Name: Mike and Karen Dolan
Age: 65 and 62
Hometown: Bolivia, N.C.
When you're working, time is money. Once you retire, you can spend more of that time to save. "Having more time is one of the biggest reasons we're able to save so much," says Mike Dolan, a former New Jersey business school administrator who retired seven years ago.
Among the ways Mike and his wife Karen save: They pay less for plane tickets flying midweek or at the last minute; they organize trips with fellow retirees to qualify for group discounts; and, along with the ten other couples in their dining group, they dig up two-for-one deals for monthly restaurant outings.
"Retirement allows for the time to shop on low-cost and big-ticket items so we get the best price," says Mike.
NEXT: No debt means more freedom
