How to Spend Less in Retirement

About 75 years ago, Cartoonist Carl Barks created Scrooge McDuck for Disney comics. Over the years, McDuck evolved from an anti-hero to a beloved character known for adventure and thriftiness. Watch him in Disney’s “Money” video for insight into wealth management. And use the following strategies inspired by McDuck to spend less money on retirement.    

Strategies

• Advisors – ask your accountant, banker/broker, and insurance agent for money-saving ideas.
• Downsizing – downsize cars and residences to reduce the cost of ownership.
• Drinking – drink more water and less alcohol for health and thrift.
• Energy – reduce energy costs with LED lights, smart thermostats, and weatherproofed windows.
• Entertainment – cancel or reduce cable TV, substitute streaming for live concerts.
• Learning – attend free educational programming offered by bar associations, colleges, and libraries.
• Rewards – switch to a credit card that offers money back and other benefits.
• Shopping – buy in bulk, compare shop, and limit purchases to budgeted items.
• Subscriptions – check credit card statements to eliminate unnecessary services and subscriptions.
• Travel – take vacations during off-peak months; get discounts from organizations like AAA.

Conclusion

Scrooge McDuck leaves a legacy of a life well-lived with family and friends. Follow his example by spending less and staying active in retirement. Consult the resources below to help with budgeting and spending during your retirement years.

Apps

• Banking (Bankrate)
• Budgeting (PC Magazine)
• Digital Wallets (Cnet)

Articles

• How to Minimize Retiree Expenses, Vision Retirement, 1/6/2025
• Keep From Going Broke in Retirement, AARP Bulletin, Aug. 9, 2024.
• Spending Less in Retirement, Forbes, Feb. 9, 2024

Books

• Budgeting for Dummies, Wiley, May 9, 2023.
• Financial Planning for Retirement, Purdue, Jun. 20, 2024.
• The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence, ABA Book Publishing, Jul.28, 2022.

Forms

• Budget (Harbour Associates)
• Checklist (Forbes)

Videos

• Financial Wellness, ABA Retirement Funds Program, Jun. 27, 2024.
• Scrooge McDuck and Money, Disney Productions, 1967.
• Ways to Cut Expenses, Priority Heritage Life, Feb. 5, 2023.

Websites

• Comparing Credit Card Companies (US News)
• Choosing Insurers (Consumers Reports)
• Managing Personal Finance (AARP)