7) Live Off Your Interest
If you’ve invested a fair bit of money in retirement accounts and you have a great interest rate, then this is could be an option. Living off the interest of your investments is a surefire way to preserve the principal balance. Of course, this is easier said than done. If your initial investment is small, or you’re accustomed to a luxurious lifestyle, then this option may be a struggle. If you can live a simple life, have minimum expenses, and make a decent amount in interest, this is a great way to ensure your retirement money will last. Use the interest earned on your accounts for your normal, everyday expenses and save the principal for when you’re in a pinch or for something a little costlier, like a big purchase or travel. Living off your interest gives you more freedom to do, see, and buy what you want in retirement.
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