These retirees have figured out that living the good life doesn't necessarily require you to spend a lot of money. Here are the lessons they have learned about living well on less.

1. Save big with a smaller house

Name: Maureen and Hayden Hyde
Age: 63 and 70
Hometown: Santa Fe, N.M.

When Maureen and Hayden Hyde retired in 2008, the bear market was gaining steam. But because they had traded down, the hit their portfolio took didn't crimp their lifestyle.

Maureen, who ran a staffing agency, and Hayden, a former banker, sold their 5,000-square-foot home with a pool in Tulsa, bought a one-bedroom loft apartment in Santa Fe, and cut the costs of keeping up a home from $20,700 a year to $5,400.

Property taxes fell by 72%, utilities dropped by 71%. Today, the Hydes go to France for three weeks every year, eat out often, and frequent the opera.

"We spend the money we save on living expenses and traveling," says Maureen. "We have more time and less stress."

2. You can cut back and still live well

Name: Bob and Betty Lowry
Age: 62 and 57
Hometown: Scottsdale, Ariz.

For three decades, Bob Lowry consulted for small radio stations. Then media conglomerates began gobbling up his clients.

By 2001, Lowry and his wife Betty, a pre-school teacher, faced a tough choice: "I could reinvent myself or retire and make do with what we had."

To retire a decade earlier than planned, they needed to live on $45,000 a year, less than a third of their $150,000 income.

Ten years later, the Lowrys are pleasantly surprised by how satisfying retirement has turned out. They moved to a smaller house, take vacations every two years instead of annually, and cut out expenses like cable TV (they watch Hulu and Netflix instead).

But they still eat out and go to the theater. What they enjoy the most: spending time with kids and grandchildren, volunteering, and being involved in their church. "Our lives have never been fuller," says Bob, who blogs about retirement life at satisfyingretirement.com.

3. Even small changes can pay off big

Name: Betty Wong Tomita
 
Age: 68
Hometown: Scarsdale, N.Y.

After the 2008 recession hit, Betty Wong Tomita had to close the executive recruiting business she had run for 32 years. That meant her retirement came five years before she had planned to quit full-time work.

To cut expenses, she decided to go without a car, even though she was still working part-time in nearby New York City as a recruiter for City Harvest, a local non-profit.

Now she hops a train to the city and walks to grocery stores and restaurants. Even after paying for train tickets, cabs, and the occasional car rental, Tomita saves about $5,000 a year on insurance, gas and parking.

"It's great," she says. "I walk a lot more, and I read on the train." She loves her job too. "This is the best thing that ever happened to me."

4. More time translates to more savings

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.

5. No debt means more freedom

Name: Don and Linda Glenn
Age: 67 and 64
Hometown: Bellevue, Neb.

Five years ago, Don Glenn was laid off from his job as an IT director at a health care company. He was soon interviewing for a new position, but midway through the job hunt he decided he didn't want to return to a high-stress office.

The decision was made easier for Don and his wife, Linda, by the fact that they had paid off their mortgage — once 25% of their budget — and had no other debts. "I knew if we cut back a little, we could do it," says Don. "We had the security of knowing our biggest expenses were taken care of."

They travel and volunteer, and Don teaches accounting part time at a community college.

"Our lives are so enjoyable," he says. "People can see the stress removed from my face since I quit my full-time work."

6. A part-time job can bridge the gap

Name: Mattie Ruffin
Age: 62
Hometown: Prince Georges, Md.

When Mattie Ruffin's sister died suddenly two years ago, Ruffin decided to end her 27-year career as a program analyst at the Environmental Protection Agency.

She took a year off to travel but soon found that "once you retire and you see what your income is, it can be eye opening."

To supplement her pension and Social Security, Ruffin took a part-time job at a community college, helping people earn GEDs. Her job adds $7,000 to her $50,000 income, and she has the flexibility to do things she didn't have time for when she worked full time.

While Ruffin says she doesn't need the paycheck to cover her bills, it gives her "mad money" for shopping, eating out, and traveling. "This job enables me to do the extra things that I want to do."

7. If you're short of your goal, wait

Name: John Amerine
Age: 67
Hometown: Mundelein, Ill.

John Amerine, vice president of sales for children's product maker Kidco, had hoped to retire nearly a decade age. But two market downturns derailed his plans.

Now he's waiting two more years to retire so he can maximize his savings. By doing that, he expects his retirement savings to grow to about $700,000, giving him an annual income of $58,000, about half of his salary now.

Amerine, who has downsized to a condo and plans to work part time in his field, is confident he'll have enough to support a retirement life that includes his annual deluxe vacation and his photography hobby.

"I still enjoy working and when I do retire, I'll be in much better financial shape," he says.

8. Running your own business is the ideal job

Name: Bob and JoAnn Shirilla
Age: 63 and 61
Hometown: Poland, Ohio

When Bob, an IT manager at a Fortune 500 company, and JoAnn Shirilla, who ran a store, retired six years ago, they thought retirement life would consist of golfing, vacations, and dance lessons. Then the 2008 market downturn took a big bite out of their savings, and the Shirillas decided to start a business.

"Even with a reduced nest egg, we could still do everything we want," says Bob. "But we have a youthful drive to compete and wanted a new challenge." Building on Bob's IT skills and JoAnn's retail experience, they launched two websites, Keepsakes-etc.com for personalized gifts and Simply-Bags.com for personalized handbags.

"Owning our own business gives us the flexibility to travel and play when we want and to focus on the business when we desire," says Bob. "Life has never been better."

9. Relocating can free up cash

Name: John and Nancy Gobee
Age: 63 and 61
Hometown: Paxinos, Pa.

Two years ago, John Gobee, a director of manufacturing, and his wife Nancy, who worked in corporate relocation, were laid off — three years earlier than their planned retirement date. Short of their savings target, their solution was to move.

They sold their home in Washington, D.C., paid off their mortgage and car loans, and had enough left to buy a home in central Pennsylvania with cash.

To be sure, in many parts of the country selling your home may not be easy nowadays. But if you have owned a decade or longer and are willing to price your home aggressively, you are likely to come out ahead.

The payoff for the Gobees: peace of mind. "We love where we live," says John. "Life is carefree without any debt and a mortgage-free home. We walk around with silly grins on our faces all day."