In the news – 5 Ways to Save Money in Retirement

Fox Business

Amy Buttell, a freelance writer and editor, describes creative strategies for saving money in retirement in an article for Fox Business. I provided background information and am quoted in the article.

“By the time people are ready to retire, or have already retired, they should have a very current picture of what their spending is,” says Tim Kober, a certified financial planner with Cedar Financial Advisors in Portland, Ore. “There’s the problem of spending going up in the initial part of retirement when people do all the deferred things that they’ve been wanting to, and it’s important that they don’t overdraw their nest egg to make all those nice things happen.”

Drive a Bargain

After housing, cars are one of a consumer’s biggest expenses. “People don’t think about operating costs and the total costs of owning a car, including repairs, insurance and maintenance,” Kober says.

Kober notes that couples can save money by cutting back to one vehicle. Also, retirees might employ other creative strategies like renting a cheap car for long trips instead of putting more wear and tear on their own set of wheels.