Most people dream of retirement from a very young age. After all, what could be better than finishing work and having all the time and money in the world to do whatever you would like? Sounds great but unfortunately, people have many misconceptions about retirement income. For instance, your retirement income is usually considerably less than the average income you collected as a worker. Luckily, there are quite a few ways to stretch that income to make it more than sustainable, so you have cash even into your 100’s! This article will discuss nine ways to make your retirement money last.
1) Curb Spending
This seems like a relatively simple step, but it may just be the hardest for those that have developed a bad spending habit and cannot keep a dollar in their pockets. You should not plan to survive on saved funds without actually saving any funds. This requires you to begin saving soon and learning how to properly spend, no matter what your current level of income is. To begin, you should define wants versus needs when it comes to spending. Needs include things such as electricity, insurance, water and those expenses you have to pay to live. Wants include that new car or that massively overpriced coffee you buy every single morning or those purchases which are not necessarily needed for survival. You should look for deductibles or discounted rates in insurance and become a savvy shopper at the local grocery. This is arguably the most important item to appear on this list as it is essential at all times of life, not just during retirement.
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