly necessities like healthcare and medication. Most aren't receiving the returns they expect from their retirement accounts and investments, so they resort to austerity in and out of the home to survive.
10 Things Retirees are Doing Without
By: Carina Smith
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