Finding ways to save on necessary expenses is a great way to extend the reach of your retirement income. Insurance is a necessary cost and it can take up a significant portion of our expenses. Try these ideas to save on your insurance.
Three ways to save on insurance as you age:
1. Join a group benefits program
Many sectors offer group extended health insurance for retirees. It’s worth talking to colleagues and doing some research to see if you’re eligible for one. Group insurance providers are able to offer competitive rates and packages because the membership size and composition reduces the overall risk of the group.
If you’re a former education-sector worker from Canada, you may be eligible for RTOERO’s group insurance plan. RTOERO members aren’t just teachers—it’s any role that’s part of the public and private education system in Canada, including early childhood education and post-secondary. There’s a similar plan offered through Engineers Canada for retirees from engineering and related professions.
2. Take advantage of preferred home and auto insurance, and life insurance
If you’re part of a group benefits program like RTOERO, it’s likely the group will also offer preferred home and auto insurance and life insurance. If you’re not part of a group benefits program, you may still have access to preferred insurance through an alumni association or other organization you’re involved with. You can also save when you bundle insurance together from the same provider. Car insurance can be reduced by changing the type of car you drive and by increasing your deductible.
3. Investigate travel insurance options
RTOERO members received free 93-day travel coverage through the Extended Healthcare Plan. Other group insurance providers may have similar benefits. MoneySense Magazine suggests looking for an annual plan if you do a lot of travel. Couples coverage plans tend to be cheaper. Avoid purchasing through travel agencies because rates can be inflated. Increasing your deductible can help lower your rate.
Find more savings in retirement
Insurance isn’t the only place to find savings in retirement. If you like keeping more of your money, turn saving into a game. Here are more ideas for finding savings:
Join Venngo MemberPerks
MemberPerks® is FREE for anyone with RTOERO’s Extended Healthcare Plan. It gives you instant access to over 1,200 perks for you and your family.
Price-match your groceries
Shop at a store that allows price matching. Use an app like Flipp to make price matching easy. The app contains all flyers, so you can show the cashier the electronic flyer right from your phone.
Try a minimalist or capsule wardrobe
If you change how you think about clothing, it can help you save more. The capsule wardrobe approach makes packing for travel simpler too. The idea is to have a smaller number of quality items that can be mixed and matched. There are various examples of capsule wardrobes online. Project 333 by Courtney Carver of Be More with Less is one.
Carry a water bottle and make tea/coffee in a travel mug
You can prevent takeout purchases (and reduce waste) by carrying a reusable water bottle and making your tea at home before heading to the park or shopping or another activity. It seems minor, but a $2.50 drink four times per week costs over $500/year. Look for an insulated water bottle so your water stays cool on hot days, or when left in the car.
Try public transit
Explore the transit options in your area. Taking transit saves on parking, car maintenance and gas. It also gets you outside more and creates new opportunities to meet people. Read more: Time to retire from driving? Considerations and steps.