You’ve likely spent much of your life working and saving to ensure a financially sound future. But even in retirement, you still need to be conscientious of your money and keeping up your good spending habits. Follow these tips to make sure your nest egg lasts and you never have to work another day.
Stay on budget. Diverting your fixed income to spoil your grandchildren can quickly – and unnecessarily – drain your savings. Find ways of enjoying time with your family that don’t involve spending money.
Downsize. Many retirees downsize to trim expenses and declutter their lives. Buy a smaller, less expensive house, or think about selling one car if you and your spouse aren’t making a daily commute anymore.
Identify the best places to retire. There are many vibrant cities with affordable costs of living. If you live in a state with a high cost of living, consider moving to a city where your dollar will stretch further.
Vacation for less. For many, retirement and travel go hand-in-hand. Find cities near you to explore to save on travel expenses. Or find less expensive ways to get to the vacation destinations you’ve always wanted to see. Mid-week airfare and off-season travel are two simple ways to cut vacation costs.
Stay Healthy. Few things will eat away at your retirement savings faster than exorbitant medical bills. Eating right and staying active are important now more than ever. And your dedication to your health is likely to lead to lower medical expenses over the years.
Find new hobbies. It’s OK to try fishing or golf, but top-of-the-line gear for each sport can set you back a few thousand dollars. Take up hobbies with low to zero entry costs: volunteering, book clubs, photography, gardening, writing, or pickleball. There are countless ways to enjoy your days without spending a dime.
Making your money last throughout retirement requires a mix of budgeting, innovation, reducing expenses, and foresight. With the right strategy, you can enjoy these years without worrying about financial constraints.