Most people look forward to the day they can retire and kiss their 9 to 5 goodbye. This makes sense as it’s something you’ve essentially been working towards your whole life! But when the day finally comes, it can be a little scary to let it all go. Retirement brings with it a lot of positives like spare time, a relaxed schedule, and flexibility. However, it also brings the termination of dependable income to which you’ve been accustomed. It’s a little anxiety-inducing when you start wondering if your Social Security benefits, retirement accounts, and nest egg will be enough to get you through. If you’re worried your retirement may not be enough, keep reading. We’ve got 11 of the best retirement hacks to stretch your money and make it last.
1) Rent Don’t Buy
Perhaps it’s your retirement goal is to move south if you don’t already live in pleasant climate with year-round mild temperatures. It’s tempting for retirees to flee long winters in the northeast and Midwest and buy a second property in a warmer state to use during cold months. However, owning two homes is very costly, especially in retirement. There’s the tax, maintenance fees, and responsibility of managing two properties in two separate locations. That can be stressful and difficult at times. Instead of investing in another home, save money and let go of worry by renting someone else’s place. You can stay for a few months and then return back to your home base for summer. Renting will save you a bunch and prevent you from sinking a big bulk of money into a new home. Plus, you’re free to move around from place to place as often as you’d like.
Click below to share this article.