Having Enough Money During Retirement
- affagent13
- Jul 20, 2016
- 2 min read
For those who are looking to spend their retirement years enjoying life, planning ahead is the way to go. Retirement planning is the most important financial decision that they can make. Unfortunately many people don't plan for their retirement only to be faced with too little money to live comfortably.
Failing to SAVE for retirement or failing to SAVE ENOUGH can create unnecessary financial burden.
Of course if there isn't enough during non-retirement years saving enough to live comfortable during retirement may be difficult. For these persons it is a better decision to retire later and make retirement planning during the the extra years a priority instead.
For those retired persons who are faced with financial difficulties or money worries after retirement there are SOME WAYS to ease the burden and have a better life.
Use A Budget
Be budget conscious, make a budget and be prepared to modify it. Budgets can reveal your short falls and help you keep track of your income and expenses.
Spending Cut
Cut out unnecessary expenses. Some expenses during employment may be obselete, but are in your budget due to lifestyle habits developed over the years. Some of these expenses can be cut out of your budget.
How about moving to a smaller home, downsizing can reduce or pay off a mortgage freeing extra money for your budget.
How about fewer vehicles? If you have more than one vehicle, you may want to think about keeping only one.
Extra Income
-Get a part-time job. This is a great way to increase your income, especially if you retire early or failed to plan for retirement.
-Take in a tenant or boarder.
Refinance A Debt
This is not the best position to be in, but if it becomes necessary refinancing a mortgage a loan could put extra money in your budget to spend.
Investment Tips
If you have an investment portfolio there are some tips from the article in ths USNews.
Investing wisely- Don't put all your eggs in one basket, that means diversifying your investments
Avoid making investments withdrawal when the market is down
Look for investments with dividends
Buy an annuity
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