How to save big in retirement

Saving money for retirement is important, but so is paying off debt. So which should you prioritize?

By the time most Americans retire, they’ve saved in excess of $100,000.

A 2015 survey by Transamerica Center for Retirement Studies found Americans in their 50s have an average of $117,000, saved while those in their 60s have a median savings of $172,000.

But this year’s report showed retirees have an average of $45,000 in household savings, not including home equity. With funds being tight, you may be wondering about ways you can save in retirement. Thankfully, you can live frugally and still enjoy life’s pleasures. Here are a few tips on how to save from The Balance Everyday:

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Senior discounts

Many stores offer discounts to adults over 55 and some begin at age 50, according to Make a habit of asking for discounts when you go to stores and keep notes of what they are and when they’re offered. If you’re unsure of where to start, review this list and take advantage.

Take a safe driving course

While studies have reviewed the safety of driving while aging, there are discounts to be had for taking a defensive driving course as an older adult. AAA’s Roadwise is one such program. AARP also offers one and it may be discounted. Both programs are offered online and provide tips on how to adjust to age-related physical changes.

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Nix unneeded insurance

Some forms of insurance are required, such as car insurance and homeowners/renter’s insurance. But others may be worth cutting loose.

If you don’t have any dependents or debt, your life insurance policy could be worth letting go of. If you’ve stopped working for income, you may consider halting disability insurance, too. Next Avenue reported it may be a complicated process, however, so consider the decision with a financial adviser.

Freeze property taxes

Georgia offers several options for people age 62 and older or 65 and older to take advantage of homestead exemptions.

If their income and their spouse’s income isn’t over $10,000 for the previous year, people who are 65 and older may claim a $4,000 exemption from all county ad valorem taxes. People age 62 and older can claim another exception for educational purposes.

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