10 Ways to Make Your Retirement Savings Last Longer

Thanks to longer lifespans, some of us can look forward to 20 or even 30 years of retirement. That’s great news overall, but what about your financial longevity? These ten tips can inspire ways to make your retirement savings last longer.?

Download a budgeting app. We all say we’re following a budget, but most of us don’t actually do it very well. But technology can make budgeting so much easier. Download a budget app and train yourself to use it faithfully. Ideally you will do this before retirement, so that you become accustomed to your new lifestyle.?

Consolidate debts. In the ideal scenario, you will pay off debts before you retire. But life is often less than ideal. If you do carry debt into retirement, consider a consolidation loan that rolls everything into one, low-interest payment.?

Downsize your home. Not only will a smaller home usually equal a smaller or no monthly payment; you will likely experience lower maintenance and utility costs as well.?

Relocate. And if you’re moving anyway, why not consider a less expensive area? You’re no longer tied to one particular city for work and can live anywhere you want now!

Ask about senior discounts. More to the point, ask about discounts everywhere that you spend money. You will be surprised at how often you can score a better deal.?

Shop secondhand. From home decor to cars, new is rarely necessary. Shop thrift stores, yard sales, and even Facebook Marketplace for great deals on gently used items. You’ll avoid paying top dollar and stretch your budget much farther.?

Downsize your vehicles, too. Many retired couples can get by just fine with only one vehicle. You’ll eliminate one payment from your budget, along with the cost of maintaining multiple cars.

Travel during the off season.? Now that you’re not beholden to work or school holidays, you can travel whenever you want. And travel during the off seasons can be surprisingly cheap!

Fully research your Medicare options. Choosing the right plan is one way to save money on healthcare expenses. But then using your plan correctly is also wise. Take the time to fully research your options and truly understand the plan that you choose. Then remember that you can switch plans during open enrollment if you determine your plan isn’t working for you.?

Learn about sequence of returns risk. Withdrawing money from your retirement account when the market is low will mean you lose the opportunity for rebounds. There are several ways to avoid this mistake. Work closely with a financial advisor to learn how to take withdrawals the smart way.?

And on that note, give us a call as you plan for retirement, and we can help you determine how to make your retirement savings last.?