Once you retire, you will be living on a fixed income for the rest of your life. Hopefully, you have planned well for retirement, and your income will be generous enough to provide a comfortable lifestyle. But since you don’t have a crystal ball to predict the future, taking these steps can help to ensure that your money lasts as long as you do.
Take care of your health. Health care is often the biggest expense faced by retirees. Take care of your health now, so that you can enjoy lower health bills (and a more fun lifestyle) later. Eat healthy foods, exercise, and follow your doctor’s advice regarding preventive medicine.
Cut back on your vices. Track your expenses for one month, and you might be shocked at how much you spend on alcohol, cigarettes, or other common vices. Giving up these items, or at least cutting back, can leave a lot of room in your budget. Not to mention, taking this step will help you accomplish the first goal in this list!
Take control of your housing budget. Many older Americans are now entering retirement while still making mortgage payments. For some, renting may be the better choice, because you won’t have to worry about large unexpected expenses related to owning a home. Or, if you want to own your home, consider downsizing into a smaller one.
Reconsider your car. If you live in an urban area, the cost of owning a car may not be worth it. By using public transportation instead, you will save yourself the cost of a car payment, auto insurance, gas, maintenance such as oil changes and tires, and large deductibles in the event of accidents.
Consider a part-time job. When you first retire, you may enjoy the freedom of having a completely open schedule. But before long, you may discover that you’re bored and lonely. Not to mention, you would probably enjoy the extra cash you could earn through part-time or temporary work.
Talk to your financial planner. Before you retire, schedule a meeting with your financial planner. Talk about your goals, and make sure that your retirement income will match up with your expectations.
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