Money saving tips in retirement

Little things can make a big difference to how long your money lasts in retirement.

When it comes to retirement planning, you’ll want to make the most of your money, after all you don’t want to fritter away the savings you’ve worked all your life to achieve. So, whether you’re living a comfortable or modest lifestyle in retirement, there are still ways to make your money go further in retirement and make every dollar count.

Here are five things to consider:

1. Sell your second car

If it’s not critical to your daily routine, not only could you top up your savings with the sale proceeds, but you will save on annual registration, insurance and maintenance costs. Find out which concessions are available to you in your state to travel by public transport. Or catch a taxi occasionally as it will still be cheaper than maintaining a second car.

2. Renegotiate your bills

Check with your providers about bundling to save on services such as technology (phone, broadband), and energy (electricity, gas). Or check other providers’ rates through comparison websites. Ask if your provider offers a pensioner or seniors discount and then put what you save towards other expenses.

3. Investigate discounts and rebates

Visit the Department of Social Services or the Department of Veterans’ Affairs websites to learn about benefits and payments, such as pensions, allowances, bonuses, concession cards, supplements and other services you can access. Or find out about the Seniors Card for discounts on travel, health, lifestyle, government services and finance in your state. 

4. Save on groceries

Do some research online to check for sales, half-priced or discounted items before you go shopping. You can also buy in bulk and then share the costs with your neighbours or family. Remember to check details such as use-by dates and the policy on returning items, as well as how and when you can take delivery of your groceries if you buy online. 

5. Put your bills onto direct debit

You can have your bills paid automatically from your bank account by setting up a direct debit. Most suppliers have this facility, so go online, check your bill or ring your provider to get the details. If you normally pay your bills in person, you’ll save time and effort by not travelling to the post office (or wherever you pay your bills). And this way, you’ll qualify for the pay on time discounts that some providers offer, and you won’t have to check your bills tray every day to remember to pay them when they’re due.

How long will your money need to last?

These days we need to look after our finances for much longer than we’ve had to in the past.

Now, if you’re a male aged 65, you could expect to live for another 19 years (to age 84) while a 65 year old woman’s life expectancy is 87 - which is around 30 years longer than our Aussie ancestors of the 1800s.1

So it’s important to make sure your funds will last the distance - both now and in the future.

Find out more

If you would like to save more and spend less, use our budget calculator or check out our managing your money in retirement  education module to discover more ways to boost your finances. 


1 Australian Government, Australian Institute of Health and Welfare, Life expectancy, paragraph 3, 5.


How long can I expect to live?

This estimate can help you calculate whether or not you'll have enough savings to last throughout your retirement.

Get started


Want to keep up to date with the latest news? Sign up now and be in the running to win 1 of 5 $300 Visa gift cards. Terms & conditions apply.

Subscribe now

Explore your goals

Try our online tool to explore, prioritise and create your own goals timeline.

Start exploring

Want to keep up to date with the latest news? Sign up and be in the running to win 1 of 5 $300 Visa gift cards. T&Cs apply.

Sign up now

Recommended articles

Important information

Show more

Any advice in this page is general in nature and is provided by AMP Life Limited ABN 84 079 300 379. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on this advice, you should consider the appropriateness of this advice having regard to those matters Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice. Although the information in this article is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decisions. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.