Most people dream of leaving the workforce and living comfortably in retirement. But when reality sets in, they also realize they’ll still need to pay for a lot of things in retirement without being able to count on a regular paycheck.
Luckily, everything has a silver lining and retirement makes no exception. If you’re worried about running out of cash for your daily expenses in retirement, you will be more than pleased to find out that some of these expenses will decrease considerably. Some might even disappear for good. Curious to know what these are? Then read on to discover 11 major expenses on which you’ll most likely spend less in your golden years! Who said retirement doesn’t have its own perks?
It’s no secret that everyday routine can get to you at some point in your life. Apart from being frustrating, it can also eat away at your wallet. Just think about the costs of daily commuting to get to work. Luckily, once you retire, you will be able to do something else with a lot of the money that usually went into getting to and from work.
How much is a lot? Well, according to the U.S. Bureau of Labor Statistics’ recent report on consumer spending, an average household spends around $10,742 a year on transportation costs, as opposed to people aged 65 or more who spend an average of $7,492 per year. You do the math and see how much money you can save on transportation once you exit the workforce!