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How to save money in retirement

by , 29 October 2014

When you reach retirement, saving is not a priority anymore. After all, that's what you've been doing until now, right? Why should you be required to save more?

By the time you retire, you should have a clear picture of your spending habits and how much you can afford to save each month. This will help you establish a budget and spend less during retirement.

What happens if you can’t live comfortably on the amount you have saved up for retirement? How do you come up with cash to make ends meet?
 
If the need arises, you need to be prepared. Here are some quick ways to save money in retirement.
 
Make a plan
 
Determine how much you need to save each month and write down how all the things you can do to reach your savings goal. Reducing monthly expenses by cooking more at home and eating out less, saving when going grocery shopping, looking for ways to save on entertainment, and so on.
 
Consider downsizing
 
This is a more drastic approach, but definitely one to consider if you’re struggling with money in retirement. You can relocate to a more affordable location or buy a smaller house, and put the rest of the money into savings. Buying a smaller house will also mean lower utility costs and more money to spend on yourself.
 
Re-assess your spending and monthly expenses
 
It’s never too late to re-evaluate your spending habits and find ways to improve your financial health. You can certainly find expenses that could be cut without much effort. For instance, if you have two cars, consider selling one of them.
 
Get a part-time job
 
Still having trouble saving enough? Then consider getting a part-time job, preferably doing something you love.
 
Ask for senior discounts
 
One of the great benefits of being a retiree is that you get to enjoy many benefits designed especially for seniors. Make sure you claim those senior discounts when applicable.

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TRUE STORY: How A Regular Guy From Bronkhorstspruit Made A Fortune in 4 Months”
 
Discover how a modest, hardworking country bumpkin came to grips with the fact money doesn’t always come from sweat and hard graft.
 

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How to save money in retirement
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