Money-Saving Tips for a Smoother Retirement

Everyone is looking for ways to save a few bucks...here are a few ways to save when it comes to retirement.

Review your life insurance needs. The main reason to buy life insurance is to provide income for anyone who is dependent on you such as children or a spouse. If your kids are grown or you are divorced, you may want to reconsider making payments. You can also think about how much coverage you need.

Drive your car longer. Hold onto your car even after you have paid it off. There seems to be a desire to buy a new car for three or four years after you pay the loan off. Don't give in! Drive the car for at least three or four years after the loan is paid off, but continue to make the monthly payments (which you have in your budget), to yourself. For instance, if your loan payment is $350 monthly, place that money into a savings account. That money will add up, especially if you keep it invested.

The average interest rate for a credit card today is 15 percent. If you are running a credit card balance and paying a high interest rate, cutting your rate, or getting the balance down will really save you some money. That money you can use to pay off your mortgage or invest for retirement.

Try to raise your Home and Car Insurance deductibles. You can reduce your annual premiums by 20 percent or so if you boost the deductibles. If you happen to have a low deductible and make a lot of claims, chances are pretty good your insurer will either boost your premium cost at your next renewal, to "get back" the money they paid out to you, or, even worse, they can choose to cancel your coverage. The bottom line is that you only want to make insurance claims for big-ticket problems. So boost those $250 and $500 deductibles to at least $1,000. If you have an old car, you should also look into whether you still need collision coverage. There's no need to pay for it if your car's market value - what your insurer would pay you should your car gets totaled - doesn't amount to much minus the deductible.

Hobbies for Newly Retired

Did you collect trains, Barbie dolls, or baseball cards when you were younger? Did you enjoy playing football, riding horses, or building model cars? While growing up it seems like people are always asking you about your hobbies. Well, hobbies are not just for kids!

What kinds of activities have you always wished you'd participated in, but just didn't have the time or opportunity? Think you might want to try your hand at writing? You don't have to be a master wordsmith - write out stories for your family or your memoirs. Your children will enjoy these tales for years to come!

Ever wanted to draw or try your hand at watercolor? Develop the artist within at your local craft shop. They often offer fun beginner classes for all ages.

Walking is a great hobby and a way to get your exercise in for the day. Grab a friend and persuade him or her to join you. If the weather is bad, head to the local shopping mall. Most malls allow walkers to use their building. If you take up this hobby, just make sure that you invest in a good pair of walking shoes to support your feet and ankles.

Worry no longer about maintaining your mental capabilities - grab a good book and start a book club with your friends. (Oprah would be proud!) This provides a great social and mental workout! Most communities have a public library that offers book clubs if you don't want to start your own.

Volunteering is another great way to spend your extra time. This will allow you to help others out and make you feel good about doing something to improve one's life. Check with a local hospital, library, school or senior citizens home. They are always looking for volunteers to help out.

Gardening allows you to reap the benefits of the great outdoors, stay close to home and keep you fit! Tending to flowers and vegetables also relaxes you. The reaching and bending improves your flexibility. No wonder so many folks declare that there's no better way to spend one's time than in a garden!

Scrapbooking is all the rage these days. This is a hobby that the whole family can enjoy. Take those photographs that you have in boxes and turn them into a beautiful presentation. While going through pictures you'll think of stories to tell that will live on for generations to come.

Whatever you decide to try, always believe in yourself and in your abilities. Many of the world's most success individuals gained their success after retirement age. There's no stopping you! Enjoy every new day!