I am just 35 going to be 36 soon, how do I know the needs of a 65+ year old and how can I advise him/her to save money on the things they need and cut back on things they don't need? Before you wonder and cast serious doubt on my wisdom, let me tell you I very closely know a few persons who are over 65, my parents and in-laws are just four of them.
When you are earning income before retirement, it's easier to set aside a portion of the income as saving. But, It ‘s extremely difficult during retirement to save. In fact, experts talk about withdrawing parts of the retirement saving each year. I feel as if, post retirement, the worth of each penny increases.

5 steps to save more money during retirement

As soon as you determine the right time to retire, start practising these steps.

Planning and budgeting

This is no brainer, budgeting is the single most effective way towards spending control and thus saving money. But, during retirement the budgeting gets different, where you budget for minimizing retirement saving withdrawal. No matter how much money you have, you don't know how long you'll need that money. You should save as much as possible.
Sure you should enjoy your days and do the things you didn't do when you were working. The fear of running out of money in savings should not be forgotten. You may want to change your spending habit and food habit a bit. You should also increase provision for health care cost.
Review your budget and actuals at least every 6 months, if not quarterly. Check your investments and returns thereof. You might need to shuffle a few investments. Never miss any good opportunity to increase your investment return.
The impulses just after the retirement gets really big, my father wanted a winter home and a summer home. You might have set an eye on a beach house. Do your maths before you try pursuing those long kept wishes. Can you really afford? Can you sustain next 30 years with 4% annual withdrawal from retirement saving after that big purchase?

Claim senior citizen discounts

Don't be embarrassed, if you don't see senior citizen discount on a service, ask for one. Be it a local eatery or a boat ride on the sea. From train ride to flight tickets there are senior discounts everywhere, even if you don't see it in the fine print.
It's your right to get this discount, you paid taxes your entire life, you helped in building the nation, a full part of your share, now is the time to redeem it somewhat. If you are planning for a trip, research on places and restaurants where they offer senior discounts and plan your trip around them.
At many places there is no entree fee for seniors, use many such offers to save some money. You can also consider becoming an AARP member. The AARP membership fee is $16 a year. This organization has numerous discounts available for hotels, auto rentals, shopping, travel planning.

Open few passive income route

Imagine you have changed that ‘owning an RV' dream of yours to owning a public transport vehicle. You now have a instrument to earn passive income rather than spending money on it life long. This is just an example. There are various other ways you can invest your money in income generating ways.
This point is not exactly saving rather, earning a few extra bucks to realize more dollars in saving.

Work part time

I will not recommend that to myself, retirement is a freedom from doing a money earning job. Still, if you are short on money in your saving, and you are physically able, why shouldn't you take up job? By working post retirement and postponing on collecting social security ensures a greater pay out later.
I know many in my neighbourhood (Florida is retirees paradise) who are retired but still work. Some work as Realtors, some attend the sales counter at various local stores and some does consulting in their respective areas of strength.
And don't forget to weigh other benefits of working. If you crave socializing with other people and want to keep your professional skills sharp, the little part time job should be for you.

Re-evaluate life and health insurance

You are no longer dependent on your salary, neither is your family. When your saving is enough to live on, do you need to supplement your income with life insurance? Think about it before keeping this insurance intact. The premium you are paying might be an unnecessary expense.
Crunch the numbers as to what your family needs when you are gone, will social security, pension and other retirement savings not be enough for their survival? Chances are high that you really have only one dependent in your spouse and your children have become independent.
Irrespective of your age the principles of saving money are the same. Still, when you are retired, you need to change your strategy a bit here and there to adjust for your maximum benefit.
I see my parents completely cut back on meats and fast food and eating out. It has to do more with their health rather than saving money. They take vacations and always buy tickets on senior citizen's discount. Now I see my father growing a few vegetables, which I never saw him doing when he was working.
Betterment is non stop task, during retirement betterment is becoming more self sufficient and utilizing the time on hand for more fruitful and fulfilling work.
Author Bio: SB blogs at One Cent at a Time, where he teaches about getting ahead in life which includes personal finance and productivity related topics like how to be rich, how to increase salary and becoming better employee.

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