Frugal Retirement Living Tips for Seniors

Newly retired, and looking for ways to cut your expenses, so you can enjoy your retirement, without worrying that your money will run out? These savings tips are just for seniors, like you.

Freeze Your Property Taxes

Calculating home costs
Calculating home costs. Witthaya Prasongsin/Moment/Getty Images

Keep your property taxes from going up and up by freezing them at their current rate. Many states allow seniors to do this, and it usually just requires a simple application. Check with your state's department of taxation to find out if your eligible, and what you need to do to apply.

Tip: If your age doesn't make you eligible for a tax freeze, see if your income does. Most states offer property tax relief for low-income individuals.

Drop Unnecessary Insurance

Seniors reviewing insurance policy
Seniors reviewing insurance policy. Jose Luis Pelaez Inc/Blend Images/Getty Images

While homeowner's/renters insurance and car insurance are a must for most retirees, some other types of insurance may no longer be necessary. If you're debt-free and dependent-free, it may be time to consider ditching your life insurance policy. And if you're no longer working for a living, your disability insurance can go, too. Review your coverage, and make sure it fits your new lifestyle.

What You'll Save: The cost of any policies that you cancel

Take a Safe Driving Course

Seniors driving
Seniors driving. Tetra Images/Getty Images 

In most states, you can snag a discount on your auto insurance by taking a senior safe driving course. AAA and AARP even offer online courses, so you don't have to spend time in a classroom to get the discount. Just check with your insurance company to find out which courses they'll accept, before you sign up for one. Expect to pay $20 or less for a course. 

What You'll Save: 5-10 percent off your current premiums

Tip: If you no longer drive a lot, save even more by telling your insurance agent that you want their low-mileage discount.

Take Advantage of Off-Peak Deals

Seniors eating at a restaurant
Seniors eating at a restaurant. Hero Images/Getty Images 

Save money on meals, hotels, airfare and attractions by eating out and traveling at off-peak times. Most hotels, and many ticketed attractions, have special rates for mid-week travelers, and many restaurants offer specials just for customers who come in before the dinner rush. These types of deals are a win-win because they save you money and help you to beat the crowds. Take advantage of the new-found flexibility in your schedule, and use it to do all sorts of fun things on the cheap.

What You'll Save: Anywhere from 10-50 percent

Tip: Since your life is no longer dictated by a time clock, also be on the lookout for last-minute deals to take advantage of.

Grab Every Senior Discount You Can

Senior Woman Shopping for Groceries
Senior Woman Shopping for Groceries. Danil Rudenko /EyeEm/Getty Images

Bookmark this list of senior discounts, so you can refer to it often. But don't stop there. Get in the habit of asking if there's a senior discount each and every time you shop, whether you're booking a trip, buy furniture or checking out at a thrift store. You'll be amazed at how many places offer a senior discount once you start asking. Keep a notebook of all the deals that you've found, so you can take advantage of them again and again. Some stores only offer a senior discount on a certain day of the week or month. These are the kinds of details you'll want to include in your notebook, so you know when to shop for the best deal.

Fill Your Time With Free Activities

Free Sign
Free Sign. bauhaus1000/Digital Vision Vectors/Getty Images

Now that you're no longer punching a time clock, you finally have time to explore all the great freebies that are available in your community. Bone up on all the free resources that you can access you with your library card. Look into the free programs offered by your town's Parks & Rec department and senior center. Use some of your free time to volunteer with local organizations; learn how to get free movie tickets  and free magazines, and if that not enough to keep you busy, look into ways to travel the world for free, such as housesitting overseas or volunteering on a farm. If there's something you want to do, there's a way to do it for free. Do the research to find it. Then, get busy doing all the things you've always talked about doing. Make your retirement better than you ever dreamed possible. Make all those clock punchers green with envy.