30 Apr 2012

Ways seniors can cut retirement expenses

Saving for retirement is extremely important, but even those who build up their nest egg diligently may face some unexpected expenses during their golden years. A recent report by McKinsey and Co. indicates that many Canadian seniors will have to cut their spending as they enter retirement.

Fortunately, there are many pain-free ways for seniors to save money in old age, according to U.S. News and World Report. For example, insurance is one cost that tends to fall by the wayside as one gets older. Life insurance is mainly taken out by parents who want to ensure their children will be taken care of should something happen. Most seniors' children are fully independent however, meaning this cost can be cut. Seniors who don't drive have no need for auto insurance either, and home insurance can be dropped if the senior moves into a nursing home.

Many seniors choose to move into a smaller place as they get older, whether they continue living on their own or enroll in a nursing home. This can be difficult, as they may not have a place to store all of the items they've acquired over their lifetime. Fortunately, there are many solutions for affordable self storage in Toronto and many other cities.

Self storage can be a smart way to hang on to valuable items without taking up room in a house or apartment. For Toronto storage solutions, there's no better than Jiffy Self Storage. Those interested in self storage should check out the affordable rates on Jiffy's website, where they can also enter to win a free iPad 3.

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