Plan to Live On Less Income When You Retire

One option for a financially secure retirement — or rather one element of your overall retirement plan — is to plan to live on less income when you retire.

Plan to live on less income when you retire.

Plan to live on less income when you retire

Here are several tips to help you live more frugally when you retire:

  1. Figure a baseline budget
  2. Track current spending
  3. Pay down consumer debt
  4. Ease off on prepayments
  5. Re-think your car situation
  6. Inventory your stuff
  7. Research frugality sites
  8. Seek utility discounts
  9. Learn what services are available
  10. Look for a part-time job
  11. Think about taking in boarders

If all this seems a little drastic, it may be. But remember, you don’t have to do all of it, although you certainly should have a household budget — and stick to it!

Attitude is as important as any frugal hack. This is not about deprivation, but rather about smart use of available funds. If your income is reduced your outgo had better shrink too.

Accepting the reality of your situation and taking the appropriate steps — no matter how drastic they may seem — is just good, common sense, so if you need to, plan to live on less income when you retire.

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