Reduce Expenses

There are many ways to reduce the amount you need to live on in retirement. It could be the big things, like relocating to a less expensive area or downsizing your home. Or it could be a culmination of small stuff, like ditching the extra car or simply paring back on some of your discretionary expenses.

Save on housing costs.

If you do plan to downsize a home or move to a less expensive area as a way to bridge a retirement income gap, consider the cost of buying, selling and relocating before making a move. Before considering a move to a new town or city, try to spend some time there on vacation to get a feel for the place and any surprise expenses you may not have anticipated.

Budget for the essentials.

A budget worksheet can help you plan for the essentials as well as discretionary expenses, and get a realistic picture of expenses that might be cut.  For example, you’ll likely be able to eliminate items such as eating out frequently or expensive club memberships.

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